Latest news with #EliRemolonaJr.
GMA Network
28-05-2025
- Business
- GMA Network
Remolona still top paid gov't official in 2024, other BSP execs in top 10
BSP Governor Eli Remolona Jr. raked in almost P48 million in salaries and allowances in 2024, the COA reported. BSP file photo Bangko Sentral ng Pilipinas governor Eli Remolona remained the highest-paid non-elected government official in 2024, with other BSP officials as usual dominating the list of highest-paid officials, per the latest Report on Salaries and Allowances (ROSA) of the Commission on Audit. Remolona topped the list with salaries and allowances amounting to P47,968,744.27. His colleagues in the central bank make up the rest of the top 10: 2. BSP Deputy Governor Chuchi Fonacier - P30,392,497.52 3. BSP Deputy Governor Francisco Dakila Jr. - P28,823, 948.62 4. BSP Deputy Governor Elmore Capule - P26,536,981.86 5. BSP monetary board member Romeo Bernardo - P26,034,456.02. 6. BSP Senior Assistant Governor Edna Villa - P25,820,446.56 7. BSP Senior Assistant Governor Johnny Ravalo - P25,368,507.94 8. BSP Monetary Board member Rosalia De Leon - P25,282,758.41 9. BSP Deputy Governor Eduardo Bobier - P23,753,195.75 10. BSP Monetary Board member Benjamin Diokno with P23,520,261.49 In the 11th to 20th spots are: 11. Solicitor General Menardo Guevarra - P23,011,603.26 12. Supreme Court Associate Justice Ramon Hernando - P22,321,791.70 13. PAGCOR chairperson Alejandro Tengco - P21,046,379.50 14. BSP Deputy Governor Mamerto Tangonan - P20,905,530.32 15. SC Justice Mario Lopez - P19,556,751.25 16. BSP Deputy Governor Bernadette Romulo-Puyat - P19,525,166.01 17. BSP Senior Assistant Governor Iluminada Sicat - P19,434,667.77 18. SC Chief Justice Alexander Gesmundo - P19,133,746.14 19. Development Bank of the Philippines President Michael De Jesus - P18,452,709.44 20. PAGCOR General Manager Redentor Rivera - P17,899,592.13 According to COA, the amounts listed are the grand totals of the salaries, allowances, and other emoluments received by each official. — Vince Angelo Ferreras/BM, GMA Integrated News
Arabian Post
15-05-2025
- Business
- Arabian Post
Peso Weakens Further, Offering Relief to Overseas Filipino Workers
The Philippine peso has continued its downward trajectory against the US dollar, closing at 58.655 per dollar last week. This marks its lowest level in over a year, providing a financial boon to overseas Filipino workers who remit earnings back home. The depreciation enhances the value of remittances when converted to pesos, offering increased purchasing power for recipients. Analysts attribute the peso's decline to a combination of domestic and international factors. Domestically, the Bangko Sentral ng Pilipinas implemented a series of interest rate cuts in 2024, totaling 75 basis points, bringing the policy rate to 5.75%. These cuts aimed to stimulate economic growth but also widened the interest rate differential with the US, exerting downward pressure on the peso. BSP Governor Eli Remolona Jr. indicated that the central bank has been more active in the foreign exchange market, intervening modestly to manage volatility. Internationally, the US dollar has exhibited strength due to cautious monetary policy by the Federal Reserve. While the Fed is expected to commence rate cuts by mid-2025, the timing and magnitude remain uncertain. This uncertainty contributes to the peso's volatility. Jonathan Ravelas, a senior adviser at Reyes Tacandong & Co., noted that the peso's weakness could persist amid global economic uncertainties and domestic policy challenges. The Philippine government's economic outlook reflects these challenges. The growth target for 2024 has been adjusted to a range of 6.0% to 6.5%, down from a previous upper limit of 7%. For 2025-2028, the growth target has been revised to 6.0% to 8.0%. The peso is expected to average between 57 to 57.50 per dollar in 2024, with projections of 56 to 58 per dollar for 2025. Inflation assumptions have also been adjusted, with a range of 3.1% to 3.3% for 2024 and 2.0% to 4.0% for … -202 … . See also Toyota Adopts Huawei's HarmonyOS for New Electric Sedan Despite the peso's depreciation, investor sentiment towards the currency has shown signs of improvement. A Reuters poll indicates that long positions on the Philippine peso have reached their highest levels since mid-September. Analysts suggest that the peso is relatively insulated from global tariff threats compared to other Southeast Asian currencies. However, the currency's performance remains sensitive to global risk sentiment and trade policy developments. For OFWs, the weaker peso translates to increased value for remittances. This development is particularly beneficial for families in the Philippines who rely on these funds for daily expenses, education, and healthcare. The enhanced purchasing power can alleviate financial pressures amid rising costs of living.
