BSP wins ruling on pay increases

The Bangko Sentral ng Pilipinas has been freed by the Supreme Court to raise staff salaries to levels more aligned with the private sector.

The Supreme Court, in an en banc ruling before Christmas but only made public last week, has struck down as unconstitutional a provision in the New Central Bank Act that pegged the rank-and-file salaries of the Bangko Sentral under the Salary Standardization Law.

The controversial proviso of Section 15(c), Article II of Republic Act No. 7653, passed in 1993

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