Top execs of Lopez firm to receive 20% pay hike
Top executives of Lopez Holdings Corp. of Bilyonaryo Oscar Lopez expect to receive a 20 percent hike in their take home pay this year.
Lopez, the company’s chairman emeritus, and chief executive officer Manuel Lopez together with other most highly compensated executives including Cielito Diokno, Salvador Tirona, and Maria Amina Amado expect to take home P56.52 million in salaries and bonuses this year.
The estimated total annual compensation of the CEO and four most highly compensated executive officers is 21 percent higher than last year’s P46.48 million.
On the other hand, salaries and bonuses of all other officers and directors are seen increasing by a little over 19 percent to P74.63 million this year from last year’s P62.52 billion.
The directors of Lopez Holdings receive standard per diems of P10,000, net of applicable taxes, for each board meeting and board committee meeting last year.
Salaries, bonuses and other allowances are drawn from their respective companies who are the beneficial owners of the shares they represent.
Aside from Oscar and Manuel, other directors of the holding firm include Eugenio Lopez III, Salvador Tirona, Washington Sycip, Cesar E.A. Virata, and Monico Jacob.
Lopez Holdings, formerly Benpres Holdings Corp., was incorporated in 1993 to serve as the holding company of the Lopez family.
Its subsidiaries and affiliates include ABS-CBN Corp., Sky Cable Corp., First Philippine Holdings Corp., First Gen Corp., Energy Development Corp., First Balfour Inc., First Philippine Industrial Corp., Rockwell Land Corp., First Philippine Industrial Park, and First Philec Corp.
The company’s net income surged 65 percent to P6.19 billion despite the three percent decline in consolidated revenues to P96.51 billion last year.