outbrain
Close  

Screw-ups at the BSP

05:03 AM July 04, 2018

The July 2 editorial, “BSP’s ‘mission creep,’” railed against the ineptitude of the Bangko Sentral ng Pilipinas, noting the “dysfunctional system of communicating its policy intentions,” utter failure to “mitigate inflation” due to the weakening of the peso, etc.

In a word, the BSP “dropped the ball” on its primary mandate and screwed up big-time.

ADVERTISEMENT

And the most disgusting thing?

Despite bungling their job, Governor Nestor Espenilla Jr. receives salaries, allowances and bonuses amounting to P14-million-plus, and Deputy Governor Diwa Gunigundo P13-million-plus a year! Other officials there receive P8-million-plus to P10-million-plus.

FEATURED STORIES

These are the monetary mavens who could not even figure out the confusion brought about by their manifestly ill-conceived decision to produce, at the cost of millions of pesos to taxpayers, new P5 coins that look (and feel in the dark) similar to the old P1 coins.

And let’s not forget the spark of genius that made them come up with the current P20 paper notes with almost the same hues as the P50 ones, thereby getting traders in dimly lit places of business easily hoodwinked by scammers who simply erase 2 and skillfully write 5 over it, as have been reported on radio and TV often enough.

STEPHEN L. MONSANTO, Loyola Heights, Quezon City

Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: bangko sentral ng pilipinas, BSP, Diwa Gunigundo, Inquirer letters, mission creep, nestor espenilla jr., Stephen L. Monsanto
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.