EDITORIAL - Beyond resignation

The resignations, accepted by Malacañang, took effect on July 1. Now, the public is waiting not only for the two vacancies in the seven-member Monetary Board to be filled, but also for the results of the investigation into possible graft-related misconduct that led to the resignation of MB members Anita Linda Aquino and Bruce Tolentino.

The Monetary Board is the policy-making body of the Bangko Sentral ng Pilipinas, whose officials are the highest paid in government and enjoy perks such as first-class travel. BSP and MB personnel also enjoy compensation levels that are enviable to ordinary civil servants such as teachers and health workers. Aquino and Tolentino resigned amid an ongoing internal probe into reports that they had ghost employees in their offices.

Resignation should not mean burying that probe in the BSP archives; the public awaits the results. Ghost employees can be either non-existent, or persons who collect salaries without performing any work. Putting ghost employees on the public payroll has earned offenders stiff prison terms, fines and permanent disqualification from public office. There is no reason why members of the Monetary Board should be exempted from accountability. Aquino and Tolentino, if they are innocent, should also want conclusive findings clearing their name.

The scandal has shaken confidence in the BSP and damaged the respect that it has long enjoyed. Restoration of that respect must be a paramount consideration in the selection of the new Monetary Board members.

If there is probable cause for criminal indictment, the case must be forwarded to the Office of the Ombudsman or the Department of Justice for proper action. Monetary matters hinge a lot on trust in institutions. Sweeping any anomaly in the BSP and the Monetary Board under the rug will send the wrong message to the rank and file in government as well as the banking community. Failure to hold public servants accountable for wrongdoing guarantees a repeat of the offense, and breeds impunity.