As it turns out, ex-Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla and Department of Finance (DOF) Secretary Benjamin Diokno were the highest-paid officials under President Ferdinand "Bongbong" Marcos Jr.'s administration from 2022 to 2023, based on a report by the Commission on Audit (COA).
According to the report on salaries and allowances (Rosa), Medalla earned P9.3 million for his basic salary as the BSP governor for six months of service and as Monetary Board member. He got P11.8 million in allowances and P11.8 million more for bonuses, incentives, and benefits, as well.
In Diokno's case, he was paid a total of P7.6 million for his basic salary both as BSP governor under former President Rodrigo Duterte and as DOF Chief under President Marcos. He received P7.2 million worth of allowances for both, as well as the same amount of honorarium as Medalla.
It's also important to note that Eli M. Remolona only succeeded Medalla as BSP Governor and Monetary Board Chairman in June 2023. Rounding out the rest of the list were other officials from the BSP and its attached partner financial institutions. Some members of the judiciary made the top 20 posts, too. Rosa accounts for the total amount of salaries, allowances, and benefits granted to government officials annually.
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The list is as follows:
1| Felipe Medalla (BSP): P34,172,508.34
2| Benjamin Diokno (DOF): P28,781,029.81
3| Anita Linda Aquino (BSP): P26,362,389.44
4| Victor Bruce Tolentino (BSP): P25,678,689.41
5| Chuchi Fonacier (BSP): P25,157,037.71
6| Peter Favila (BSP): P24,389,260.96
7| Antonio Abacan Jr. (BSP): P24,026,240.32
8| Elmore Capule (BSP): P22,474,117.55
9| Francisco Dakila Jr. (BSP): P22,386,618.38
10| Edna Villa (BSP): P20,901,938.61
11| Ma. Ramona Gertrudes Santiago (BSP): P20,857,076.70
12| Iluminada Sicat (BSP): P19,876,556.85
13| Johnny Noe Ravalo (BSP): P19,159,382.70
14| Eduardo Bobier (BSP): P18,804,234.30
15| Marvic Mario Victor Leonon (SC): P18,607,104.73
16| Namerto Enrique Tangonan (BSP): P16,410,487.86
17| Alexander Gesmundo (SC): P14,991,257.50
18| Jose Calida (COA): P13,448,683.27
19| Cecilia Borromeo (LBP): P13,280,392.96
20| Emmanuel Herbosa (DBP): P12,497,266.87
Why Are the BSP Officials and Monetary Board Members Paid So Much?
We've consistently seen the BSP Governor rank first in this list for years now. Their take-home pay is the highest salary and allowances given to a government official. It makes sense because they can earn so much more in financial institutions in the private sector and so the government needs to make their salary and compensation competitive.
BSP Governors are appointed to take control of the monetary and financial stability of the country. Many consider the governorship a better position than that of a Cabinet member because of its autonomy and, of course, salary. Apart from perks and productivity-related bonuses, the BSP governor has a confidential or intelligence fund that isn't subject to audit. They don't even need to go through a Commission on Appointments process, too. The governor is only governed by the BSP charter, and answers to the President of the Philippines.
The governor also sits as chairman of the Monetary Board. Meanwhile, Monetary Board members, as well as adjacent officials in the state's financial institutions, on the other hand, exercise the functions of the BSP. Thus, earning a hefty paycheck in the process, too.