Banking and Bank Products

Salaries of top execs in BDO, BPI, UnionBank, other Philippine banks

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.

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Largest Banks in the Philippines (2009)

Last year, we posted a list of the Top 10 Banks in the Philippines, based on total assets and deposits at year-end 2008. We now bring you the list of the Largest Banks in the Philippines, in terms of assets, deposits, and net income, as of year-end 2009.

The list only includes banks headquartered in the Philippines, meaning other banks based in another country but with local operations are not analyzed. Also, since the basis of the financial figures are the financial statements submitted to the Philippine Stock Exchange (PSE), only publicly-listed banks are mentioned. Government- and privately-owned banks whose financial statements are not available to the public are excluded in the list.

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BMS Bank declares bank holiday

Several PMT Forum members have shared that they received a message from the staff of BMS Bank that the bank is currently on a bank holiday. I personally tried calling the Pasig main branch and two other branches to confirm the news but my calls went unanswered.

If this is true, BMS Bank will be added to the growing list of Philippine banks that have been closed or gone bankrupt. (See PDIC closes 9 more rural banks and Guide for Legacy depositors: How to claim money from PDIC)

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Center Bank of Alabang president arrested

The Philippine Deposit Insurance Corp. (PDIC) recently reported that the former president of a closed Legacy affiliate bank was arrested last week.

Romualdo Lugtu, former president of The Center Rural Bank in Alabang and former director and vice president for loans and credit of Banco Paranaque, was arrested on Thursday, January 28.

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BSP closes 9 more rural banks

Nine more rural banks in the Philippines were closed by the Bangko Sentral ng Pilipinas (BSP) before the year 2009 ended.

As per the announcement of the BSP’s Monetary Board, the following rural banks were prohibited from doing business in the Philippines and its assets and affairs placed under receivership pursuant to Section 30 of R.A. No. 7653.

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PBCom bank branch flooded, clients lost valuables?

A PMT Forum member posted that a branch of the Philippine Bank of Communications (PBCom) in Binondo, Manila got flooded due to typhoon Ondoy.

As a result, many of the valuables entrusted by clients in PBCom’s safety deposit boxes (SDB) were allegedly submerged and damaged. The bank is supposedly waiving any liability, claiming that this was caused by “an act of God.”

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