BSP statement on reports regarding six employees

The BSP is sharing the following information to clarify and respond to recent news  reports on six employees on the staff of certain Monetary Board members. We  hope this clarifies, within the bounds of confidentiality and fairness due to ongoing  proceedings, the steps the BSP has taken since first receiving reports on the issue,  to ensure that any erring employee will be held accountable. 

The irregularities appear unprecedented in an organization that upholds integrity  and professionalism at all levels. The BSP remains committed to upholding that. 

In October 2023, the Office of the General Counsel triggered an investigation after  receiving credible information that several staffers in the offices of two MB  members had not been reporting for work for extended periods of time but were  nonetheless receiving their salaries. 

In December, the Office of the General Counsel received an initial report of the  investigation and instructed the investigating team to proceed with an in-depth  investigation. In January, the investigating team submitted the final investigation  report, where four employees and their two immediate supervisors were identified.  The Office of the General Counsel signed it. 

From late February to early March, four of the employees and one direct supervisor  implicated in the report tendered their resignation. Administrative disciplinary  cases were filed in March before effectivity of their separation. 

As BSP has stated since the first media reports on the issue on May 10, because the  administrative disciplinary proceedings are ongoing, further information about  them may be confidential. 

The Monetary Board has functioned as normal. In response to speculation that  vacancies may occur that would affect the board’s operations, the 7-member  board can continue to perform most of its duties provided there is a 4-member  quorum and the rest of its duties such as granting emergency loans, with 5  members. We are constrained from commenting further on the Monetary Board  members because they are presidential appointees.