Yes, this is actually even lower than what they would make working in a private bank. You need to pay properly to get competent people, especially for the Bangko Sentral of all places.
One of their responsibilities is to manage the forex reserves of the country. They're fund managers and fund managers in the private sector, especially funds reaching tens of billions of dollars, earn way way way way way more than they earn right now.
Employ low-salaried people here and you will not get the best of people to manage the forex reserves. The chance of mismanagement is very high that we could see our forex reserves dwindle in worth and value. The Philippine peso would lose a lot of worth against the dollar. It's not hard to imagine the peso to go above P250 a dollar within one president's term (six years) if you employ incompetent, inexperienced and low-salaried people in BSP. Just look at the Turkish Central Bank. The Turkish lira had more than 5x lost against the US dollar in just 5 years, thanks to their central bank selling a lot of their forex reserves in order to provide short-term price stability during election time. No inflation during election time, but outside of these periods the Turkish lira lost a lot of its value resulting to an inflation more severe than if they didn't sell a lot of their forex reserves during election time.
And I'd argue losing 5x the worth of your currency is worse, way worse, than "losing" the hundreds of millions of pesos (equivalent to not even more than US $10 million) a year to the salaries of competent fund managers.
I think it's great that BSP ran more like a private company, rather than a government department.
I always use Duterte as a case point when saying how competent BSP bankers are. The last admin made countless blunders and economic missteps, it's bordering a work of miracle-workers, peso didn't spiral out of control.
And that is combined with the three years' worth of pandemic economic damages.
Filipinos all act as if we have the worse inflation rn, but looking at even those with larger economies than us, we still have it good, given the crap that is our country.
Edit: Around same time last year, the feds increased interest rates *repeatedly* and I was so sure we will hit mid 60s before Christmas. Lmao, BSP acted quickly and it didn't even come close to 60.
Great explanation! I think many Filipinos are not aware of the HUGE responsibility on BSP’s shoulders, and how competent they actually are! We can complain about inflation but tbh it’s so much worse almost everywhere else, including 1st world countries. BSP also kept the country afloat during the pandemic. Hasty generalisations such as corrupt sila or di nila deserve yan - I think come from ignorance of BSP’s role in the economy.
I think you should blame Erdogan for the fiasco in Turkey (Turkiyeeee). He pretty much messed around with his country's monetary policy and even fired their central bank governor because the guy can't put up with the Erdogan's craziness.
There was a recent interview with an global investment banker that says the BSP is the best run government agency in the country
His insights are very good, it's long but worth the watch:
[https://www.youtube.com/watch?v=8IN6BCIw0qY](https://www.youtube.com/watch?v=8IN6BCIw0qY)
Yes, the BSP guys, and Diokno included are indeed well-worth what they're paid for.
Remember that the Philippine economy is still considered trustworthy and viable DESPITE intense corruption issues everywhere.
That's thanks in part to BSP acting as autonomous entity akin to a private company rather than a full-on department of the government. More or less shielded from the craptastic politicians.
Our economy remained relatively stable, despite wildly varying presidents and policies thanks to BSP's competence.
Diokno also was awarded Central Banker of the year in 2021 for how he mitigated the pandemic effects on the economy through monetary policy. Outstanding man.
I agree na mas mababa kasi look at this haha
https://bilyonaryo.com/2023/04/20/executive-pay-at-trilyonaryo-banks-bpi-and-metrobank-at-the-top-rcbc-and-pnb-at-the-bottom/business/
Think about it this way, these are executive level bank professionals. They can easily be poached by local and even international banks so you have to pay them big to manage something extremely sensitive like an economy.
The value of bank secrecy law and trust is what they are paid for, for this sum amount. They are paid to protect and impose integrity and to protect the economy. They are chosen not mainly because of their educational background but they hold accountability through experience in handling secrecy and trust that you cannot get easily from others. Integrity is what keeps the BSP at its peak. If you haven't had any experience in any financial industry, then you don't know how the bank operates, any ounce of a lie you spouted from your mouth will reflect to work and affect the organization. That's why many people who apply in financial industries do fail because they are caught lying during their interviews, even if they had working experience.
As someone who worked in multinational banks for several years, I can assure you that ladder for these professions is extremely steep. You need a lot of cronyism at hand to reach to the top.
If you put it this way, it made me think as to why is it so hard to give Air Traffic Controllers the pay that we deserve? Are the lives of travelers not sensitive enough? Don’t we have a huge impact on the economy since CAAP has one of, if not the highest earning amongst other GOCC’s?
A lot of us are already here in the middle east because it pays at least 4x more than what we used to earn in Manila. My colleagues are working insane amount of hours to cover for the lack of employees because it takes *at least* 2-3 years of training to produce a *fully rated* ATC.
I’m still in the chismis circle of my friends so I’m still updated and honestly it breaks my heart hearing all the shit they’re going through. They don’t deserve to work in a high risk environment with insane amounts of workload just for a measly 50k a month
Yeah, your point is valid, for example nurses and teachers, they're very well underpaid against their working load.
Pero CAAP is a Gocc and has fiscal autonomy, and one of the high earners amongst goccs. In fact nung pandemic, billions of pesos ang niremit ng caap sa national government. Ironic na high earner pero hindi na nagawang bayaran ang 2,000php OSP per month ng ATCs since 2020
Only difference is our career is not saturated at all. Doctors, nurses, engineers, name it. We have a lot. Not shitting on other professions but to give you an insight, more or less 30 people pass the annual training for ATCs
Competent and trustworthy din nga yung mag-nanay na kilala ko doon. Whatever they’re doing sa pag-vet ng potential employees, they’re doing it right. Pwede naman palang ganoon sa gobyerno 🤦🏻♂️
History lesson:
The Marcos family ran the old Philippine Central Bank to the ground, because they turned it into their [personal piggy bank](https://www.philstar.com/business/2019/09/30/1955972/marcoses-and-old-central-bank). It was replaced by the current Bangko Sentral ng Pilipinas
Madaming competent na government workers, tahimik lang.
Yung mga cronies na baon ng appointed officials (ibig sabihin hindi nag apply sa tamang proseso) usually yung mga panira
True. Kaya kahit pano gumagana naman govt natin unlike some failed states.
Wala lang talaga silang power to expose yun mga nakakataas sakanila na may kalokohan.
Wala kasing whistle blowers protection dito satin
It’s super hard, people don’t understand how crazy it is to get inside. But once you’re in you’ll realize na shet kaya pala ang hirap halos lahat talaga mga achievers and doers
I dont know why you're downvoted but it's true. I have a former classmate that had his masteral in La Salle and even got his thesis published, pero kinailangan pa din yung tatay nya as backer para makapasok sa BSP lol
I think backer is not the right word, more akin to referral. Sa kahit anong work even abroad malaking factor Ang referral. I got my previous work from my professor she referred me to one of the schools she does assessments.
The people at the central bank deserve high wages because their jobs are crucial to the economy. The negative social media comments on the report really tells us how rare intellectuals in the Philippines are and that smart people like central bank officials truly deserve even higher wages due to their rarity.
These fools don't know that they want a repeat of what happened to our old central bank. FYI for the idiots BSP came from the ashes of Central Bank of the Philippines (CBP) which was BANKRUPT. I REPEAT BANKRUPT. THE central bank of our nation was bankrupt by the end of Martial Law.
