The Ayala-controlled Bank of the Philippines Islands (BPI) unseated Metropolitan Bank and Trust Co. (Metrobank) of the Ty family as the top paying bank in the country.
BPI president and CEO Teddy Limcaoco and four other top execs received P261 million in salaries and bonuses in 2021, up three percent from P254 million the previous year.
BPI regained the Number one spot a year after ceding the top position to Metrobank in 2020.
Metrobank president and CEO Fabian Dee and his top four officers dropped to second place with P228 million in 2021, down by 23 percent from P299 million in 2020.
The Aboitizes also shook up the standings as Union Bank of the Philippines (UBP) surpassed the country’s biggest bank, BDO Unibank of the Sy family, in executive pay.
UBP president and CEO Edwin Bautista and his top four executives received a six percent year on year increase in compensation to P202 million in 2021.
BDO president and CEO Nestor Tan and his team fell to fourth place with P198 million in 2021, up one percent from P196 million in 2020.
Ultra biyonaryo Lucio Tan’s Philippine National Bank (PNB) had the lowest compensation package among the country’s top private banks despite having the fourth-biggest asset size among private lenders.
PNB president and CEO Wick Veloso and his team received a P105 million package in 2021, up three percent from P102 million the previous year.
The country’s top eight private banks had a combined compensation package of P1.38 billion for its Top Five executives in 2021, down two percent from P1.4 billion in 2020.
Here is a breakdown of the Top Eight private banks based on salaries and bonuses to its five highest-paid executives:
1) Bank of the Philippine Islands – P261 million
2) Metrobank – P228 million
3) Union Bank of the Philippines – P202 million
4) BDO Unibank P198 million
5) Security Bank P136 million
6) Rizal Commercial Banking – P132 million
7) China Banking – P118 million
8) Philippine National Bank P106 million
