This investigation, triggered by the agency's Office of the General Counsel in October 2023, revealed that several staffers had not been reporting for work but continued to receive salaries, the central bank said in a statement.
The final investigation report, submitted in January, identified four employees and two supervisors. Subsequently, between late February and early March, four employees and one supervisor resigned, with administrative disciplinary cases filed against them in March.
Despite these challenges, the BSP assures that the Monetary Board — its highest policy making body — can continue to function effectively in the event of vacancies that the speculated departure of two linked members may create.
The seven-member board requires a minimum quorum of four members for most operations, ensuring its ability to perform crucial duties without disruption, while five affirmative votes are required to grant banks emergency loans.
The BSP remains committed to transparency and accountability, emphasizing that ongoing proceedings limit further disclosures, the central bank explained.
