Today, unfortunately, this stability is being rocked by the presence of ghosts – or more precisely, ghost employees – in the BSP’s highest policy-making body, the Monetary Board.
At the same time, the BSP should also review its rules on the hiring of relatives by MB and central bank officials, amid rumors that certain offices in the Bangko Sentral are becoming family-run. Such rumors, if untrue, must be convincingly squelched ASAP. And if true, the BSP must implement corrective measures.
BSP and MB members are the highest paid government officials, and their staff also reportedly enjoy hefty paychecks. The seven-member MB, which is chaired by the BSP governor, currently consists of Finance Secretary Ralph Recto, his predecessor Benjamin Diokno, former national treasurer Rosalia de Leon, Anita Linda Aquino, Romeo Bernardo and V. Bruce Tolentino.
With the BSP enjoying prestige and respect, its members are expected to be above the country’s dirty politics. They must set the example in professionalism, not only because they are the highest paid in government, but also because of their critical role in maintaining the country’s financial stability. Money is a scaredy commodity. The last thing the BSP should want is having ghosts spooking the monetary sector and the international community.