4-8-2023 (MANILA) The Bangko Sentral ng Pilipinas (BSP) and finance chiefs have once again dominated the list of highest-paid government officials in the Philippines, according to the Commission on Audit’s “2022 Report on Salaries and Allowances” (ROSA). The report, which was uploaded on the COA website on Wednesday, revealed that former BSP governor Felipe Medalla earned the highest net pay of P34.173 million in 2022, a 56.5% increase from his 2021 net pay of P21.831 million. Medalla took over the top spot from Finance Secretary Benjamin Diokno, who had held the position since 2019 and was second on the list with a net pay of P28.781 million.
Medalla’s net pay for 2022 included P6 million in basic salary as BSP governor for six months, from July to December 2022, and P3.3 million in basic salary as BSP Monetary Board member for six months, from January to June 2022. He also received P11.864 million in allowances, P11.893 million in bonus, incentives, and benefits, P1.092 million in discretionary and extraordinary and miscellaneous expenses, and P24,000 in additional compensation and honorarium.
Apart from Diokno, all of the top 10 highest-paid officials for 2022 came from the BSP. In third place was BSP Monetary Board member Anita Linda Aquino, with a net pay of P26.362 million, followed by fellow Monetary Board member Victor Bruce Tolentino, with a net pay of P25.679 million.
The COA report covered a total of 9,619 officials from 1,000 national government agencies, government-owned and controlled corporations, state universities and colleges, and water districts, excluding elected government officials such as the President, senators, and congressmen.
The report also showed that Diokno’s basic salary was reduced to P7.64 million from P12 million in 2021, when he served a full term as BSP governor. His net pay for 2022 included P7.278 million in allowances, P11.555 million in bonus, incentives, and benefits, P2.195 million in discretionary and extraordinary and miscellaneous expenses, P24,000 in additional compensation and honorarium, and P89,067 classified as “others.”
The high salaries of BSP and finance chiefs have been a subject of debate in the country, with some questioning the need for such high compensation in the public sector. However, supporters argue that these officials hold critical positions that require specialized knowledge and expertise, and their salaries are necessary to attract and retain top talent in the government.
