These Are Highest-Paid Government Officials in 2023

These Are Highest-Paid Government Officials in 2023

The Commission on Audit (COA) released its 2023 Report on Salaries and Allowances publicly earlier this month. With it, we learn about the highest-paid government and cabinet officials under the new Marcos administration. Some familiar names here, with 12 of them coming from the Bangko Sentral ng Pilipinas (BSP). They’re followed by key officials from the Monetary Board and Supreme Court (SC), among other institutions.

State auditors based the list on information obtained by Principal Officers and Members of the Governing Boards of Government Corporations and their Subsidiaries, as well as each’s Subsidiaries, and by Secretaries, Undersecretaries, Assistant Secretaries, and Other Officials of Equivalent Rank of the National Government Agencies.

These Are the Highest-Paid Government Officials in 2023

1| BSP Governor Eli Semolina Jr. (P35,478,813.42)

2| Former BSP Governor Felipe Medalla (P28,050,030.52)

3| Deputy Governor Chuchi Fonacier (P26,003,043.94)

4| Monetary Board Member Anita Linda Aquino (P25,049,655.04)

5| Monetary Board Member Victor Bruce Tolentino (P24,746,656.26)

6| Senior Assistant Governor Edna Villa (P23,519,138.53)

7| Deputy Governor Francisco Dakila Jr. (P23,319,648.65)

8| Senior Assistant Governor Elmore Capule (P22,339,656.18)

9| Assistant Governor Johnny Noe Ravalo (P21,597,144.22)

10| Senior Assistant Governor Iluminada Sicat (P21,123,829.79)

11| Deputy Governor Eduardo Bobier (P21,013,931.08)

12| Senior Assistant Governor Ma. Ramona Gertrudes Santiago (P20,772,649.32)

13| SC Associate Justice Alfredo Benjamin Caguioa (P19,648,395.90)

14| Solicitor General Menardo Guevarra (P17,812,501.39)

15| Development Bank of the Philippines President and Chief Executive Officer Michael De Jesus (P17,038,378.64)

In the case of Remolona, records show that his net pay for 2023 covered P5.97 million in basic salary as BSP governor for six months and another P3.3 million in basic salary as BSP Monetary Board member for six months.

Adding to this are P11.7 million in allowances, P10.01 million in bonuses, incentives, and benefits, as well as P2 million in discretionary and extraordinary and miscellaneous expenses. He also received an additional P24,000 in additional compensation and honorarium and another P2.47 million from a “prior years” adjustment.

The 14 Richest Billionaires in the Philippines in 2023

The 9 Richest Filipinos Are Wealthier Than Half the Philippine Population

These Are the Highest-Paid Cabinet Officials for 2023

1| Justice Secretary Jesus Crispin Remulla (P7,075,742.00)

2| Special Assistant to the President Antonio Lagdameo Jr. (P6,984,948.77)

3| Science and Technology Secretary Renato Solidum Jr. (P6,035,566.70)

4| Department of Public Works and Highways Secretary Manuel Bonoan (P5,091,453.17)

5| Presidential Assistant II Leo Magno (P4,960,634.83)

6| Labor and Employment Secretary Bienvenido Laguesma (P4,936,378.81)

7| Information and Communications Technology Secretary Ivan Uy (P4,750,640.41)

8| Foreign Affairs Secretary Enrique Manalo (P4,713,384.08)

9| Social Welfare and Development Secretary Rex Gatchalian (P4,681,478.00)

10| Finance Secretary Benjamin Diokno (P4,678,076.00)

Defense Secretary Gilbert Teodoro Jr., who replaced Galvez, would record P2.63 million in salary and allowances. Meanwhile, Technical Education and Skills Development Authority Director General/Secretary Suharto Mangudadatu and Health Secretary Ted Herbosa posted payouts of P2.52 million and P2.44 million, respectively. Each had only taken on their roles in June 2023.

Of note, too, is Education Secretary Sara Duterte. The Vice President was said to have only had P558,000 in salaries and allowances. An appointee back in November 2023, Agriculture Secretary Francisco Tiu Laurel, on the other hand, had the lowest payout among all Cabinet members at P418,000.

Some notable names who also had quite the payout include:

• Presidential Adviser on Military and Police Affairs Roman Felix (P4.65 million)
• Transportation Secretary Jaime Bautista (P4.648 million)
• Agrarian Reform Secretary Conrado Estrella III (P4.646 million)
• Presidential Communications Office Secretary Cheloy Garafil (P4.63 million)
• Chief Presidential Legal Counsel Juan Ponce Enrile (P4.61 million)
• Presidential Adviser on Legislative Affairs of the Presidential Legislative Liaison Office Mark Mendoza (P4.57 million)
• Tourism Secretary Christina Frasco (P4.56 million)
• Environment and Natural Resources Secretary Maria Loyzaga (P4.51 million)
• National Economic and Development Authority Secretary Arsenio Balisacan (P4.5 million)
• National Commission on Muslim Filipinos Guiling Mamondiong Secretary (P4.48 million)
• Interior and Local Government Chief Benjamin Abalos, Jr. (P4.45 million)
• Trade and Industry Secretary Alfredo Pascual (P4.39 million)
• National Anti-Poverty Commission Secretary Lope Santos III (P4.18 million)
• National Security Adviser Eduardo Año (P4.35 million)
• Presidential Assistant for Maritime Concerns Andres Centino (P3.05 million)
• Presidential Management Staff Secretary Elaine Masukat (P2.92 million)
• Presidential Adviser on Peace, Reconciliation and Unity Carlito Galvez Jr. (P2.79 million)
• Presidential Adviser for Poverty Alleviation Larry Gadon (P2.41 million)

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.

It should also be noted that the official public report posted on COA’s website excludes the salaries and allowances of our senators and members of the Lower House.