Business as usual for Monetary Board amid ghost employees scandal

MANILA, Philippines — As calls mount for the resignation of the two Monetary Board members involved in the ghost employees scandal, the Bangko Sentral ng Pilipinas assured the public that it’s business as usual for the highest policy-making body of the BSP.

In a statement released yesterday, the BSP said the Monetary Board would function normally despite the ongoing investigation involving two of its members and would continue to do so as long as there is a minimum of four members to perform the duties of the MB.

“In response to speculation that vacancies may occur that would affect the board’s operations, the seven-member board can continue to perform most of its duties provided there is a four-member quorum and the rest of its duties such as granting emergency loans, with five members,” the BSP said.

The central bank noted that it is constrained from giving out further information on the MB members since they are appointed by the president of the Philippines.

The BSP released the statement to clarify and respond to recent news reports on six employees working for certain MB 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,” it said.

According to the BSP, its Office of the General Counsel started investigating the issue in October 2023 after receiving “credible information” that several employees under the two MB members had not been reporting for work but were receiving salaries.

In December last year, the Office of the General Counsel received an initial report on the probe and instructed the investigating team to proceed with a more in-depth scrutiny.

In January, the investigating team submitted the final investigation report and were able to identify four ghost employees and their two immediate supervisors. The Office of the General Counsel signed it.

From late February to early March, four of the employees and one direct supervisor tendered their resignation from the central bank.

The administrative disciplinary cases were filed in March before their separation took effect.

“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 central bank said.

The MB is led by BSP Governor Eli Remolona Jr. and includes Finance Secretary Ralph Recto, Benjamin Diokno, Bruce Tolentino, Anita Linda Aquino, Romeo Bernardo and Rosalia De Leon.

A source said Remolona earlier went to Malacañang to submit the findings of the investigation.

Aquino and Tolentino, who were appointed during the Duterte administration, have also visited Malacañang, the same source added.

The fate of the two board members rests on President Marcos.