Bangko Sentral execs again top list of highest-paid officials

FILE PHOTO: A motorcycle pases a building of the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) in Manila, Philippines April 28, 2016. REUTERS/Romeo Ranoco/File Photo

The Commission on Audit (COA) released on Thursday its annual Report on Salaries and Allowances of top government officials and, as in previous years, pointed to executives of the Bangko Sentral ng Pilipinas (BSP) as the highest paid in the country.

But the 1,429-page report, posted on COA’s website, excluded the salaries and allowances received by the country’s senators and congressmen.

While salaries and allowances of individual Cabinet members can be gleaned from an alphabetized list of officials, there were no mentions of the confidential and discretionary funds under their control.

Based on the 2023 report, BSP Governor Eli Remolona Jr. became the country’s highest paid official with gross salaries and allowances worth P35,478,813.42.

Remolona, who worked at the US Federal Reserve Bank of New York and the Bank for International Settlements before being named BSP governor in July 2023, was at No. 132 in the 2022 report.

He was followed by former BSP Governor Felipe Medalla, who preceded Remolona, with salaries and allowances totaling P28,050,030.52.

Bankers and lawyers

The two were followed by 10 other BSP and Monetary Board officials: Deputy Governor Chuchi Fonacier (P26,003,043.94), Anita Aquino (P25,049,655.04), Victor Bruce Tolentino (P24,746,656.26), Senior Assistant Governor Edna Villa (P23,519,138.53), Deputy Governor Francisco Dakila Jr. (P23,319,648.65), Senior Assistant Governor Elmore Capule (P22,339,656.18), Assistant Governor Johnny Noe Ravalo (P21,597,144.22), Senior Assistant Governor Iluminada Sicat (P21,123,829.79), Deputy Governor Eduardo Bobier (P21,013,931.08) and Senior Assistant Governor Ma. Ramona Gertrudes Santiago (P20,772,649.32).

Associate Justice Alfredo Benjamin Caguioa was at No. 13 with P19,648,395.90 followed by Solicitor General Menardo Guevarra with P17,812,501.39.

Other Supreme Court justices in the Top 50 were Chief Justice Alexander Gesmundo (No. 18 with P16,317,567.20) and Associate Justice Antonio Kho Jr. (No. 19 with P16,080,538.60), Ramon Paul Hernando, (No. 25 with P13,137,705.40), Amy Lazaro Javier (No. 26 with P12,650,048.50), Henri Jean Paul Inting (No. 27 with P12,534,048.70), Marvic Leonen (No. 28 with P12,408,892.70) and Rodil Zalameda (No. 29 with P12,123,622.10).

Sandiganbayan Presiding Justice Amparo Cabotaje Tang was at No. 30 with P11,835,123.73.

The highest-paid government corporation official was Micheal de Jesus (No. 15), who received P 17,038,378.64 as president of the Development Bank of the Philippines.

He was followed by Jose Arnulfo Veloso (No. 17), president and general manager of the Government Service and Insurance Service, with P16,628,156.11.

Philippine Health Insurance Corp. president Emmanuel Ledesma Jr. was No. 23 with P14,438,837.88 in salaries and allowances, followed by Securities and Exchange Commission Chair Emilio Benito Aquino (No. 24) with P13,459,457.30.