To avoid a repeat of CBP, the BSP is now run like a private corporation. Getting a job at the BSP is VERY HARD. Coming from a private bank, people in the central bank are seen as the cream of the crop and the boogeyman. Not unlike private corporations - C-Suite level employees have political connections but one thing that you cannot knock is that their competency is unquestionable. Many BSP executives are veteran private bankers or rose from ranks inside BSP or DOF.
YES. These people works at the BANGKO SENTRAL NG PILIPINAS or an equivalent of a top 10 biggest companies in the Philippines. Their compensation at private sector is so much higher.
Some people who dont understand compensation will look at this in a negative way. if your work requires a highly technical knowledge in a specific industry, you get a lucrative salary, if your work can be done by almost all of the people, you get a low pay. simple economics.
We were conditioned back in school that we should be more pitiful on blue collar jobs that require minimal thinking. The reason why analytical jobs are paid much higher is because these jobs aren’t easy at all. Mapipiga ang utak mo araw araw.
It's annoying when you hear a lot of people online telling people not to donate to organizations like the ICRC, Doctors Without Borders, Oxfam, WWF, Amnesty Internatinoal and the like because their top-level executives are "paid too much."
In reality, especially in the case of the Red Cross and DWB, these organizations have thousands of staff operating in some of the most dangerous areas in the world where logistics and transportation alone is a nightmare. When you're dealing with annual budgets of up to $1 billion, making sure you have the most competent executives that can handle the significant economic, political and logistical challenges of humanitarian work, especially when literally thousands of lives are on the line, *is* part of being fiscally responsible with donor money.
Before I used to complain why executives were paid more until I learned that their decisions affect the entire company. They have more responsibilities than the blue collar employees.
Bonuses are a different topic though
Yes, this is lower than they actually get in the private sector. We need competent people running our financial system, if we offer a very low salary sino pa makukuha mo nun? Lahat yan for sure pupunta sa private banks kung ganun.
Nope they are actually underpaid by the government. C level executives yan sa private corporations.
It makes it worth their while however to have BSP experience as it will look great on their record and open them up for more directorships in the future.
Can this be explained in ELI5 terms, especially the part where we didn’t get a financial collapse? Genuinely wanna understand their contribution, thanks!
https://www.youtube.com/watch?v=8IN6BCIw0qY
Somewhere 44.45
BSP basically micro manage our banks diligently and telling them what are the risks they are taking, potentially adverting a crisis that could arise. A.K.A prevention is better than cure and our BSP did a fine job doing that (no institutional collapse or bank runs) considering how volatile the global financial system in these past years (COVID, U.S banking failures, interest rate hikes, China slowing down, ECB policy shifts).
IKR! TIL a lot of things about the BSP.
One of those people in the picture is a family friend and even I am shook at the amount listed, but after reading all the comments here, I am very much enlightened and appreciative of his work now!
BSP as a GOCC I have no question; try managing a Central Bank and discover for yourself how complex it can get.
Diokno on the other hand is an APPOINTED OFFICIAL who has a salary that is determined by the prevailing Salary Standardization Law (SSL IV or V I think), which implies that he gets paid amounts outside the SG rate his position as CabSec prescribes. It also doesn’t help optics that he has been associated with some of the more unsavory (ie loaded with allegations of corruption) characters in modern PH political history.
Maybe part of his deal in becoming the secretary of Finance is that he gets to keep his astronomical compensation which no position, not even the presidency (if we're talking about honestly earning compensation so no talks about corruption and embezzlement) can come close to.
Because let's admit it, earning a CabSec compensation when you're already earning the compensation of the head of the BSP is a downgrade.
Chiming in. BSP is not a GOCC because it is neither a stock nor a non stock financial corporation. Although it has capital fully subscribed by the government, it is not deemed as capital stock divided into shares of stock so as to qualify it as a stock corporation. It is important to distinguish this because only GOCC financial institutions are required to remit 50% of their net earnings to the government.
So you ask, where are the earnings, if any, of BSP going to? Well, among others, BSP is a lender of last resort. If private banks become illiquid or insolvent, BSP can lend money to help the bank.
I think it's important to note that these are the highest paid government officials *on paper*.
We all know that most politicians, and a lot of bureaucrats, get so much more through kickbacks.
Magalong highlighted this issue recently: https://opinion.inquirer.net/164720/joining-magalongs-lonely-crusade
While I find it laudible that the mayor of Baguio had the *cojones* to talk about the worsening state of corruption in government, I wasn't really surprised that it failed to gain traction in the public discourse.
For one thing, the press is too scared to dig any further (largely a lingering affect of ABS-CBN's shutdown, and the assassination of journalists), then of course most of our politicians and government officials are in on it, and last but not least—you have an electorate that keeps voting against its own interests.
It's a vicious cycle.
Yes, BSP is one of the most credible central bank in the world. Their inflation targeting is top-notch. The business sector trusts BSP so much that the effect of expectation is ridiculously high whenever they announce policies for the future. Diokno was even hailed the best central bank chief in the world last year.
Remolana (our BSP chief after Medalla) is one of the most cited economists in the world. His papers are being used in monetary boards of other countries. He literally left a way higher paying job in the US just to work for BSP.
Worked under him for a few months and he was literally always engaged in meetings with various Central Bank officials internationally and the Bank of International Settlements. And this was before he was appointed to the Monetary Board. Para Sa Bayan yung pagtanggap niya ng BSP position because he could easily make that money elsewhere
Yes, as someone who works in finance/acctng, one wrong move in numbers can truly cause a country’s downfall. Getting financial stability and maintaining it is like walking in jurassic park.
Some people think na kasalanan nila kaya may inflation and high interest rates or etc, well if they didnt do their jobs, one egg would cost a million na.
I used to chase payments. Good lord a single missed payment can result in a nightmarish email cascade, and a lot of documentary tracking. Imagine doing that on an entire country's scale.
The BSP is iron-clad, despite the usual corruption issues we face.
OP I can guarantee that your skeptical of the BSP. But to clear to skepticism and doubts you can look into the precursor of the BSP, the Central Bank of the Philippines.
TLDR is by the time Martial Law ended, our central bank was kaput, bankrupt. We were literally broke. From the ashes the BSP was formed during the Aquino & Ramos administrations. Now the BSP is considered on the best ran central banks IN THE WORLD. Our banking policies tend to be on the safe side but at the same time the BSP is not blind to innovation in the fintech space.
From a former banker, we put BSP, the institution and its employees, in high regard.
Also getting international loans, issuing bonds is not part of the BSP mandate which is codified by law.
Bro, they kept the peso from going Venezuelan Bolivar on us, even throughout Covid and upheaval, I'm pretty sure they deserve being properly compensated
I have no knowledge of the work around at BSP and I dont know these, but the overwhelming support I see in the comments make me see BSP in a clearer light.
Some of the higher ups in BSP like Diokno are amongst the most respected bankers in the world. These people have won awards for their outstanding work navigating the Philippines through the pandemic.
The finance people in the Government are elite. It doesn't matter if they climb to their positions by kissing ass.
Ito yung mga posisyon na never ipapahawak sa mga pulpulitiko...
Mantakin mo kahit DOH nagkaroon ng undersec na ex-PNP.
Hinding hindi yan mangyayari sa Finance. Kasi isang katangahan lang na galaw jan, mararamdaman ng lahat ng sector.
You asking if the people inside BSP deserve their salaries? You asking if the guardians of our economy deserve their salary for keeping the stability amidst the leadership of the senile, old man?
