BSP chief is highest paid gov't exec in 2011


Posted at Nov 22 2012 06:41 PM | Updated as of Nov 23 2012 02:41 AM

MANILA, Philippines - The Bangko Sentral ng Pilipinas chief was the highest paid government executive last year, the Commission on Audit reported on Thursday.

BSP Governor Amando M. Tetangco, Jr. took home P10.58 million in 2011, according to CoA's Report on Salaries and Allowances which covers officials from government-owned and controlled corporations, the judiciary, congress, and cabinet secretaries and undersecretaries.

Tetangco's pay package was comprised of a P5.39 million annual salary, P2.03 million in allowances, P2.07 million in bonuses, incentives and benefits, and P1.04 million in miscellaneous expenses.

The second highest paid according to the CoA report is Edgardo F. Garcia, chief operating officer at the Development Bank of the Philippines, who was paid P9.83 million in 2011.

Garcia's basic salary amounted to P6.5 million in 2011, allowances summed up to P2.06 million, and bonuses reached P1.23 million.

Government Service Insurance System (GSIS) officials, meanwhile, grabbed the third, fourth, fifth and sixth spots as highest paid executives last year.

GSIS Executive Vice President Benedicto Jose R. Arcinas, Jr. received P8.97 million last year; Senior vice President Henry Aguda, P8.35 million; President and General Manager Robert Vergara, P8.32 million; and Senior Vice President Nora Saludares, P7.64 million.

Luis F. Sison, president and chief executive officer at the Philippine National Construction Corp., was ranked seventh with P7.59 million, while DBP Executive Vice President Benedicto Ernesto R. Bitonio, Jr. followed with P7.59 million.

BSP Deputy Governor Juan de Zuñiga, Jr. was ranked ninth with P7.4 million, and BSP Deputy Governor Diwa C. Guinigundo tenth with P6.98 million.

In 2010, Efraim Genuino, former chairman at the Philippine Amusement and Gaming Corp. (Pagcor), was tagged as highest government executive paid with P287.4 million in salaries and allowances.