El Kapitan rewards PNB top management with 25% pay increase
The senior management of Philippine National Bank(PNB) will see their salaries go up by a quarter’s worth after bilyonaryo Lucio Tan approved the pay increase in celebration of the bank’s 100th year.
Interaksyon’s Cocktales reported that the combined compensation package of the bank’s president and four other top officers should have gone up by 150 percent in three years since the bank merged with Allied Bank, which was also controlled by the taipan.
Citing filings with regulatory bodies, Cocktales said the bank’s president Reynaldo Maclang and EVPs Cenon Audencial, Jr., Horacio Cebrero III, Christopher Dobles, and Nelson Reyes should receive P94.3 million in combined salaries and bonuses, which is 25 percent higher than last year’s P75.3 million.
Before the merger of PNB and Allied Bank in 2013, the combined compensation package of the top five officers amounted to only P38 billion.
The merged entity is now the 5th largest bank in the country.