Just last Friday, the Bangko Sentral ng Pilipinas (BSP) instructed Metrobank to keep quiet, for the meantime, on the reported P900-million fraud perpetrated by one of its executives.
From what I heard, the BSP itself decide to abide by the code of silence, together with attached agency AMLC, the Anti-Money Laundering Council.
Perhaps the BSP preferred to wait for the hearing in the House of Representatives on the alleged fraud. Rep. Ben Evardone (PDP-Laban, Eastern Samar), chair of the committee on banks and financial intermediaries, filed a resolution calling for the investigation. So far there seemed to be no way to stop it.
The BSP thus would want to quiet things down, since nowadays remarks in the so-called social media, whether facts or fabrications, could be rather vicious.
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Speculations for instance already went around on the amount involved in the fraud, putting it close to the annual budget of the republic or something.
Now, if it is true that the executive committed fraud in the past five years—undetected—it would also not look good for the BSP official in charge of bank supervision during those years.
