Among publicly-listed Philippine banks, top executives of UnionBank of the Philippines (UBP) received the highest salary and bonuses in 2009, while top executives of Banco de Oro (BDO) and Bank of the Philippine Islands (BPI) follow next.
This is based on an analysis of annual reports for the year 2009 submitted by local banks to the Philippine Stock Exchange (PSE). The reports do not show the individual salaries and bonuses of each executive, but presents the lumped compensation of the banks’ top officials. The number of executives receiving the compensation was shown, thus, the average figure was derived.
UnionBank’s top 5 execs each receive P21.28 million compensation
An analysis of executive compensation shows that on average, the salary of the top 5 officers of UnionBank of the Philippines (UBP) was P17.03 million each, plus additional compensation and bonuses of P4.3 million each — for a total of P21.28 million compensation for each of the top 5 executives in 2009.
These five (5) officers include UBP’s Chief Executive Officer (CEO), President, and three Executive Vice Presidents (EVP).
BDO, BPI execs also receive high compensation
In Banco de Oro (BDO), the top five (5) bank officials each received salaries of P12.28 million on average, while additional compensation and bonuses reached P6.01 million each — for a total compensation of P18.29 million each for the bank’s top 5 officers.
These five (5) executives include the President, Senior Executive Vice President, and three Executive Vice Presidents (EVP).
In Bank of the Philippine Islands (BPI), each of the bank’s top ten (10) executives received salaries of P15.43 million on average, with additional compensation and bonuses of P2.67 million each — for a total compensation of P18.09 million for each of the 10 executives.
Below is a ranking of average salaries and average total compensation of top officials in publicly-listed Philippine banks.
The number beside the bank name represents the number of executives in that bank receiving the stated compensation amount.
Average Total Compensation* of Top Executives in PSE-listed Philippine Banks (2009)
- UnionBank of the Philippines (5) – P21.28 million each
- Banco de Oro (5) – P18.29 million each
- Bank of the Philippine Islands (10) – P18.09 million each
- Metrobank (5) – P17.53 million each
- Chinabank (5) – P11.33 million each
- RCBC (5) – P8.64 million each
- Security Bank (5) – P7.28 million each
- PSBank (6) – P6.89 million each
- Chinatrust (10) – P5.91 million each
- Philippine National Bank (5) – P5.21 million each
- PBCom (5) – P4.87 million each
- PhilTrust Bank (5) – P2.15 million each
- AsiaTrust (5) – P1.15 million each
- CityState Savings Bank (9) – P1.08 million each
* includes salaries, bonuses and additional compensation
Average Salaries** of Top Executives in PSE-listed Philippine Banks (2009)
- UnionBank of the Philippines (5) – P17.03 million each
- Bank of the Philippine Islands (10) – P15.43 million each
- Banco de Oro (5) – P12.28 million each
- Metrobank (5) – P11.23 million each
- RCBC (5) – P7.02 million each
- Chinabank (5) – P6.26 million each
- Security Bank (5) – P5.82 million each
- PSBank (6) – P5.40 million each
- Philippine National Bank (5) – P3.83 million each
- PBCom (5) – P3.75 million each
- Chinatrust (10) – P5.91 million each
- PhilTrust Bank (5) – P1.02 million each
- AsiaTrust (5) – P0.99 million each
- CityState Savings Bank (9) – P0.92 million each
** refer to basic monthly salaries only
Source: 2009 Annual Reports submitted to the PSE
