SM Prime Holdings, Inc. may be the most valuable listed firm under the property sector in the Philippine Stock Exchange (PSE) by market capitalization, but it only comes second to Ayala Land Inc. when it comes to the amount of salaries, bonuses and other emoluments it pays top executives.
Ayala Land Inc., the property arm of conglomerate Ayala Corporation, paid their executives the highest in 2017 with an average of Php41.1 million each. This is almost double than what SM Prime Holdings gave their top officials, which amounted to an average of Php26.2 million per head. SM Prime Holdings is the parent company of the shopping malls of the SM Group owned by Henry Sy Sr., the country’s richest man.
Megaworld Corporation, led by Andrew Tan, follows closely at third place with an average of Php23.6 million each. Though the first three companies recorded a hefty sum, the remaining firms in the list paid their respective officials way less. In fact, the sum of the first three companies’ average salaries given to top-paid executives is more than double that of the remaining six firms in the list.
The Villars’ Vista Land & Lifescapes, Inc. is fourth with an average of Php12 million per head, followed by Belle Corporation with Php11.2 million and John Gokongwei’s Robinsons Land Corporation with Php8.1 million.
Coming in at seventh place is Filinvest Land Inc. with Php6.2 million. Lastly, 8990 Holdings Inc. ranks eighth with Php5 million. (see infographic)
Together, the average pay received per head by top executives in these bottom six companies only amount to Php42.46 million. That accounts for only 47 percent of the top three’s combined per-head average of Php90.88 million.
The list includes the top real estate firms that make up the PSE’s property sector sub-index and ranked by market capitalization as of the second quarter of 2018.
Pauline Macaraeg is Entrepreneur PH's data journalist. Follow her on Twitter @paulinemacaraeg