MANILA, Philippines — Bangko Sentral ng Pilipinas (BSP) executives have constantly topped the checklist of highest-paid authorities officers, every incomes roughly P20 million a 12 months since 2020.
Since taking workplace in July 2023, BSP Governor and Financial Board Chair Eli Remolona has remained the top-paid authorities official. In 2024, his compensation rose by 35%, reaching over P47.96 million.
In keeping with the Fee on Audit (COA), Most of his complete earnings got here from allowances, bonuses, incentives and different advantages, which amounted to P33.703 million final 12 months.
Incomes a fundamental wage of P1 million monthly or P12 million a 12 months, Remolona took dwelling nearly three times what an average Filipino family earns in a year — estimated at P353,000 in 2023 by the Philippine Statistics Authority (PSA).
That is the primary time up to now decade {that a} BSP governor earned almost P50 million in a single 12 months.
The final time a central financial institution chief breached P40 million a 12 months was in 2021, when Benjamin Diokno, now on the Financial Board, served as BSP governor.
Earlier than that, governors often made about P20 million a 12 months, whereas different executives earned even much less, round P15 million.
At present, even officers ranked beneath the governor are making between P20 million and P30 million a 12 months.
Which BSP officers earned essentially the most in 2024?
Second to Remolona, BSP Deputy Governor Chuchi Fonacier earned P4 million extra in 2024, pushing her annual earnings previous the P30 million mark.
Previous to stepping down, former BSP Deputy Governor Francisco Dakila, accountable for the financial and economics sector, was the third highest paid authorities official in 2024, with complete earnings of P28.82 million — a rise of round P5 million from 2023.
He was replaced by Zeno Ronald Abenoja on Could 19. Abenoja beforehand labored on the Division of Finance (DOF) and was an assistant governor of BSP’s financial coverage sub-sector.
Elmore Capule, the deputy governor accountable for the company companies sector, ranked fourth with P26.53 million in earnings for 2024, reflecting a P4 to P5 million pay hike.
Financial Board member Romeo Bernardo, former finance secretary, was additionally paid round P26 million final 12 months. He has been in workplace since September 2023 and will likely be serving a six-year time period.
The sixth to tenth highest paid authorities staff had been additionally from the BSP:
- Senior Assistant Governor Edna Villa – P25.82 million
- Senior Assistant Governor Johnny Estanislao Ravalo – P25.36 million
- Financial Board member Rosalia De Leon – P25.28 million
- Retired Deputy Governor Eduardo Bobier – P23.75 million
- Financial Board member Benjamin Diokno – P23.52 million
Each month, this implies these officers earned round P2 million, equal to greater than P70,000 per day over a 12 months.
However what precisely does the BSP do?
Its main duty is to take care of value stability within the nation via sustainable financial coverage. Merely put, the central financial institution manages how cash strikes via the economic system.
A technique the BSP does that is by adjusting the coverage rate of interest. This fee impacts how a lot it prices to borrow cash.
When the BSP raises it, loans turn into costlier, so individuals and companies are likely to borrow much less, thereby spending much less. When the speed goes down, borrowing turns into cheaper, which often results in extra spending.
It’s a balancing act to assist preserve inflation, or how briskly costs of products and companies rise, below management.
In 2024, inflation dropped sharply from 4.4% in July to three.3% in August, later reaching a low of 1.9% in September. Beginning October 2024, inflation barely rose, hitting 2.9% in January 2025 earlier than slowing again to 1.4% in April, the bottom since November 2019.
The BSP, nevertheless, does greater than set rates of interest. It additionally regulates banks and ensures there’s sufficient cash circulating within the economic system — not an excessive amount of, not too little.
To handle this steadiness, it buys or sells authorities securities and units reserve necessities, or the amount of cash banks should preserve and can’t lend out.
Whereas extra BSP executives now rank among the many highest-paid authorities officers, there have been instances when leaders from different businesses or banks earned greater than some central financial institution officers.
In 2020, the highest earners included the Chief Justice and affiliate justices of the Supreme Courtroom, in addition to executives from the United Coconut Planters Financial institution, which later merged with Land Financial institution of the Philippines.
Officers from the Improvement Financial institution of the Philippines and the Authorities Service Insurance coverage System had been additionally among the many highest paid, making the highest 10.
In recent times, nevertheless, the entire 10 highest-paid authorities officers have come from the BSP.
