The Bangko Sentral ng Pilipinas (BSP) has formally dismissed two supervisors found to have been involved in falsifying the attendance records of four employees, marking the latest development in an internal scandal that also led to the resignation of two Monetary Board (MB) members last year.

In a decision approved by the policy-setting MB on Aug. 20, the supervisors received the maximum administrative penalties, including formal dismissal from service, forfeiture of retirement benefits, cancellation of civil service eligibility, perpetual disqualification from public office, and a lifetime ban from taking civil service exams, the BSP said in a Sept. 2 statement.

The MB’s decision was based on a comprehensive investigation conducted by the BSP’s legal department, which began in November 2023. The BSP emphasized that due process was followed throughout the proceedings to ensure that the outcome upheld both justice and institutional accountability.

The controversy first came to light in mid-2024, when four BSP staffers were found to have falsified their attendance records. They were dismissed in July 2024 and similarly disqualified from holding public office, with their retirement benefits forfeited.

In June 2024, former MB members Anita Linda R. Aquino and V. Bruce J. Tolentino, under whose offices the dismissed employees worked, submitted their resignations to the Office of the President (OP). As presidential appointees during the Duterte administration, the OP has jurisdiction over their cases and officially addressed the matter on July 15, 2025.

While the BSP described the incident as isolated, it has since undertaken significant reforms to prevent future misconduct. Among the key changes were stronger training for supervisors on enforcing the code of ethics, handling administrative cases, and escalating incidents appropriately; improved onboarding for new employees, including this case as a teaching point; reorganization of the BSP committee on ethics and decorum, now led by a deputy governor or DG (previously at the director level); deployment of a new human resources (HR) system, which digitizes timesheet submission and approvals to increase transparency and accountability; ongoing review of how MB offices are organized and managed, with additional oversight from the office of the secretary of the MB; and strengthened whistleblower mechanisms to encourage reporting of internal violations.

The BSP noted that the scandal prompted introspection across the institution and reiterated its commitment to integrity.

“We thank our employees and stakeholders for their patience and understanding,” it said.

The central bank underscored that while the incident was unfortunate, it served as a turning point to further strengthen its governance and reinforce public trust in its operations.