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April 24, 2024

Nestor Tan, 4 top BDO executives see total compensation dip despite historic profits; mid-level officers, directors take home over P1 billion in record pay

The top executives of BDO Unibank of the Sy family took a slight hit in combined compensation despite leading the bank to the country’s biggest ever corporate profit in 2023.

BDO president Nestor V. Tan and the bank’s four most highly compensated executive officers – senior EVPs Jaime Yu, Rolando Tanchanco, and Joseph Gotuaco; and EVP Lucy Co Dy – received total annual compensation of P194.07 million last year, down slightly by 3.5 percent from P201.22 in 202. BDO did not give details on perks or bonuses.

Top executive pay shrank even after they led the country’s biggest lender to its highest ever profit of P73.74 billion, up 28 percent from P57.1 billion in 2022.

BDO had previously projected an annual compensation of P205.24 in 2023. Next year, BDO estimates top five compensation to hit P197.95 million.

In contrast, BDO was more generous to its directors and officers (from SVPs) who were rewarded with P1.01 billion in total salaries and bonuses, up six percent from P954 million in 2023.

BDO is expecting to give this group P1.041 billion salaries and bonuses next year.

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