Who’s got fattest paychecks in gov’t now?
Bankers, legal professionals and diplomats remained the highest-paid government employees in 2024, according to the Report on Salaries and Allowances released by the Commission on Audit (COA).
The high-ranking officials covered by the report are the officers and board members of government-owned or -controlled corporations (GOCCs) and their subsidiaries as well as of the water districts; secretaries, undersecretaries and assistant secretaries and other officials of national government agencies, and principal officers and members of the board of state universities and colleges and other stand-alone agencies
While the list included President Marcos, the entry on him had “0” in the amount column. Vice President Sara Duterte, meanwhile, was listed with a salary of P423,454.83.
Bangko Sentral ng Pilipinas (BSP) executives continued to enjoy the biggest paychecks, with Governor Eli Remolona Jr., who was named BSP governor in July 2023, at the top again with a total P47.97 million in gross salary and allowances last year. This was up from P35.48 million in 2023.
He was followed by Deputy Governor Chuchi Fonacier, who heads the financial supervision sector, with her pay and allowances totaling P30.39 million (up from P26 million in 2023).
Completing the top 10 were Deputy Governors Francisco Dakila Jr. (P28.82 million) and Elmore Capule (P26.54 million); Monetary Board (MB) member Romeo Bernardo (P26.03 million); Senior Assistant Governors Edna Villa (P25.82 million) and Johnny Ravalo (P25.37 million); MB member Rosalia de Leon (P25.28 million); Deputy Governor Eduardo Bobier (P23.75 million) and MB member Benjamin Diokno (P23.52 million), who earlier served as BSP governor as well as finance and budget secretary.
State firm executives, justices
The next 10 on the list were a mix of officials from the Office of the Solicitor General, Philippine Amusement and Gaming Corp., Development Bank of the Philippines (DBP) and justices of the Supreme Court.
Solicitor General Menardo Guevarra was at 11th spot with P23 million (up from P17.81 million in 2023), followed by Supreme Court Associate Justice Ramon Hernando with P22.3 million and Pagcor Chair and CEO Alejandro Tengco with P21.05 million.
Other high court magistrates in the top 20 were Associate Justice Mario Lopez (P19.6 million) and Chief Justice Alexander Gesmundo (P19.1 million).
DBP president and CEO Michael de Jesus was at the 19th spot after receiving P18.5 million last year.
The data from the 1,443-page report uploaded on the COA website on May 26 showed the total earnings received by high-ranking officials in national government agencies and GOCCs and their subsidiaries for 2024.
The amounts listed in the report included salaries, allowances and other emoluments, noted the COA.
It also said that the compilation of salaries and allowances were based only on the unaudited submissions by covered government agencies that were later verified by audit teams of the COA.
‘Reimbursable’ compensation
Meanwhile, Department of Foreign Affairs (DFA) diplomats last year received the highest indirect benefits, or compensation that are “reimbursable.”
Also classified under this category are insurances, paid leave credits, overseas allowance and training programs.
An exchange rate of P58.014 to $1 as of Dec. 27, 2024, was used to convert the amounts in the list.
Ambassador to the United Kingdom Teodoro Locsin Jr. topped the list again this year with total indirect benefits at P30.1 million.
His benefits included a “quarters allowance” and “post allowance” totaling $42,732, and an overseas allowance of $87,695.
According to the Department of Budget and Management’s Manual on Position Classification and Compensation, post allowances are provided to cover “unusual expenses incident to the operation and maintenance of the official residence” for the head of diplomatic mission or a consular.
Quarters allowance, on the other hand, are given to foreign service workers for the rental and maintenance of their residences at the diplomatic post.
Locsin was followed by Ambassador to China Jaime FlorCruz (P20.9 million); Ambassador and Permanent Representative to the World Trade Organization Manuel Teehankee (P15.4 million); Ambassador to Korea Ma. Theresa de Vega (P14.7 million), and Permanent Representative of the Philippines to the United Nations Carlos Sorreta (P14.7 million).
Cabinet members
While the pay of BSP officials are benchmarked against the salaries in the banking industry, Cabinet members, including department and agency heads, receive remuneration based on the matrix under the salary standardization law.
In 2024, Justice Secretary Jesus Crispin Remulla received P5.28 million, followed by Social Welfare Secretary Rex Gatchalian with P5.19 million, Agriculture Secretary Francisco Tiu Laurel Jr. with P4.96 million, Tourism Secretary Ma. Christina Frasco with P4.92 million, Executive Secretary Lucas Bersamin and Finance Secretary Ralph Recto with P4.83 million, Defense Secretary Gilberto Teodoro Jr. with P4.78 million, and Trade and Industry Secretary Ma. Cristina Roque with P3.79 million.
