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September 26, 2022

PNB grants 7% hike in salaries, bonuses of top execs, officers

Lucio Tan’s Philippine National Bank (PNB) headed by bankero Wick Veloso granted a seven percent increase in the salaries and bonuses of top executives and officers this year.

Veloso and four most highly compensated executive officers including executive vice presidents Cenon Audencial Jr., Roberto Baltazar, Isagani Cortes, and Aida Padilla are set to receive P112.94 million in salaries and bonuses in 2022, seven percent higher than last year’s P105.55 million.

The salaries and bonuses of all other officers also increased by seven percent to P5.26 billion this year from P4.92 billion last year.

PNB said in its annual report that the annual compensation of executive officers consists of a 16-month guaranteed cash emolument.

On the other hand, the per diem of PNB’s Board of Directors went up by 8.9 percent to P72.09 million in 2022 from P67.37 million in 2021.

Non-executive directors are entitled to a per diem for each Board or Board committee meeting attended including P50,000 for each board meeting and P25,000 for each committee meeting, provided that in no case shall the total per diem exceed P250,000 per month for committee meetings.

No other emoluments are granted to non-executive directors of the Bank

except for the aforementioned per diem.

Veloso, being the only executive director, is not entitled to any per diem as it is deemed incorporated in his compensation.

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