BSP imposes maximum penalties in falsification case

The Bangko Sentral ng Pilipinas (BSP) has imposed the maximum administrative penalties on two supervisors involved in falsifying attendance records of four staffers dismissed in 2024.

The Monetary Board (MB) approved the decision on August 20, 2025, following a thorough review of an investigative report submitted by the BSP’s legal department.

The BSP said the penalties underscore its firm stance on institutional integrity, stating that the case was handled swiftly but with full respect for due process.

The disciplinary actions include formal dismissal from service, forfeiture of retirement benefits, cancellation of civil service eligibility, perpetual disqualification from public office, and a bar from taking future civil service examinations.

Although the two supervisors were previously separated from the institution, the MB’s ruling formalizes their dismissal and enforces the full administrative sanctions.

The case stems from a 2023 investigation into irregular attendance record-keeping involving four BSP staffers and their supervisors.

The four staffers were dismissed in July 2024, with the same set of penalties applied, including forfeiture of benefits and disqualification from government service.

The two former Monetary Board members to whom the staffers reported submitted their resignations in June 2024, and the Office of the President, which holds jurisdiction over presidential appointees, addressed the matter on July 15, 2025.

“This was an isolated case,” the BSP said, but emphasized that several internal reforms have since been implemented to prevent similar misconduct.

Among the measures introduced are enhanced supervisory training on ethics enforcement, stronger onboarding for new hires, and the reorganization of the BSP Committee on Ethics and Decorum under the leadership of a Deputy Governor.

The BSP has also rolled out a new human resources system that digitizes timesheet submission and supervisor approvals to strengthen transparency and monitoring.

An ongoing review is examining how the offices of Monetary Board members are organized and managed, including additional oversight mechanisms by the Board Secretary’s office.

The central bank is also working to improve its whistleblower protection and reporting system.

The BSP launched its internal investigation in November 2023, months before the issue became public, carefully considering all evidence and defenses submitted.

“We thank our employees and stakeholders for their patience and understanding,” the BSP said, reaffirming its commitment to institutional integrity and public trust.