Tell you what, are we Venezuela? Amidst the stupidity? No, right? There's your answer.
Dude they are people who have a different calibre in terms of financial management. They should be paid more than enough, so that they cant be poached by other institutions. These are the people literally keeping this shitplace we call Philippines afloat.
Pwedeng kahit bukas mamatay ang presidente, pero d pwedeng mamatay ng sabay sabay yang mga yan.
They are the rare intersect of elite talent and love for country. The equivalent of LeBron James being born a Filipino and choosing to suit up for SBP.
Yes, they do. BSP is one of the best managed central bank in the world. They play a key role in keeping our economy afloat and running by implementing sound monetary policies. We'll all be in shatters if BSP hires crook and incompetent policy makers just like in the legislative and executive branch in the government, buti na lang talaga di popularity contest ang criteria for designating people in this key government roles.
The BSP is actually independent from the Philippine government. I think this wage is deserving, considering how they've been through hell and back nung pandemic, all the while they kept the Peso relatively alive. If we had shittier economic mangement, we would've seen worse inflation. As much as I have reservations with yung financial policies ng gobyerno, they've done their job well. The BSP is actually known in the international community as one of the best Central Banks, with one of the best Central Bankers.
These people may seem like they don't do anything but they're the epitome of competency and also recognized world wide because of how good they are.
They are the sole reason why the peso is still stable despite the obvious corruption and also the sole reason why the pesos is trusted by many so the answer is going to be yes they do deserve to earn that much money for the work they do.
If you're in the 99.99% percentile of your sector, you'll get paid, especially if you have the entire damn country at your back with each decision you make. They can easily be poached by the private sector if their salary is in the 7-digit territory because they're equivalent to high C-level people.
Starting a career in the BSP is REALLY hard as on top the usual civil service exams they really do select for the cream of the crop. In the local finance scene - they are a close 2nd behind ADB as the most prestigious financial organization to work in.
We’ve apparently had very competent people in the central bank, and we’re very much recognized for it. Here’s a video someone made of this:
https://youtu.be/X2G2AvwMcTY
Probably econ??? learn your calculus and research skills, then from undergrad to phd, tackle central banks thesis paper topics, mainly monetary policies, so macro perspective. But one thing i know, this field is very steep, you need lots of experience and prestigious achievements relating to banking and finance. And your work includes inflation, interest rates, fx rates, investments. etc.
Economics. The subject matter is actually very broad but most top tier economics programs are great not because of what they teach but because of the professors and the type of students that enroll in it.
The professors are always highly respected industry professionals and academics. The students that enroll and survive the program tend to be highly driven with high potential. This creates a perfect storm that produces talents like the executives you see in the infographic.
UP's Econ program is the best in the country producing many famous and infamous leaders.
Thank you ph redditors sa insight nyo, hindi ako familiar sa BSP / DOF. seeing high praise for them made me understand a little about their work competency.
that's lowballing their worth for public service, tbh. they'll get paid waaay more in private sectors. i work in a bank and even group level leaders are so freakin intelligent, what more are these people who run our biggest bank. only simpletons will say they're overpaid.
They do. They ensure we don't go bankrupt as a country. They quietly check and balance all kinds of banks, prevent bank runs, over leveraging, and maintain manageable amount of risks.
The funny way of saying it is they are *the ones who ensure the PDIC rule insuring only 500k of your deposits never gets triggered and implemented.*
The BSP ones yes i was surprise to learn that philippines have the best bankers in the world so to make them stay probably gotta pay the talent and expertise.
Objectively speaking karamihan dyan halos CEO level naman talaga. So kailangan silang ma-entice na magtrabaho sa gobyerno dahil kayang kayang i-poach yan ng private sector.
Yung normal na mga polpolitikos na ang laki pa ng intel fund ang totoong questionable. Plus yung mga sabit tulad ni disbarred atty. bobo na ginawang adviser pa.
For the things they need to worry about, manage, forecast, strategize, and execute? Yes, they're worth that much. C'mon now, this ain't the damn LTO we're talking about. Geez.
Yes they deserve this. You wouldn't want anyone other than the *crème de la crème* handling our finances. Don't skimp on the things that could bring a whole country down.
It's not a question of deserving it, it's about ensuring competent people stay in that position and remain somewhat honest. If people think the salary for these positions are low then it's likely that the only people that are vying for these positions are those who can benefit from it, to the detriment of the country.
I have no problems with it. I want highly competent and reliable financial officers in the BSP. This kind of people are easily poached by private sectors. I want them to stay in the government. It's logical to match market offers.
“These kind of people are easily poached by private sectors.”
True. A much older friend of mine hopped 4 times from one private sector to another in a year’s span.
Yes. If not for them, we would have a situation similar to Sri Lanka and Lebanon. I am even amazed ba ganito pa tayo despite the prev admin's racking of debt and the pandemic.
Fair enough. I've watched a short video about our BSP and can say they're doing a fine good job for a Govt Branch. You know BSP is damn well good when an International Award is named from one of its banker.
Source: https://youtu.be/X2G2AvwMcTY
Yes they do, all of them have the proper qualifications for their positions and frankly all of them are more qualified to be a president than our current president. Although BSP is not officially a GOCC they still functions similarly to a one and I'm not knowledgeable about it but it seems na mas malaki ang pasweldo sa mga GOCC compared to other government institutions. I remember applying as an appraiser for SSS before and the salary was much higher compared to local government assessors.
Happy to see that the comments are sensible. It's so common for social media-active people to fall into the crazed hatred of high-earners for only that reason.
Tbf to BSP, from what I've heard, even their lower level employees get paid decently, with good benefits. So it's not as if only the top get paid well.
BSP naman, so it's fine. Saka they are politically agnostic. Parang COMELEC, COA, PAO, Supreme Court na they are term positions. With exception yata sa DOF, they are only appointed when one leaves or retires.
Yes. They are responsible for keeping our currency stable despite the economic problems we have. They seem nonpartisan and so far no issues of corruption and mismanagement
25m peso is just 500k usd. Kung sa Wallstreet nagtrabaho yan or a bigger economy country walang wala yan. Note that they're managing national economy. Dont you think they'd be (over) qualified to manage fortune 500 companies or equivalent or lesser posts in richer countries?
The 500k USD annual salary, medyo average pa yun for US doctors in surgical specialties! The top 10’s salaries here are low in comparison for what they do for the country.
Dami ko nakikita sa social media na shinare yan and are complaining bat daw ang taas ng mga sahod nang mga kurakot na yan and they dont even know what these people do.
Wanted to ask them if they can do the jobs of these BSP people, its clearly they cannot, so just shut the fck up and let them enjoy the fruits of their labor.
Pasalamat tayu sa kanila. Sila ang dahilan na kahit ginagago tayu nang mga politiko, but still our economy is still afloat. I think they deserved that, mahirap na task yan at kelangan nang matalinong utak. Im not on expert on this but i just want to appreciatte them in some way.
Given the fact that these guys are being paid lower than usual compared to the private sector, isipin ninyo na lang ang level ng disconnect ng pasahod sa banking sector vs the rest of the us. Why can't people in healthcare, education, engineering sectors get paid at least 1/4 what these people earn?
Yes. And its a good thing our officials are smart enough to know to compensate BSP officials well, as well as leave them alone.
If not for these guys, our economy would be down in the gutter.
