Photo credit: BSP

The Bangko Sentral ng Pilipinas (BSP) has issued a statement addressing recent news reports concerning six employees on the staff of certain Monetary Board (MB) members. The BSP aims to provide clarity while maintaining confidentiality and fairness during ongoing proceedings.

According to the BSP, the irregularities, which involve employees not reporting for work but still receiving salaries, are unprecedented in an organization known for upholding integrity and professionalism. Despite these challenges, the BSP reaffirms its commitment to maintaining these values.

The investigation into the matter began in October 2023 when the Office of the General Counsel received credible information. Subsequently, an in-depth investigation was conducted, culminating in a final report submitted in January, identifying four employees and two immediate supervisors.

In response to the investigation findings, four employees and one supervisor resigned between late February and early March. Administrative disciplinary cases were filed before their separation became effective in March.

Due to the ongoing nature of the administrative disciplinary proceedings, the BSP is unable to disclose further information. However, it assures the public that necessary actions are being taken to address the issue.

Regarding concerns about the impact on the operations of the Monetary Board, the BSP clarified that the 7-member board can continue to function with a 4-member quorum for most duties. Only tasks such as granting emergency loans require a minimum of 5 members. The BSP refrained from commenting further on the Monetary Board members, as they are presidential appointees.