We all know that top executives of the country’s biggest companies are paid hefty sums of money in compensation that probably exceed tens of millions of pesos. But it’s quite hard to find out exactly how much they’re actually getting.
Unless you’re the Bureau of Internal Revenue (BIR), which receives the executives’ annual income tax returns, the next best thing is the disclosure made by listed companies in their annual reports on the combined compensation of their four to six top executives.
To get a good idea of how much top executives of the biggest listed firms made in 2017 and make some comparisons, Entrepreneur Philippines gathered the 2017 annual reports of the biggest listed firms in terms of market capitalization as of end-March 2018.
We added the salaries, bonuses and other annual compensation that each company gave their highest officers. These usually included the company’s chief executive officer, president and other high-ranking officers. Then, we calculated the average pay for each officer and ranked the companies from highest to lowest.
Based on the ranked data, diversified conglomerate Ayala Corporation paid its top five executives last year the highest, with an average of Php97.9 million per executive. This includes salaries, bonuses and other compensations for the year. Food and beverage conglomerate San Miguel Corporation followed closely behind, with an average of Php95.9 million per executive.
The country’s largest electric distribution utility firm, Manila Electric Company, ranked a far third with an average of Php45.6 million—almost half of what the first two companies paid their executives. Bank of the Philippine Islands, another Ayala-owned company, ranked fourth with an average of Php45.2 million.
Pauline Macaraeg is Entrepreneur PH's data journalist. With additional research by Clyde Gaviola