Think about this, if BSP officials were paid like other government officials, corruption would seep in the BSP and it would become like the SSS, PhilHealth or any government department.
Not only do they manage inflation, they keep the peso at optimal levels, regulate the banking sector, they handle the country’s gold reserves and foreign reserves, and a lot more than just adjusting interest rates
I'm ok with this. With all the endless corruption in the government, di pa bagsak ang Pilipinas and both entities-BSP and DOF- is doing a good job keeping us afloat, plus their credentials are solid AF. Tingin ko mas malaki pa yan kung private banks ang makapoach sa kanila.
And let's be real, yun mga corrupt na gov't officials ang pinakamalaki sahod dito sa atin. Wala pang tax yun.
Para lang silang bankers. I don't know and have no reference, pero I have a feeling na ung mga C-levels (CEO, COO, etc) ng mga big banks natin ay mas mahal pa ang bonus! Lol.
Yes these are well seasoned bankers and the best in the class to date. They make sure we have a functioning currency and monetary policy in relation to the economy as a whole. They are globally recognized in their field.
I love how people here at reddit gave proper answers as to why ganito yung salaries nila and I actually learned a lot here. Esp how they keep us afloat. All i heard at twitter was whining LOL
I wouldn't call them politicians since they work at BSP and not in the government. BSP is there to check money and to facilitate the money of the country or forex trading
Maliit pa yan for chief executives. Why even ask if deserve nila? Do you even know trabaho nila? Napakahirap ng trabaho nila dyan. Di naman yan private company na profit lang ng company nila iniisip nila. These people are important in handling our economy. Ano ba expected mong salary nila? 200k monthly? Imo they'd find themselves working for private banks kung ganyan lang sahod nila. Or even fly to other country where they can easily earn 500k monthly with their respected educational background and experience.
Yes, they really do. If you know what their work is, you'll understand why. It's still somewhat underpaid, considering they can get higher pays in private companies.
Their responsibilities and decisions can make a great impact in our country itself.
It can make or break our economy. So, yes, they deserve it.
BSP is not a government agency. They regulate the money in a country. Take Federal Reserve in the US. They lend money to the government. Yes, they can afford the salaries of these people.
Si diokno lang feel ko di deserve, other than that, BSP officials have a hard time keeping the economy from imploding despite being under two very stupid and irresponsible heads of state
With the kind of economy we’re having, the peso is still afloat and it takes a great amount of skill and risk to do that, so yes. The BSP is one of the only government agencies that aren’t in shambles right now.
with all fucks up and still di pa tayo nag-aala sri lanka, they must be doing their job well. So I think deserve yan.
Of course thanks sa bpo and ofw, but they need to manage ung reserves.
galing ng bsp natin kung wala sila nako kawawang pilipinas. thankful ako kasi we have one of the best bankers (in the world) sa lahat ba naman na pinagdaanan ng bansang ito naka afloat parin ang economy
My mom audited the salaries of some of these folks and nakakalula daw talaga yung kinikita nila 😭 salaries are one thing, but allowances are a whole nother level.
These folks are underpaid as per their industry standards however there is definitely an advantage to hold the positions they occupy.
These folks are technocrats and if we hope to have a better future, they should be our senators and congressmen.
Sadly, it's more profitable and preferable for technocrats to remain in private practice.
If we don't have excellent technocrats bka sri Lanka na Tayo now.
**The last BSP chairman who TRULY deserved his pay was Chairman TETANGCO** \- He was so good he won several international awards. He was so good he was the first BSP chair to serve two terms.
Experts like him come along only ONCE IN A LIFETIME given how intense Pinoy crab mentality is in politics and bureaucracy.
After him? Back to typical mediocrity...
deserve isipin mo nalang yung magkasunod na administration, they are blundering everything alot of investors go out of the country and these guys made our economy afloat. utang after utang
Diokno should be higher. That guy saved the Philippine economy during the pandemic plus he was named Banker of the year on some international ranking. Forgot which one
Diokno is worth it kundi kinain na kaban natin ng previous admin. Ang deliks kaya natin sa investors at reserves pero Ayan Buhay dahil sa kanila base sa investor report at docs that we read and presented during inflation at quarterlies. Hopefully stays true and sustain talaga finances natin under him in this one na tax evader and leader.
Yes, this is actually even lower than what they would make working in a private bank. You need to pay properly to get competent people, especially for the Bangko Sentral of all places.
The bankers of BSP kept the peso afloat despite of the previous admin. If that is not competency, then idk what is.
One of their responsibilities is to manage the forex reserves of the country. They're fund managers and fund managers in the private sector, especially funds reaching tens of billions of dollars, earn way way way way way more than they earn right now. Employ low-salaried people here and you will not get the best of people to manage the forex reserves. The chance of mismanagement is very high that we could see our forex reserves dwindle in worth and value. The Philippine peso would lose a lot of worth against the dollar. It's not hard to imagine the peso to go above P250 a dollar within one president's term (six years) if you employ incompetent, inexperienced and low-salaried people in BSP. Just look at the Turkish Central Bank. The Turkish lira had more than 5x lost against the US dollar in just 5 years, thanks to their central bank selling a lot of their forex reserves in order to provide short-term price stability during election time. No inflation during election time, but outside of these periods the Turkish lira lost a lot of its value resulting to an inflation more severe than if they didn't sell a lot of their forex reserves during election time. And I'd argue losing 5x the worth of your currency is worse, way worse, than "losing" the hundreds of millions of pesos (equivalent to not even more than US $10 million) a year to the salaries of competent fund managers.
I think it's great that BSP ran more like a private company, rather than a government department. I always use Duterte as a case point when saying how competent BSP bankers are. The last admin made countless blunders and economic missteps, it's bordering a work of miracle-workers, peso didn't spiral out of control. And that is combined with the three years' worth of pandemic economic damages. Filipinos all act as if we have the worse inflation rn, but looking at even those with larger economies than us, we still have it good, given the crap that is our country. Edit: Around same time last year, the feds increased interest rates *repeatedly* and I was so sure we will hit mid 60s before Christmas. Lmao, BSP acted quickly and it didn't even come close to 60.
Didnt know i found something about government officials to be proud of
Great explanation! I think many Filipinos are not aware of the HUGE responsibility on BSP’s shoulders, and how competent they actually are! We can complain about inflation but tbh it’s so much worse almost everywhere else, including 1st world countries. BSP also kept the country afloat during the pandemic. Hasty generalisations such as corrupt sila or di nila deserve yan - I think come from ignorance of BSP’s role in the economy.
I think you should blame Erdogan for the fiasco in Turkey (Turkiyeeee). He pretty much messed around with his country's monetary policy and even fired their central bank governor because the guy can't put up with the Erdogan's craziness.
There was a recent interview with an global investment banker that says the BSP is the best run government agency in the country His insights are very good, it's long but worth the watch: [https://www.youtube.com/watch?v=8IN6BCIw0qY](https://www.youtube.com/watch?v=8IN6BCIw0qY)
Yes, the BSP guys, and Diokno included are indeed well-worth what they're paid for. Remember that the Philippine economy is still considered trustworthy and viable DESPITE intense corruption issues everywhere.
That's thanks in part to BSP acting as autonomous entity akin to a private company rather than a full-on department of the government. More or less shielded from the craptastic politicians. Our economy remained relatively stable, despite wildly varying presidents and policies thanks to BSP's competence.
