Sunday 17 February
Jun 22, 2018 @ 17:30

Is a P20M retirement package enough?


It depends on who?s asking.

Former Philodrill Corporation president Francisco A. Navarro is seeking a P19.89-million special retirement benefit from his former employer, plus P1.39 million in profit sharing, and at least P2.13 million in litigation expenses.

In a disclosure to the stock exchange, Philodrill said Navarro is also claiming P20 million in moral and exemplary damages.

Navarro retired as Philodrill?s president in January 2017 but remained as director. He started working for the company in 1986 and became its executive vice president in May 2005.

Philodrill said Navarro?s claims are without basis as he has already received the company?s approved retirement plan and even signed a quit claim on January 11, 2017 in favour of the company.

Navarro filed a case against Philodrill at the National Labor Relations Commission and its fourth division has already entered its decision on the case. Philodrill said it has filed a petition for certiorari with the Court of Appeals where it also sought the issuance of a Temporary Restraining Order or a Writ of Preliminary Injunction.

Philodrill said the case will not affect its business operations. (Eileen A. Mencias)

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