The recent revelation of ghost employees within the Bangko Sentral ng Pilipinas (BSP) is an abomination that strikes at the very heart of our financial integrity. The notion that our central bank, an institution that should epitomize transparency and accountability, harbored ghost employees siphoning off substantial paychecks without lifting a finger is not only shocking but utterly indefensible.

This scandal is a grotesque betrayal of public trust. The BSP’s statement calling the irregularities “unprecedented” and reaffirming its commitment to integrity and professionalism is both hollow and infuriating. Such platitudes are meaningless in the face of such gross misconduct. The Monetary Board, entrusted with the economic stability of our nation, has failed spectacularly.

The Office of the General Counsel’s investigation, which began in October 2023, identified these nefarious practices early on, but the lack of immediate, forceful action is a disgrace. The fact that these so-called employees were allowed to tender their resignations, evading the consequences of their deceit, is an affront to every honest worker in the Philippines. Administrative disciplinary cases, filed only after their resignation, are too little, too late.

The implications of this scandal are devastating. It casts a long shadow over the integrity of the BSP and, by extension, our entire financial system. This isn’t just about a few bad actors; it’s about the systemic failure to uphold the ethical standards expected of such a pivotal institution. When the Monetary Board, responsible for critical decisions affecting our economy, is implicated in such a debacle, it raises severe doubts about its capacity to govern effectively.

The vague assurances from the BSP about the continued functionality of the Monetary Board are far from reassuring. With key members like Bruce Tolentino and Anita Aquino implicated, the integrity and operational efficiency of the Board are in serious question. The BSP’s reluctance to comment on the fate of these members under the guise of them being presidential appointees is a cowardly evasion of responsibility.

We must demand accountability. The individuals involved, from the ghost employees to their supervisors, and any complicit Monetary Board members, must be prosecuted to the fullest extent of the law. This is not merely a matter of administrative failure; it is a criminal act that warrants severe punishment. Those who have defrauded the public trust must face criminal prosecution, ensuring that justice is not just done but seen to be done.

The message must be clear: corruption, in any form, will not be tolerated, especially within our central bank. The BSP must not only purge itself of these elements but also institute rigorous safeguards to prevent any recurrence of such malfeasance. Anything less would be a betrayal of the public’s trust and a stain on the nation’s honor.

This scandal is a wake-up call. It is an urgent call to action to restore faith in our institutions by holding those responsible to account, swiftly and decisively. The integrity of the BSP, and by extension our entire economic system, depends on it. We cannot afford to let this travesty go unpunished.