Sunday 16 December
Apr 14, 2016 @ 8:27

BPI execs to get minimal pay hike this year

 

Executives and directors of Ayala-led Bank of the Philippine Islands (BPI) headed by Bilyonaryos Jaime Augusto and Fernando Zobel de Ayala are set to get minimal increase in their salaries and bonuses this year.

The take home pay of BPI president and CEO Cezar Consing, chief finance officer Joseph Albert Gotuaco, treasurer Antonio Paner as well as executive vice presidents Dennis Gabriel Montecillo and Simon Paterno will inch up by 2.4 percent to P192.97 million this year from P188.38 million.

Aside from the five highly paid executives of BPI, all other officers are looking at a 7.9 percent rise in salaries and bonuses to P5.57 billion this year from P5.16 billion last year.

On the other hand, fees and other compensation to be received by all directors are expected to increase by 4.5 percent to P70.46 million this year from P67.44 million last year.

Of the total amount, almost half or P31.26 million are in the form of directors? per diem, 10.7 percent higher than last year?s P28.24 million.

The bank?s Board of Directors have the sole authority to determine, the amount, form and structure of the fees and other compensation of the directors but in no case shall the total yearly compensation exceed one percent of the bank?s net income during the preceding year.

Aside from the Zobel brothers and Consing, other directors of BPI include Vivian Que Azcona, former Finance undersecretary Romeo Bernardo, former Monetary Board member Ignacio Bunye, Octavio Espiritu, Rebecca Fernando, Delfin Gonzalez Jr., Xavier Loinaz, Aurelio Montinola II, Merceditas Nolledo, Antonio Jose Periquet, Astrid Tuminez, and Dolores Yuvienco.

Earnings of BPI inched up by 1.1 percent to P18.23 billion while revenues rose 6.5 percent to P59.36 billion last year amid the volatile global markets and intense competition in the country?s banking sector.

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