BSP aims to conclude ghost employee probe by October

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is targeting to wrap up its administrative proceedings related to the ghost employees scandal by October, according to a senior official.

BSP senior assistant governor and general counsel Elmore Capule said the proceedings are still ongoing after the central bank filed the administrative disciplinary cases earlier in March.

“The administrative proceedings are still ongoing, but we hope to finish everything in a month or so,” Capule told The STAR.

He said that the BSP could share the findings once the proceedings are complete. However, certain information can be withheld in compliance with the Data Privacy Act.

The BSP’s ongoing investigation is part of a broader effort to ensure transparency and accountability in the management of public resources.

BSP Governor Eli Remolona Jr. earlier said the legal and human resources departments of the central bank have always investigated credible reports of wrongdoings and taken administrative actions if and when these offenses were proven.

“If (the process) seems slow, that’s because we want to be fair to all concerned and to be sure about our findings and actions. In the end, a fair and credible result is what will strengthen trust and integrity,” Remolona told The STAR.

He said that some rules and procedures would be tightened to ensure that attendance is properly recorded and that this incident would not happen again.

“We constantly review our procedures – this is just a big one – because trust and integrity are important to the people we serve, to our employees, and to the financial and business communities we work with,” he said.

The BSP’s Office of the General Counsel started investigating in October 2023 after receiving credible information that several employees under two former Monetary Board members had falsified attendance records.

The central bank filed disciplinary cases against four ghost employees and their two immediate supervisors in March.

The two members of the Monetary Board who were allegedly involved in the ghost employees scandal submitted their resignation letters in June.

V. Bruce Tolentino, former deputy director-general of the International Rice Research Institute, first filed his resignation letter from the Monetary Board. Tolentino was replaced by Walter Wassmer.

Three days later, former banker Anita Aquino followed suit and submitted her resignation letter to President Marcos. Earlier this month, Jose Querubin took his oath as a member of the Monetary Board.

The new appointees will fulfill the terms of both Tolentino and Aquino, which were supposed to expire in July 2026.