In a statement released yesterday, the BSP said the Monetary Board would function normally despite the ongoing investigation involving two of its members and would continue to do so as long as there is a minimum of four members to perform the duties of the MB.MANILA, Philippines —
The central bank noted that it is constrained from giving out further information on the MB members since they are appointed by the president of the Philippines. According to the BSP, its Office of the General Counsel started investigating the issue in October 2023 after receiving “credible information” that several employees under the two MB members had not been reporting for work but were receiving salaries.
From late February to early March, four of the employees and one direct supervisor tendered their resignation from the central bank.“As BSP has stated since the first media reports on the issue on May 10, because the administrative disciplinary proceedings are ongoing, further information about them may be confidential,” the central bank said.
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