THE PHILIPPINE central bank鈥檚 rate-setting body has two vacancies after President Ferdinand R. Marcos, Jr. accepted the resignations of two board members.
The presidential office has informed Monetary Board members V. Bruce J. Tolentino and Anita Linda R. Aquino and the central bank last week that their resignations have been accepted effective June 30, the Bangko Sentral ng Pilipinas (BSP) said in an e-mail reply to a query.
The vacancies occur as the Southeast Asian nation is facing its highest borrowing cost in 17 years and a currency that鈥檚 near record low.
Mr. Tolentino and Ms. Aquino resigned as the central bank probed a report that several of their staffers were receiving salaries but were not reporting for work. Incoming officials will serve their unfinished terms which end July 2026.
The central bank鈥檚 charter requires all decisions of the Monetary Board to have the concurrence of at least four members. 鈥 Bloomberg
