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Based on its report to regulatory bodies, JFC said the compensation of its top five executives would increase to P167.885 million in 2021 from P136.369 million a year ago. Their salaries increased by a measly three percent in 2020.
Aside from JFC chairman Tan Caktiong, the other executives poised for a salary hike are his two brothers (president and CEO Ernesto Tanmantiong and treasurer and regional business head Joseph Tambuntiong), CFO Ysmael V. Baysa and chief marketing officer Daniel Rafael Gomez III.
The top five executives are getting zero bonuses in 2021 after getting P30.318 in windfall income last year, down by 59 percent from P75.534 million in 2019.
In contrast, JFC’s other officers and directors are expected to get a meager 2.7 percent increase in salaries to P492.825 million from P479.659 million in 2020. Their salaries were decreased by 17 percent from P559.459 million in 2019.
To make matters worse, JFC’s vice presidents and higher officers will only get P8.7 million in bonuses, less than a tenth of the P95.885 million bonuses they received in 2020. For point of reference, these officers received P243.406 million just two years ago before the pandemic struck.
Overall, JFC’s other officers total compensation and perks are set to decrease by 13 percent to P510.525 million from P575.545 million.
JFC lost P11.5 billion in 2020, a huge turnaround from its P6.4 billion profit in 2019 as the fastfood giant bore the brunt of the pandemic. It was forced to close down 486 stores last year. JFC itself admitted that recovery in the Philippines “has been slow because of higher level of restrictions and lack of public transportation.”