Double-digit pay hike for execs of Gokongwei’s Cebu Pacific
Executives of budget airline Cebu Pacific are expecting a double-digit increase in take home pay this year after the low cost carrier’s profits soared by 400 percent last year.
Salaries, bonuses, and other income of Cebu Pacific president and CEO Lance Gokongwei, chief finance officer Andrew Huang, vice presidents Alexander Lao and Jim Sydiongo as well as general manager Jose Alejandro Reyes are expected to increase by 11 percent to P75.55 million this year from P67.89 million last year.
On the other hand, the aggregate compensation paid to all officers and directors of the budget airline is expected to increased by a little over eight percent to P134.83 million this year from P124.79 million last year.
Directors of the airline include John Gokongwei Jr., Lance Gokongwei, James Go. Frederick Go, Ricardo Romulo, Jose Buenaventure, Robina Gokongwei-pe, Antonio Go, and Singaporean Wee Khoon Oh.
The net income of Cebu Pacific soared by 400 percent to P4.39 billion as revenues went up by 8.7 percent to P56.5 billion last year as the airline flew more passengers to new and existing destinations.
Passenger revenues increased by 6.2 percent to P42.7 billion in 2015 as volume of passengers grew 8.9 percent to 18.4 million last year from 16.9 million in 2014.
The low cost carrier has a fleet of 55 aircraft. It expects the delivery of three more Airbus A320, 30 A321neo, and 16 ATR 72-600 aircraft between 2016 and 2021.