BSP imposes maximum penalties on erring supervisors

The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) on 20 August 2025 approved the imposition of maximum penalties in the administrative cases of the two supervisors allegedly involved in falsifying attendance records of four BSP staffers dismissed in 2024.

​The MB’s decision followed its comprehensive deliberation of the issue, taking into account the investigative report submitted by the BSP’s legal department.

The imposition of maximum administrative penalties on the supervisors is the BSP's latest step in addressing an issue it always took seriously, valuing the integrity the institution is known for. The BSP has handled the issue as swiftly as possible while observing the standards of due process to ensure that the decision upholds justice and accountability.

The penalties include formal dismissal from service. While they have been previously separated from service, the formal dismissal includes forfeiture of retirement benefits, cancellation of civil service eligibility, perpetual disqualification from holding public office and a bar from taking civil service exams.

Prior to the MB’s decision on the two supervisors, the following have occurred as a result of BSP processes:

1. The four staffers who falsified their attendance records were dismissed in July 2024 and also disqualified from holding public office, with their retirement benefits forfeited.
2. The two former MB members, whom the staffers reported to, submitted their resignations to the Office of the President in June 2024. As presidential appointees, OP has jurisdiction over the former MB members. OP addressed this on 15 July 2025.
3. While this was an isolated case, reforms were instituted to avoid similar wrongdoing in the future such as:
4. Enhanced training of supervisors on their critical role in employee discipline, enforcing the Code of Ethics, administrative action, and incident escalation, among others.
5. Enhanced onboarding of new employees on BSP rules and values. This incident is now one of the standard discussion points in onboarding.
6. Reorganization of the BSP Committee on Ethics and Decorum, now headed by a Deputy Governor. Previous heads were director level.
7. New HR system. Migrates more processes online and improves monitoring capability. These include online submission of timesheets and approval of supervisors, enhancing accountability at every level.
8. Ongoing study on organization and management of the offices of Monetary Board members, including additional oversight by the Office of the Secretary of the Monetary Board.
9. Currently strengthening whistleblower mechanism.

 
The BSP’s leadership is committed to maintaining and strengthening integrity in the institution. It started its investigation of the matter in November 2023, before it became public, considering all the evidence and defenses presented. We thank our employees and stakeholders for their patience and understanding.