The Bangko Sentral ng Pilipinas (BSP) said Tuesday its Monetary Board (MB) approved on Aug. 20, 2025 the maximum penalties against two supervisors for their alleged involvement in falsifying attendance records.
The BSP said in a statement its decision to impose the maximum administrative penalties, which include formal dismissal from service, is its latest step in addressing an issue it has taken seriously to uphold the integrity the institution is known for.
It said it handled the matter as swiftly as possible while observing due process to ensure the decision upholds justice and accountability.
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 examinations, the BSP said.
The two supervisors were among those investigated after four BSP staffers were dismissed in July 2024 for allegedly falsifying their attendance records. The staffers were also disqualified from holding public office and had their retirement benefits forfeited.
Two former MB members, whom the staffers reported to, submitted their resignations to the Office of the President in June 2024. As presidential appointees, the Office of the President had jurisdiction over the former MB members and addressed the matter on July 15, 2025.
The BSP said while it views this as an isolated case, it has instituted reforms to prevent similar incidents. These include enhanced training for supervisors on employee discipline, the Code of Ethics and incident escalation; enhanced onboarding for new employees, with the incident now a standard discussion point; reorganization of the BSP Committee on Ethics and Decorum, now headed by a Deputy Governor; a new HR system that migrates more processes online, including the submission and approval of timesheets, to enhance accountability; an ongoing study on the organization and management of the offices of Monetary Board members, including additional oversight by the Office of the Secretary of the Monetary Board; and strengthening of the whistleblower mechanism.
The BSP said its leadership is committed to maintaining and strengthening integrity within the institution. The investigation began in November 2023, prior to the matter becoming public, and considered all evidence and defenses, it said.
