EDITORIAL - Forgive and forget?

Banker Jose Querubin has been named to the Monetary Board, completing the seven-member policy-making body of the Bangko Sentral ng Pilipinas. Querubin joins the MB about two months after the appointment of Walter Wassmer to the board.

What is missing is the government’s action on the circumstances that led to the appointment of Querubin and Wassmer. Querubin will be serving the remaining term of Anita Linda Aquino until July 2026. Wassmer, who took office last July, will also be in office until July 2026, serving the remaining term of V. Bruce Tolentino.

Both Tolentino and Aquino resigned from the MB effective June 30 amid a scandal involving ghost employees in their offices. The Bangko Sentral ng Pilipinas conducted an internal investigation and has reportedly submitted the findings and recommendations to the Office of the President. As of yesterday, there was still no word from Malacañang on the BSP report.

Are Tolentino and Aquino innocent? If they are, surely they will want official clearance of their name in a scandal that cost them one of the highest paying jobs in the Philippine government. If they are liable, the government cannot simply forgive and forget, hoping the country can move on without accountability.

For a similar offense, lesser government workers would have faced prosecution and possible imprisonment, fines, perpetual disqualification from public office and forfeiture of retirement benefits. For MB members, such retirement benefits are as substantial as their salaries, and it would be unfair for taxpayers if the benefits continue to be paid to persons who might have broken the law.

Apart from the need to hold public officials accountable, the BSP and the Monetary Board play a critical role in maintaining confidence in the Philippine banking and financial system. MB members must be beyond reproach, and the board cannot afford scandals especially involving integrity. Any questions about irregularities must be answered; scandals cannot be left unresolved.

With all seats in the Monetary Board now filled, the public awaits the final word of the Marcos administration on the scandal that created the two vacancies. This issue cannot simply be swept under the rug.