Execs of Lucio Tan’s PNB to get 20% pay hike this year
Bilyonaryo Lucio Tan is gifting top executives of Philippine National Bank (PNB) with a generous 20 percent hike in total compensation this year as the listed bank booked healthy income growth amid intense competition in the banking industry last year.
PNB president Reynaldo Maclang together with executive vice presidents Cenon Audencial Jr., Horacio Cebrero III, Christopher Dobles, and Nelson Reyes are expected to receive P78.5 million in salaries and bonuses this year or P15.8 million higher than last year’s P78.5 million.
Likewise, all other officers and directors of the Tan-led bank are expecting a 20 percent hike in total compensation this year at P5.08 billion compared with P4.23 billion in 2014.
The bank said the annual compensation of executive officers consists of a 16- month guaranteed cash emolument.
Directors, on the other hand, are entitled to a reasonable per diem for each board or board committee meeting attended. Last year, the total per diem given to directors of the bank declined to P41.95 million from P44.32 million in 2014.
Aside from Maclang, other members of the board of directors of PNB include Lucio Tan, Lucio Tan Jr., Harry Tan, Michael Tan, Deogracias Vistan, Washington Sycip, Cecilio Pedro, Florencia Tarriela, Felix Enrico Alfiler, Florido Casuela, Leonilo Coronel, Estelito Mendoza, and Federico Pascual.
Earnings of PNB grew 15 percent to P6.8 billion last year from P5.9 billion in 2014 mainly due to higher earnings from its core business.
Net interest income rose seven percent to P17.7 billion, accounting for 67 percent of the total operating income last year.