GSIS HEAD TOP EARNER IN 2012

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OFFICIALS of government-owned and controlled corporations (GOCCs) led the top earners in 2012 with two ambassadors entering the list, according to a report from the Commission on Audit (COA).

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In its 2012 Report on Salaries and Allowances, the COA bared that Government Service Insurance System (GSIS) president and general manager Robert Vergara was the highest paid executive in 2012 who received P16.36 million in salary and allowances.

Next is Development Bank of the Philippines (DBP) senior executive vice-president Ma. Theresa Quirino who got P13.77 million in annual income.

Trailing her is Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. with P9.76 million.

DBP chief operating officer Edgardo Garcia entered the fourth spot with P8.3 million, down P1.53 million from his 2011 earnings at P9.83 million.

Philippine National Construction Corp. president Luis Sison rounded off the fifth spot with P7.92 million in salaries and allowances.

Completing the top ten are Philippine ambassador to Berlin Maria Cleofe Natividad (sixth with P7.48 million); GSIS corporate secretary Ma. Theresa Raagas (seventh with P7.41 million); Philippine ambassador to the Netherlands Lourdes Morales (eighth with P7.32 million); BSP deputy governor Juan de Zuñiga Jr. (ninth with P7.22 million); and Securities and Exchange Commission chairperson Teresita Herbosa (tenth with P7.1 million).

Most of the top 10 officials held multiple positions as chief of an agency and as a member of a board of directors of another agency. Included in the indices are their basic salary, personnel economic relief allowance (additional compensation), allowances, bonuses, extraordinary and miscellaneous expenses, and other allowances.

The audit agency releases the names of government officials and their received incomes by virtue of two memoranda that consolidate salaries and allowances into an annual report.

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