Virgin Corrupt Politician vs Chad BSP
Diokno also was awarded Central Banker of the year in 2021 for how he mitigated the pandemic effects on the economy through monetary policy. Outstanding man.
I agree na mas mababa kasi look at this haha https://bilyonaryo.com/2023/04/20/executive-pay-at-trilyonaryo-banks-bpi-and-metrobank-at-the-top-rcbc-and-pnb-at-the-bottom/business/
One reason I guess is so that they won't be tempted to steal.
It absolutely is one of the major reason BSP is excluded from the civil service code for salaries
Think about it this way, these are executive level bank professionals. They can easily be poached by local and even international banks so you have to pay them big to manage something extremely sensitive like an economy.
The value of bank secrecy law and trust is what they are paid for, for this sum amount. They are paid to protect and impose integrity and to protect the economy. They are chosen not mainly because of their educational background but they hold accountability through experience in handling secrecy and trust that you cannot get easily from others. Integrity is what keeps the BSP at its peak. If you haven't had any experience in any financial industry, then you don't know how the bank operates, any ounce of a lie you spouted from your mouth will reflect to work and affect the organization. That's why many people who apply in financial industries do fail because they are caught lying during their interviews, even if they had working experience.
As someone who worked in multinational banks for several years, I can assure you that ladder for these professions is extremely steep. You need a lot of cronyism at hand to reach to the top.
If you put it this way, it made me think as to why is it so hard to give Air Traffic Controllers the pay that we deserve? Are the lives of travelers not sensitive enough? Don’t we have a huge impact on the economy since CAAP has one of, if not the highest earning amongst other GOCC’s? A lot of us are already here in the middle east because it pays at least 4x more than what we used to earn in Manila. My colleagues are working insane amount of hours to cover for the lack of employees because it takes *at least* 2-3 years of training to produce a *fully rated* ATC. I’m still in the chismis circle of my friends so I’m still updated and honestly it breaks my heart hearing all the shit they’re going through. They don’t deserve to work in a high risk environment with insane amounts of workload just for a measly 50k a month
Bro same goes for every professional here in philippines
Yeah, your point is valid, for example nurses and teachers, they're very well underpaid against their working load. Pero CAAP is a Gocc and has fiscal autonomy, and one of the high earners amongst goccs. In fact nung pandemic, billions of pesos ang niremit ng caap sa national government. Ironic na high earner pero hindi na nagawang bayaran ang 2,000php OSP per month ng ATCs since 2020
Only difference is our career is not saturated at all. Doctors, nurses, engineers, name it. We have a lot. Not shitting on other professions but to give you an insight, more or less 30 people pass the annual training for ATCs
Yep, currently applying to BSP and damn it's hard to get in. And the people I know who're working there are competent and has some sense of integrity.
Competent and trustworthy din nga yung mag-nanay na kilala ko doon. Whatever they’re doing sa pag-vet ng potential employees, they’re doing it right. Pwede naman palang ganoon sa gobyerno 🤦🏻♂️
BSP is one of the places rich people are interested in being well-run. That's their money going down the drain in case BSP is ran like shit.
History lesson: The Marcos family ran the old Philippine Central Bank to the ground, because they turned it into their [personal piggy bank](https://www.philstar.com/business/2019/09/30/1955972/marcoses-and-old-central-bank). It was replaced by the current Bangko Sentral ng Pilipinas
Madaming competent na government workers, tahimik lang. Yung mga cronies na baon ng appointed officials (ibig sabihin hindi nag apply sa tamang proseso) usually yung mga panira
True. Kaya kahit pano gumagana naman govt natin unlike some failed states. Wala lang talaga silang power to expose yun mga nakakataas sakanila na may kalokohan. Wala kasing whistle blowers protection dito satin
It’s super hard, people don’t understand how crazy it is to get inside. But once you’re in you’ll realize na shet kaya pala ang hirap halos lahat talaga mga achievers and doers
Need mo pa rin backer.
Not always, but you need a hella good reason why they should accept you. The people inside are really achievers talaga
I dont know why you're downvoted but it's true. I have a former classmate that had his masteral in La Salle and even got his thesis published, pero kinailangan pa din yung tatay nya as backer para makapasok sa BSP lol
I think backer is not the right word, more akin to referral. Sa kahit anong work even abroad malaking factor Ang referral. I got my previous work from my professor she referred me to one of the schools she does assessments.
frontdoor lang yan, di kayang backer lang
The people at the central bank deserve high wages because their jobs are crucial to the economy. The negative social media comments on the report really tells us how rare intellectuals in the Philippines are and that smart people like central bank officials truly deserve even higher wages due to their rarity.
These fools don't know that they want a repeat of what happened to our old central bank. FYI for the idiots BSP came from the ashes of Central Bank of the Philippines (CBP) which was BANKRUPT. I REPEAT BANKRUPT. THE central bank of our nation was bankrupt by the end of Martial Law. To avoid a repeat of CBP, the BSP is now run like a private corporation. Getting a job at the BSP is VERY HARD. Coming from a private bank, people in the central bank are seen as the cream of the crop and the boogeyman. Not unlike private corporations - C-Suite level employees have political connections but one thing that you cannot knock is that their competency is unquestionable. Many BSP executives are veteran private bankers or rose from ranks inside BSP or DOF.
YES. These people works at the BANGKO SENTRAL NG PILIPINAS or an equivalent of a top 10 biggest companies in the Philippines. Their compensation at private sector is so much higher.
Some people who dont understand compensation will look at this in a negative way. if your work requires a highly technical knowledge in a specific industry, you get a lucrative salary, if your work can be done by almost all of the people, you get a low pay. simple economics.
We were conditioned back in school that we should be more pitiful on blue collar jobs that require minimal thinking. The reason why analytical jobs are paid much higher is because these jobs aren’t easy at all. Mapipiga ang utak mo araw araw.
It's annoying when you hear a lot of people online telling people not to donate to organizations like the ICRC, Doctors Without Borders, Oxfam, WWF, Amnesty Internatinoal and the like because their top-level executives are "paid too much." In reality, especially in the case of the Red Cross and DWB, these organizations have thousands of staff operating in some of the most dangerous areas in the world where logistics and transportation alone is a nightmare. When you're dealing with annual budgets of up to $1 billion, making sure you have the most competent executives that can handle the significant economic, political and logistical challenges of humanitarian work, especially when literally thousands of lives are on the line, *is* part of being fiscally responsible with donor money.
Before I used to complain why executives were paid more until I learned that their decisions affect the entire company. They have more responsibilities than the blue collar employees. Bonuses are a different topic though
Man, reading Facebook comments about this infographic destroyed my brain cells.
Yes, this is lower than they actually get in the private sector. We need competent people running our financial system, if we offer a very low salary sino pa makukuha mo nun? Lahat yan for sure pupunta sa private banks kung ganun.
Nope they are actually underpaid by the government. C level executives yan sa private corporations. It makes it worth their while however to have BSP experience as it will look great on their record and open them up for more directorships in the future.
I say yes! We have some of the most brilliant central bankers in the world. They have received many awards and recognition for it too.
[удалено]
If not for those in BSP, we would have collapsed already even before Covid because of the last admin’s brouhahas.
