Divine BSP pay, hellish economy

In the entire Philippine government bureaucracy of two million people and 1,003 departments, agencies and government corporations, the highest paid individual is not the president of the Philippines, not the vice president, not the Senate president, not the speaker and nor the chief justice.

Per the Commission on Audit, the highest paid government executive is a lowkey bureaucrat called governor of the Bangko Sentral ng Pilipinas (BSP), Eli Remolona.

In 2025, Eli received a stupendous compensation of P52.76 million. That is up P4.79 million or 10 percent from his 2024 salary of P35.48 million, and up a whopping 49 percent or P17.28 over his P35.48 million take in 2023. In devalued pesos, the P52.76 million is equivalent to $878,833 per year.

Between 2023 and 2025, the Gross Domestic Product growth rate declined, by 20 percent or 1.1 percentage points, from 5.5 percent to 4.4 percent. Between 2024 and 2025, the drop in GDP growth was sharper, by 23 percent or by 1.3 percentage points, from 5.7 percent to 4.4 percent. During 2024 to 2025, Gov. Eli’s salary went up by 10 percent. The economy sank by 23 percent while Eli’s household economy rose 10 percent. The more the economy sinks, the higher the salary of the BSP chief goes up, it seems.

There is no relationship between the economy’s performance and the BSP chief’s salary increases. In the first quarter this year, GDP growth rate fell to 2.8 percent, or by 36 percent, from whole year 2025’s 4.4 percent.

The salary grade of President Bongbong Marcos Jr. is 33 – the highest. The salary grade of the VP, Senate president, speaker and the chief justice is 32 – the second highest.

Guess the salary grade of the BSP governor? You cannot. Chief Eli has no salary grade. It does not exist. I thought only God Himself had no salary grade. Indeed, the BSP chief’s salary is divine. Wow na wow.

In the entire Asia and Oceania region, BSP Governor Eli is the highest paid central bank governor.

Remolona’s pay of P52.76 million is 3.6 times the salary in (Phl pesos equivalent) of P14.7 million of Kazuo Ueda, the governor of the Bank of Japan. In the fiscal year ended March 2026, Ueda-San received a salary increase of a monumental 4.8 percent – the biggest increase in – 28 years. Remolona in just two years increased his salary by 49 percent – or by more than 10 times the salary increase in pay of the Bank of Japan governor in – 28 years. Ano ba yan kuya!

Remolona’s pay of $878,833 is 3.5 times higher than the salary of Federal Reserve Board chair Jerome Powell, whose base pay of $190,000 is just 21.6 (one-fifth) of Remolona’s $878,833.

Yet, the United States economy is 63.24 times bigger than the Philippine economy – $32.38 trillion vs. $512 billion. Remolona’s salary is 3.6 times the salary of the Bank of Japan governor. Yet, Japan’s economy is 8.59 times the size of the Philippine economy – $4.4 trillion vs. $512 billion.

The explanation for Remolona’s astronomical pay and perk is – it is allowed by law, allowed by the Bangko Sentral ng Pilipinas charter. You know, murder, even if allowed by law, is still murder. Rape, even if allowed by law, is still rape.

The other explanation for Remolona’s heavenly pay and perk is standardization. Normally, a standard should hew to the general practice of the many or the average, in simple English. Having a central bank governor salary that is the highest in Asia and Oceania is standard? No. Having a central bank governor salary that is higher than the salary of the central bank in the world’s largest economy is standard? No.

Chief Justice Alexander Gesmundo is the third highest official of the land – per his salary grade. He also heads the third major branch of government, the judiciary. The judiciary dispenses justice. Justice serves a much higher purpose than money. Yet Chief Gesmundo draws only P17.4 million in annual salary, No. 15th, and just a third of Chief Remolona’s celestial pay.

In car plate protocol, Chief Gesmundo sports the number 5. Remolona has Number 12, seven rungs lower. Divide 12 by 5, you get 2.4. The chief justice should get 2.4 times more pay than the BSP governor.

To set standards, you apply the rules of fairness and justice.

Fifteen of our Top 20 highest paid officials are all from the Bangko Sentral:

1) Gov. Eli Remolona, BSP, P52,756,463.72;

2) Deputy Governor Elmore Capule, BSP, P36,015,276.10;

3) Senior Asst. Governor Johnny Noe Ravalo, BSP,

P30,588,084.44;

4) Senior Asst. Governor Edna Villa, BSP, P30,519,906.13;

5) Monetary Board Member Benjamin Diokno, BSP, P30,198,861.48;

6) Monetary Board Member Romeo Bernardo, BSP, P30,079,101.65;

7) Monetary Board Member Rosalia de Leon, BSP, P29,989,966.83;

8) Monetary Board Member Jose Querubin, BSP, P29,923,983.83;

9) Monetary Board Member Walter Wassmer, BSP, P29,851,867.18;

10) Deputy Governor Chuchi Fonacier, BSP, P27,724,984.74;

11) Deputy Governor Mamerto Tangonan, BSP, P26,483,969.94;

12) Deputy Governor Bernadette Romulo Puyat, BSP, P24,761,776.99;

13) Solicitor General Menardo Guevara, OSG, P22,627,862.85;

14) DBP president and CEO Michael de Jesus, P18,633,045.87;

15) Supreme Court Chief Justice Alexander Gesmundo, P17,426,875.38;

16) Deputy Governor Abenoja, Zeno Ronald Ruiz, BSP, P16,354,562.70;

17) GSIS president and general manager Jose Arnulfo Veloso, P15,159,886.84;

18) Senior vice president Raul Villanueva, PAGCOR, P14,774,772.94;

19) Senior Asst. Governor Ala, Arifa Alauya, BSP, P14,648,690.88 and

20) Deputy Governor Javier, Lyn Ibardolasa, BSP, P14,590,294.12.

Under Remolona, the BSP increased interest rates from two percent in 2022 to 6.25 percent in 2023, a 212 percent increase or a tripling, before bringing it down to 4.25 in 2025 and raising it again to 4.5 percent this year.

To fight inflation. Supposedly, it’s good for us. In the process, one million jobs were lost and GDP growth dropped from 7.6 percent in 2022 to 5.5 in 2023, 5.7 in 2024 and 4.4 percent in 2025. It’s like using a condom. With rate hikes, you are supposed to feel good – while being screwed.

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