BSP dismisses erring supervisors, imposes maximum penalties

The Bangko Sentral ng Pilipinas (BSP) has formally dismissed two supervisors found liable in connection with the falsification of attendance records of four central bank staffers, as the Monetary Board (MB) moves to enforce maximum administrative penalties to uphold institutional integrity.

In a statement released Tuesday, the BSP said the MB approved the sanctions on 20 August after a comprehensive review of the investigative report prepared by the central bank’s legal department.

The penalties include formal dismissal from service, forfeiture of retirement benefits, cancellation of civil service eligibility, perpetual disqualification from holding public office, and a lifetime ban from taking civil service examinations.

While the supervisors had already been separated from service, the MB ruling makes their removal permanent and carries the full weight of administrative sanctions.

“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 said, stressing that the case was handled “as swiftly as possible while observing the standards of due process to ensure that the decision upholds justice and accountability.”

The controversy stemmed from July 2024, when four staffers were dismissed for falsifying attendance records, with sanctions including dismissal, forfeiture of benefits, and disqualification from government service. Two former MB members who supervised them resigned in June 2024, with the Office of the President subsequently addressing their cases on 15 July 2025.

In response to the incident, the BSP has also implemented a series of reforms to prevent recurrence. These include enhanced training for supervisors on disciplinary protocols, stricter onboarding for new hires on rules and values, reorganization of the Ethics and Decorum Committee under a deputy governor, and the launch of a new human resources system that migrates timesheet submissions and approvals online for tighter accountability.

The BSP also said it is strengthening its whistleblower mechanism and reviewing the structure and oversight of offices under MB members.

The central bank emphasized that its investigation began in November 2023, well before the matter became public.

“We thank our employees and stakeholders for their patience and understanding,” the BSP added.