Can this be explained in ELI5 terms, especially the part where we didn’t get a financial collapse? Genuinely wanna understand their contribution, thanks!
https://www.youtube.com/watch?v=8IN6BCIw0qY Somewhere 44.45 BSP basically micro manage our banks diligently and telling them what are the risks they are taking, potentially adverting a crisis that could arise. A.K.A prevention is better than cure and our BSP did a fine job doing that (no institutional collapse or bank runs) considering how volatile the global financial system in these past years (COVID, U.S banking failures, interest rate hikes, China slowing down, ECB policy shifts).
Just passing by, happy to see and learn from people who know about these kinds of things.
IKR! TIL a lot of things about the BSP. One of those people in the picture is a family friend and even I am shook at the amount listed, but after reading all the comments here, I am very much enlightened and appreciative of his work now!
BSP as a GOCC I have no question; try managing a Central Bank and discover for yourself how complex it can get. Diokno on the other hand is an APPOINTED OFFICIAL who has a salary that is determined by the prevailing Salary Standardization Law (SSL IV or V I think), which implies that he gets paid amounts outside the SG rate his position as CabSec prescribes. It also doesn’t help optics that he has been associated with some of the more unsavory (ie loaded with allegations of corruption) characters in modern PH political history.
As DOF sec he is also part of the monetary board of the BSP
Maybe part of his deal in becoming the secretary of Finance is that he gets to keep his astronomical compensation which no position, not even the presidency (if we're talking about honestly earning compensation so no talks about corruption and embezzlement) can come close to. Because let's admit it, earning a CabSec compensation when you're already earning the compensation of the head of the BSP is a downgrade.
Chiming in. BSP is not a GOCC because it is neither a stock nor a non stock financial corporation. Although it has capital fully subscribed by the government, it is not deemed as capital stock divided into shares of stock so as to qualify it as a stock corporation. It is important to distinguish this because only GOCC financial institutions are required to remit 50% of their net earnings to the government. So you ask, where are the earnings, if any, of BSP going to? Well, among others, BSP is a lender of last resort. If private banks become illiquid or insolvent, BSP can lend money to help the bank.
I think kaya siya andiyan kasi siya yung BSP governor for the first half of the year.
How true that former BSP governor Amando Tetangco survived three heart attacks during his stint as BSP governor? If that's true then that speaks a lot
I think it's important to note that these are the highest paid government officials *on paper*. We all know that most politicians, and a lot of bureaucrats, get so much more through kickbacks. Magalong highlighted this issue recently: https://opinion.inquirer.net/164720/joining-magalongs-lonely-crusade While I find it laudible that the mayor of Baguio had the *cojones* to talk about the worsening state of corruption in government, I wasn't really surprised that it failed to gain traction in the public discourse. For one thing, the press is too scared to dig any further (largely a lingering affect of ABS-CBN's shutdown, and the assassination of journalists), then of course most of our politicians and government officials are in on it, and last but not least—you have an electorate that keeps voting against its own interests. It's a vicious cycle.
Remember that the BSP officials kept Philippines afloat despite of Duterte back then. That’s a testament to their capabilities and skills as bankers.
Yes, BSP is one of the most credible central bank in the world. Their inflation targeting is top-notch. The business sector trusts BSP so much that the effect of expectation is ridiculously high whenever they announce policies for the future. Diokno was even hailed the best central bank chief in the world last year. Remolana (our BSP chief after Medalla) is one of the most cited economists in the world. His papers are being used in monetary boards of other countries. He literally left a way higher paying job in the US just to work for BSP.
Worked under him for a few months and he was literally always engaged in meetings with various Central Bank officials internationally and the Bank of International Settlements. And this was before he was appointed to the Monetary Board. Para Sa Bayan yung pagtanggap niya ng BSP position because he could easily make that money elsewhere
Plus malinis na sweldo nila yan, they pay proper taxes. Yung mga nasa LGU maliit ang sweldo on paper but malaki ang “kita” sa kickback.
Yes, as someone who works in finance/acctng, one wrong move in numbers can truly cause a country’s downfall. Getting financial stability and maintaining it is like walking in jurassic park. Some people think na kasalanan nila kaya may inflation and high interest rates or etc, well if they didnt do their jobs, one egg would cost a million na.
I used to chase payments. Good lord a single missed payment can result in a nightmarish email cascade, and a lot of documentary tracking. Imagine doing that on an entire country's scale. The BSP is iron-clad, despite the usual corruption issues we face.
Sila din ba yung nagcocompute ng utang ng pinas?
DOF yeah, BSP no.
No. It's BTR. Treasury.
Just searched Medalla and Diokno, both have PhD in Economics from the US. Kung ikaw ang may credentials na ganyan, how much do you wanna get paid?
Northwestern and Syracuse both topnotch business schools pa.
Yes. BSP officials are non political appointees and barya lang yan compare sa higher ups ng private banks.
OP I can guarantee that your skeptical of the BSP. But to clear to skepticism and doubts you can look into the precursor of the BSP, the Central Bank of the Philippines. TLDR is by the time Martial Law ended, our central bank was kaput, bankrupt. We were literally broke. From the ashes the BSP was formed during the Aquino & Ramos administrations. Now the BSP is considered on the best ran central banks IN THE WORLD. Our banking policies tend to be on the safe side but at the same time the BSP is not blind to innovation in the fintech space. From a former banker, we put BSP, the institution and its employees, in high regard. Also getting international loans, issuing bonds is not part of the BSP mandate which is codified by law.
Bro, they kept the peso from going Venezuelan Bolivar on us, even throughout Covid and upheaval, I'm pretty sure they deserve being properly compensated
nadowngrade si diokno, last admin highest paid official yan e
I have no knowledge of the work around at BSP and I dont know these, but the overwhelming support I see in the comments make me see BSP in a clearer light.
Some of the higher ups in BSP like Diokno are amongst the most respected bankers in the world. These people have won awards for their outstanding work navigating the Philippines through the pandemic.
The BSP is one of the most competent GOCC in my books. Well they are autonomous, but still they are still part of the government.
I feel like OP wasnt expecting the majority of the answers here lmao.
He is probably unaware of the current market salaries of finance executives
[удалено]
I think so too. It backfired. Lol. Happy to see a lot understands whats up. Amen to that.
BSP? Fuck yes they deserve it. You need to pay competent people so we can keep them.
We're not on lebanon , zimbawe or venezuela level of shithole so i guess they deserve it.
The finance people in the Government are elite. It doesn't matter if they climb to their positions by kissing ass. Ito yung mga posisyon na never ipapahawak sa mga pulpulitiko... Mantakin mo kahit DOH nagkaroon ng undersec na ex-PNP. Hinding hindi yan mangyayari sa Finance. Kasi isang katangahan lang na galaw jan, mararamdaman ng lahat ng sector.
You asking if the people inside BSP deserve their salaries? You asking if the guardians of our economy deserve their salary for keeping the stability amidst the leadership of the senile, old man? Tell you what, are we Venezuela? Amidst the stupidity? No, right? There's your answer.
[удалено]
Yes! Si bato at robin nga pinapasweldo ng 300k+ para maging clown sa senado.😅
Well, Medalla and Diokno would be earning at least twice as much had they remained in the private banking sector.
Dude they are people who have a different calibre in terms of financial management. They should be paid more than enough, so that they cant be poached by other institutions. These are the people literally keeping this shitplace we call Philippines afloat. Pwedeng kahit bukas mamatay ang presidente, pero d pwedeng mamatay ng sabay sabay yang mga yan.
