MANILA, Philippines — Following the resignation of two of its members amid the unprecedented ghost employees scandal, the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) now has two empty seats to be filled by President Marcos.
According to sources, Malacañang is now scouting for replacements amid reports that several job applicants have already shown interest in occupying the highly coveted seat in the BSP’s highest policy-making body.
Names going around the banking community as possible next members of the Monetary Board include a seasoned investment banker, a banker who is currently a director of another government institution, an economist and a former deputy governor of the BSP.
The banking community, however, wants to see more bankers represent the private sector in the Monetary Board, as the current members are mostly economists.
The Monetary Board, which exercises the powers and functions of the BSP, is composed of seven members, including the BSP governor, appointed by the president of the Philippines for a term of six years.
As Anita Linda Aquino and V. Bruce Tolentino submitted their resignation letters to President Marcos, the Monetary Board will be left with BSP Governor Eli Remolona Jr., Finance Secretary Ralph Recto, Benjamin Diokno, Rosalia De Leon and Romeo Bernardo.
“Any vacancy in the Monetary Board created by the death, resignation or removal of any member shall be filled by the appointment of a new member to complete the unexpired period of the term of the member concerned,” the BSP said in its charter.
Under the charter, a member of the Monetary Board must be a natural-born citizen of the Philippines and at least 35 years old – with the exception of the BSP governor, who should be at least 40 years old.
A member of the Monetary Board should have good moral character, unquestionable integrity, known probity and patriotism and with recognized competence in social and economic disciplines.
“The salary of the governor and the members of the Monetary Board from the private sector shall be fixed by the President of the Philippines at a sum commensurate to the importance and responsibility attached to the position,” the BSP charter said.
Based on its latest Report on Salaries and Allowances made public last May 2, the Commission on Audit (COA) said the Monetary Board members were among the top highest paid government officials in 2023.
This includes Remolona with salaries and allowances amounting to P35.48 million, followed by Aquino with P25 million and Tolentino with P24 million.
Once President Marcos finally announces who the two replacements would be, the seven members of the Monetary Board will all be Marcos appointees.
The last time that all members of the Monetary Board were appointed by a single president was during the time of former president Gloria Macapagal Arroyo.
At some point during her term, the members of the Monetary Board include former BSP governor Amando Tetangco Jr., former NEDA secretary Romulo Neri, Juanita Amatong, Nelly Favis-Villafuerte, Alfredo Antonio, Ignacio Bunye and Peter Favila.
The BSP earlier assured the public that it’s business as usual for the highest policy-making body of the BSP amid the ghost employees mess.
“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 emergencyloans, with five members,” the BSP said.