Metropolitan Bank and Trust Co. of the Ty family is set to have the highest compensation for top bank management for the third straight year in 2021.
Metrobank’s top five managers – led by chairman Arthur Ty and president Fabian Dee – are expected to get P311.23 million in total salaries and bonuses in 2021, up by four percent from P299.26 million in 2020.
The country’s second largest bank based on assets has been the most generous in terms of top executive pay since 2019 when it toppled erstwhile industry leader Bank of the Philippine Islands.
The Ayala -controlled BPI is second highest with P237.168 million compensation for its top 5 managers led by president and CEO Cezar “Bong” Consing, down by 6.7 percent from P254.325 million in 2020. Consing is expected to retire this month with Jose Teodoro “TG” Limcaoco as his successor.
BPI, the country’s fourth largest bank, laid off two percent of its work force last year due to the pandemic.
BDO Unibank of the Sy family has the third biggest compensation package with a P202 million budget, three percent more than last year’s P196 million.
The country’s largest bank, led by president Nestor Tan, barely edged out no. 10 Union Bank of the Philippines of the Aboitiz family in the compensation rankings.
The UBP top management, led by president and CEO Edwin Bautista, is expected to get P201.61 million in total compensation in 2021, up from six percent a year ago.
In fifth place is bilyonaryo Frederick Dy’s Security Bank with P150 million in CEO and top management compensation, 15 percent more than the previous year’s P130.644 million. The no.7 ranked bank is led by president and CEO Sanjiv Vohra, an Indian national.
China Bank, led by vice chairman Gilbert U. Dee and president and CEO William C. Whang, has the sixth biggest compensation package with P113 million. This is 7.2 percent higher than last year’s P105.738 million.
Bringing up the rear is the country’s fifth largest bank, Philippine National Bank, with total top management compensation of P111 million, up by 8.6 percent from P102.05 million in 2020. The Lucio Tan-controlled bank is led by president and CEO Jose Arnulfo “Wick” A. Veloso.