Top executives and officers of Union Bank of the Philippines headed by bankero Edwin Bautista received a six percent hike in aggregate compensation and bonuses this year.
The take home pay of Bautista, chief technology and transformation officer Henry Aguda, chief financial officer and treasurer Jose Emmanuel Hilado, retail banking center head Mary Joyce Gonzalez, and chief risk officer Ronaldo Peralta increased to P171.17 million this year from last year’s P161.48 million.
Likewise, their bonuses rose to P42.79 million from P40.37 million.
The aggregate compensation of other officers and directors also went up by six percent to P3.08 billion in 2022 from P2.9 billion in 2021, while their bonuses grew by six percent to P769.7 million from P726.13 million.
The non-executive directors of the Aboitz-lied bank each receive a per diem of P160,000 for attendance in meetings of the Board of Directors, except for the Chairman of the Board who receives P240,000.
The executive directors receive a per diem of P1,500 for attendance in Board meetings and P3,000 for each committee meeting.
The Chairman of each committee receives a per diem of P120,000 per meeting attended and a committee member receives a per diem of P80,000.
Some directors who represent institutional shareholders receive the per diems and bonuses on behalf of their respective institutions.
The net income of UnionBank increased by nine percent to P12.6 billion in 2021 from P11.6 billion in 2020 as allocation for potential credit losses plunged by 31 percent to P5.8 billion form P8.7 billion as credit risk brought about by the COVID-19 pandemic stabilized.
The listed bank is spending P55 billion to acquire the retail banking arm of global banking giant Citigroup in the Philippines. The transaction is expected to be completed in the second half of 2022.