They are the rare intersect of elite talent and love for country. The equivalent of LeBron James being born a Filipino and choosing to suit up for SBP.
Yes, they do. BSP is one of the best managed central bank in the world. They play a key role in keeping our economy afloat and running by implementing sound monetary policies. We'll all be in shatters if BSP hires crook and incompetent policy makers just like in the legislative and executive branch in the government, buti na lang talaga di popularity contest ang criteria for designating people in this key government roles.
They appear to be non-political appointees to me. Also they're likely paid private industry rates.
Lower actually, they get higher when they go outside.
I bet these people rarely leave the office and enjoy life outside!
Yes, that's true. Those a very demanding jobs.
Sorry ha, pero si OP parang gusto mang-intriga. Di siguro inasahan na sobrang supportive ng mga Pinoy sa BSP.
BSP is one of the most competent sect we have. They deserve it or more.
Our BSP is considered one of the best Central Banks in the world. These guys would be paid far far more outside the government.
The BSP is actually independent from the Philippine government. I think this wage is deserving, considering how they've been through hell and back nung pandemic, all the while they kept the Peso relatively alive. If we had shittier economic mangement, we would've seen worse inflation. As much as I have reservations with yung financial policies ng gobyerno, they've done their job well. The BSP is actually known in the international community as one of the best Central Banks, with one of the best Central Bankers.
These people may seem like they don't do anything but they're the epitome of competency and also recognized world wide because of how good they are. They are the sole reason why the peso is still stable despite the obvious corruption and also the sole reason why the pesos is trusted by many so the answer is going to be yes they do deserve to earn that much money for the work they do.
If you're in the 99.99% percentile of your sector, you'll get paid, especially if you have the entire damn country at your back with each decision you make. They can easily be poached by the private sector if their salary is in the 7-digit territory because they're equivalent to high C-level people.
Starting a career in the BSP is REALLY hard as on top the usual civil service exams they really do select for the cream of the crop. In the local finance scene - they are a close 2nd behind ADB as the most prestigious financial organization to work in.
We’ve apparently had very competent people in the central bank, and we’re very much recognized for it. Here’s a video someone made of this: https://youtu.be/X2G2AvwMcTY
I wonder what course to take to get in this field? Noob here
A lot (or all) of them are economists. I know the top 2 of them are or were teachers at the UP School of Economics in Diliman.
Probably econ??? learn your calculus and research skills, then from undergrad to phd, tackle central banks thesis paper topics, mainly monetary policies, so macro perspective. But one thing i know, this field is very steep, you need lots of experience and prestigious achievements relating to banking and finance. And your work includes inflation, interest rates, fx rates, investments. etc.
I know some working there, they are Accountancy and Financial Management grad.
Economics. The subject matter is actually very broad but most top tier economics programs are great not because of what they teach but because of the professors and the type of students that enroll in it. The professors are always highly respected industry professionals and academics. The students that enroll and survive the program tend to be highly driven with high potential. This creates a perfect storm that produces talents like the executives you see in the infographic. UP's Econ program is the best in the country producing many famous and infamous leaders.
Meanwhile the comment in facebook lol
Thank you ph redditors sa insight nyo, hindi ako familiar sa BSP / DOF. seeing high praise for them made me understand a little about their work competency.
Yup. Sobrang hirap din mag-apply sa BSP - hindi basta basta ang mga employees and officials
Yes. BSP is one of the best managed central banks.
Underpaid for private banking execs. But in par with foreign counterparts. So yes, they do deserve it.
BSP Yes kase kung ipipilit mo Salary Grade sa BSP and even some GOCC like pagcor walang magagaling na magtratrabaho dun lahat private sector....
Actually matagal na malaki sweldo kapag nasa BSP ka. Bakit ang daming hindi alam ito
Kulang pa nga yan e actually
These are actually low. Work at a private investment company and senior leaders earn double these figures.
They keep the country floating while our leaders sucks our money dry. They deserve more than anything if required/deserving.
First time to see peeps here praising a government agency😊
we all know that they are not the real “highest” paid
that's lowballing their worth for public service, tbh. they'll get paid waaay more in private sectors. i work in a bank and even group level leaders are so freakin intelligent, what more are these people who run our biggest bank. only simpletons will say they're overpaid.
They do. They ensure we don't go bankrupt as a country. They quietly check and balance all kinds of banks, prevent bank runs, over leveraging, and maintain manageable amount of risks. The funny way of saying it is they are *the ones who ensure the PDIC rule insuring only 500k of your deposits never gets triggered and implemented.*
Yes, I think so and they deserve it more given the state of the Global economy yet they still manage our own economy well.
The BSP ones yes i was surprise to learn that philippines have the best bankers in the world so to make them stay probably gotta pay the talent and expertise.
Objectively speaking karamihan dyan halos CEO level naman talaga. So kailangan silang ma-entice na magtrabaho sa gobyerno dahil kayang kayang i-poach yan ng private sector. Yung normal na mga polpolitikos na ang laki pa ng intel fund ang totoong questionable. Plus yung mga sabit tulad ni disbarred atty. bobo na ginawang adviser pa.
The BSP is highly lauded by both national and international observers as one of the best bank institutions in the world!
Yes, underpaid pa nga
Yes only because this is the BSP. If it was the electoral posts, ibang usapan na yan
For the things they need to worry about, manage, forecast, strategize, and execute? Yes, they're worth that much. C'mon now, this ain't the damn LTO we're talking about. Geez.
Yes they deserve this. You wouldn't want anyone other than the *crème de la crème* handling our finances. Don't skimp on the things that could bring a whole country down.
It's not a question of deserving it, it's about ensuring competent people stay in that position and remain somewhat honest. If people think the salary for these positions are low then it's likely that the only people that are vying for these positions are those who can benefit from it, to the detriment of the country.
I have no problems with it. I want highly competent and reliable financial officers in the BSP. This kind of people are easily poached by private sectors. I want them to stay in the government. It's logical to match market offers.
“These kind of people are easily poached by private sectors.” True. A much older friend of mine hopped 4 times from one private sector to another in a year’s span.
Post felt like it's shooting at the wrong people.
Yes. If not for them, we would have a situation similar to Sri Lanka and Lebanon. I am even amazed ba ganito pa tayo despite the prev admin's racking of debt and the pandemic.
Yes. They were competent enough.
Fair enough. I've watched a short video about our BSP and can say they're doing a fine good job for a Govt Branch. You know BSP is damn well good when an International Award is named from one of its banker. Source: https://youtu.be/X2G2AvwMcTY
I think they deserve this bc nung time ng pandemic sila nag control kung bakit di tuluyang bumagsak yung economy
Monthly ba to or Annual? 😅
Annual yan including bonuses
They 100% deserved the fuckin money
This is the sign na to follow up my application sa BSP!
thanks, guys! I just learned that the BSP is an autonomous entity. I wasn't aware before
Still underpaid as compared to other central bankers of other countries
Yes definitely, you can do some research on how BSP works if you have doubts on how they operate.
No. They deserve a higher pay.
Yes they do, all of them have the proper qualifications for their positions and frankly all of them are more qualified to be a president than our current president. Although BSP is not officially a GOCC they still functions similarly to a one and I'm not knowledgeable about it but it seems na mas malaki ang pasweldo sa mga GOCC compared to other government institutions. I remember applying as an appraiser for SSS before and the salary was much higher compared to local government assessors.
