Three officials of state-controlled United Coconut Planters Bank (UCPB) are among the highest paid government officials in the country.
Based on a report by the Commission on Audit, the former UCPB President and CEO Higinio O. Macadaeg was the highest paid government executive in the country in 2019 with total salaries and allowances of P20.475 million. Macadaeg resigned in July 2019 due to personal reasons.
Macadaeg’s paycheck is 32 percent higher than the P15.45 million pay of Bangko Sentral ng Pilipinas Governor Ben Diokno.
The central bank governor, who is usually the highest paid government official is only good for third best in 2019 behind Macadaeg and Solicitor General Jose Calida (P16.972 milion).
Two other UCPB officials were in the Top 10 – Executive Vice President for treasury Eulogio Catabran III (No. 4 P15.097 million) and Executive Vice President for branch banking Edmond Bernardo (No. 9 P11.586 million).
The top earners among other government financial institutions are:
* Development Bank of the Philippines Executive Vice President Benel Lagua (No. 12 P10.401 million)
* Government Service Insurance System Senior Vice President Nora Saludares (No. 35 P8.865 million)
* Land Bank of the Philippines President Cecilia Borromeo (No. 56 P7.659 million).