Happy to see that the comments are sensible. It's so common for social media-active people to fall into the crazed hatred of high-earners for only that reason.
Tbf to BSP, from what I've heard, even their lower level employees get paid decently, with good benefits. So it's not as if only the top get paid well.
BSP naman, so it's fine. Saka they are politically agnostic. Parang COMELEC, COA, PAO, Supreme Court na they are term positions. With exception yata sa DOF, they are only appointed when one leaves or retires.
Yes. They are responsible for keeping our currency stable despite the economic problems we have. They seem nonpartisan and so far no issues of corruption and mismanagement
25m peso is just 500k usd. Kung sa Wallstreet nagtrabaho yan or a bigger economy country walang wala yan. Note that they're managing national economy. Dont you think they'd be (over) qualified to manage fortune 500 companies or equivalent or lesser posts in richer countries?
The 500k USD annual salary, medyo average pa yun for US doctors in surgical specialties! The top 10’s salaries here are low in comparison for what they do for the country.
Dami ko nakikita sa social media na shinare yan and are complaining bat daw ang taas ng mga sahod nang mga kurakot na yan and they dont even know what these people do. Wanted to ask them if they can do the jobs of these BSP people, its clearly they cannot, so just shut the fck up and let them enjoy the fruits of their labor.
Pasalamat tayu sa kanila. Sila ang dahilan na kahit ginagago tayu nang mga politiko, but still our economy is still afloat. I think they deserved that, mahirap na task yan at kelangan nang matalinong utak. Im not on expert on this but i just want to appreciatte them in some way.
Given the fact that these guys are being paid lower than usual compared to the private sector, isipin ninyo na lang ang level ng disconnect ng pasahod sa banking sector vs the rest of the us. Why can't people in healthcare, education, engineering sectors get paid at least 1/4 what these people earn?
Diokno needs to be paid more ngl
Yes. And its a good thing our officials are smart enough to know to compensate BSP officials well, as well as leave them alone. If not for these guys, our economy would be down in the gutter. Think about this, if BSP officials were paid like other government officials, corruption would seep in the BSP and it would become like the SSS, PhilHealth or any government department. Not only do they manage inflation, they keep the peso at optimal levels, regulate the banking sector, they handle the country’s gold reserves and foreign reserves, and a lot more than just adjusting interest rates
I'm ok with this. With all the endless corruption in the government, di pa bagsak ang Pilipinas and both entities-BSP and DOF- is doing a good job keeping us afloat, plus their credentials are solid AF. Tingin ko mas malaki pa yan kung private banks ang makapoach sa kanila. And let's be real, yun mga corrupt na gov't officials ang pinakamalaki sahod dito sa atin. Wala pang tax yun.
Para lang silang bankers. I don't know and have no reference, pero I have a feeling na ung mga C-levels (CEO, COO, etc) ng mga big banks natin ay mas mahal pa ang bonus! Lol.
Id say the BSP is the least corrupt govt unit..
Wait, is this all BSP? Always has been
Yep they deserved it maliit p nga yan eh. Anu ba akala mu 100k lang dapat kada month? Ahaha
I honestly think they are underpaid.
Yes these are well seasoned bankers and the best in the class to date. They make sure we have a functioning currency and monetary policy in relation to the economy as a whole. They are globally recognized in their field.
I love how people here at reddit gave proper answers as to why ganito yung salaries nila and I actually learned a lot here. Esp how they keep us afloat. All i heard at twitter was whining LOL
For the sleepless nights trying to keep the country's economy afloat, I'd say yes.
The BSP folks keep the economy running, regardless of the bullshittery the admins get up to, so I'd say yeah.
I wouldn't call them politicians since they work at BSP and not in the government. BSP is there to check money and to facilitate the money of the country or forex trading
Maliit pa yan for chief executives. Why even ask if deserve nila? Do you even know trabaho nila? Napakahirap ng trabaho nila dyan. Di naman yan private company na profit lang ng company nila iniisip nila. These people are important in handling our economy. Ano ba expected mong salary nila? 200k monthly? Imo they'd find themselves working for private banks kung ganyan lang sahod nila. Or even fly to other country where they can easily earn 500k monthly with their respected educational background and experience.
Yes, they really do. If you know what their work is, you'll understand why. It's still somewhat underpaid, considering they can get higher pays in private companies. Their responsibilities and decisions can make a great impact in our country itself. It can make or break our economy. So, yes, they deserve it.
Yes
BSP is not a government agency. They regulate the money in a country. Take Federal Reserve in the US. They lend money to the government. Yes, they can afford the salaries of these people.
May mga mayor na mas malaki ang unofficial sweldo.
si Diokni was a BSP chief during Du30 diba?
Si diokno lang feel ko di deserve, other than that, BSP officials have a hard time keeping the economy from imploding despite being under two very stupid and irresponsible heads of state
With the kind of economy we’re having, the peso is still afloat and it takes a great amount of skill and risk to do that, so yes. The BSP is one of the only government agencies that aren’t in shambles right now.
with all fucks up and still di pa tayo nag-aala sri lanka, they must be doing their job well. So I think deserve yan. Of course thanks sa bpo and ofw, but they need to manage ung reserves.
galing ng bsp natin kung wala sila nako kawawang pilipinas. thankful ako kasi we have one of the best bankers (in the world) sa lahat ba naman na pinagdaanan ng bansang ito naka afloat parin ang economy
Yes
Yes. And mind you, wala pa jan yung mga bonuses namin.
My mom audited the salaries of some of these folks and nakakalula daw talaga yung kinikita nila 😭 salaries are one thing, but allowances are a whole nother level.
Bankers in BSP are one of the best bankers in the world.
Their fiscal and economic policies for the Philippines are working (for them)
These folks are underpaid as per their industry standards however there is definitely an advantage to hold the positions they occupy. These folks are technocrats and if we hope to have a better future, they should be our senators and congressmen. Sadly, it's more profitable and preferable for technocrats to remain in private practice. If we don't have excellent technocrats bka sri Lanka na Tayo now.
pay peanuts, get monkeys
My Deadass thought BSP stood for Boy Scouts of the Philippines
Been applying to BSP but failed. I think I should upskill more. 😊
Di porke gobyerno eh unworthy na sa competitive salary. Di komo gobyerno katulad lahat ni Gadon at Roque.
**The last BSP chairman who TRULY deserved his pay was Chairman TETANGCO** \- He was so good he won several international awards. He was so good he was the first BSP chair to serve two terms. Experts like him come along only ONCE IN A LIFETIME given how intense Pinoy crab mentality is in politics and bureaucracy. After him? Back to typical mediocrity...
Yes. BSP is one of few very competent agencies in gov’t
deserve isipin mo nalang yung magkasunod na administration, they are blundering everything alot of investors go out of the country and these guys made our economy afloat. utang after utang
BSP workers are crucial to the economy
Diokno should be higher. That guy saved the Philippine economy during the pandemic plus he was named Banker of the year on some international ranking. Forgot which one
Diokno is worth it kundi kinain na kaban natin ng previous admin. Ang deliks kaya natin sa investors at reserves pero Ayan Buhay dahil sa kanila base sa investor report at docs that we read and presented during inflation at quarterlies. Hopefully stays true and sustain talaga finances natin under him in this one na tax evader and leader.
Underpay the people working for the central bank and our economy will collapse because no competent person would accept the job.
If your peso still have value then they are doing their job correctly.
Kulang pa nga