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Salaries of top execs in BDO, BPI, UnionBank, other Philippine banks

Among publicly-listed Philippine banks, top executives of UnionBank of the Philippines (UBP) received the highest salary and bonuses in 2009, while top executives of Banco de Oro (BDO) and Bank of the Philippine Islands (BPI) follow next.

This is based on an analysis of annual reports for the year 2009 submitted by local banks to the Philippine Stock Exchange (PSE). The reports do not show the individual salaries and bonuses of each executive, but presents the lumped compensation of the banks’ top officials. The number of executives receiving the compensation was shown, thus, the average figure was derived.

UnionBank’s top 5 execs each receive P21.28 million compensation

An analysis of executive compensation shows that on average, the salary of the top 5 officers of UnionBank of the Philippines (UBP) was P17.03 million each, plus additional compensation and bonuses of P4.3 million each — for a total of P21.28 million compensation for each of the top 5 executives in 2009.

These five (5) officers include UBP’s Chief Executive Officer (CEO), President, and three Executive Vice Presidents (EVP).

BDO, BPI execs also receive high compensation

In Banco de Oro (BDO), the top five (5) bank officials each received salaries of P12.28 million on average, while additional compensation and bonuses reached P6.01 million each — for a total compensation of P18.29 million each for the bank’s top 5 officers.

These five (5) executives include the President, Senior Executive Vice President, and three Executive Vice Presidents (EVP).

In Bank of the Philippine Islands (BPI), each of the bank’s top ten (10) executives received salaries of P15.43 million on average, with additional compensation and bonuses of P2.67 million each — for a total compensation of P18.09 million for each of the 10 executives.

Below is a ranking of average salaries and average total compensation of top officials in publicly-listed Philippine banks.

The number beside the bank name represents the number of executives in that bank receiving the stated compensation amount.

Average Total Compensation* of Top Executives in PSE-listed Philippine Banks (2009)

  1. UnionBank of the Philippines (5) – P21.28 million each
  2. Banco de Oro (5) – P18.29 million each
  3. Bank of the Philippine Islands (10) – P18.09 million each
  4. Metrobank (5) – P17.53 million each
  5. Chinabank (5) – P11.33 million each
  6. RCBC (5) – P8.64 million each
  7. Security Bank (5) – P7.28 million each
  8. PSBank (6) – P6.89 million each
  9. Chinatrust (10) – P5.91 million each
  10. Philippine National Bank (5) – P5.21 million each
  11. PBCom (5) – P4.87 million each
  12. PhilTrust Bank (5) – P2.15 million each
  13. AsiaTrust (5) – P1.15 million each
  14. CityState Savings Bank (9) – P1.08 million each

* includes salaries, bonuses and additional compensation

Average Salaries** of Top Executives in PSE-listed Philippine Banks (2009)

  1. UnionBank of the Philippines (5) – P17.03 million each
  2. Bank of the Philippine Islands (10) – P15.43 million each
  3. Banco de Oro (5) – P12.28 million each
  4. Metrobank (5) – P11.23 million each
  5. RCBC (5) – P7.02 million each
  6. Chinabank (5) – P6.26 million each
  7. Security Bank (5) – P5.82 million each
  8. PSBank (6) – P5.40 million each
  9. Philippine National Bank (5) – P3.83 million each
  10. PBCom (5) – P3.75 million each
  11. Chinatrust (10) – P5.91 million each
  12. PhilTrust Bank (5) – P1.02 million each
  13. AsiaTrust (5) – P0.99 million each
  14. CityState Savings Bank (9) – P0.92 million each

** refer to basic monthly salaries only

Source: 2009 Annual Reports submitted to the PSE

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16 thoughts on “Salaries of top execs in BDO, BPI, UnionBank, other Philippine banks”

  1. Nino Tuazon says:

    And more than half of their salaries are tax-free.
    Some banks call it RTRE; depending on the bank officers’ rank, a percentage of their salaries are tax-free and booked separately as banks’ OpEx.

    The banks work around on the taxes with the officers enjoying most.

  2. Halloween Guy says:

    Wow, such staggering amount of salary and half is tax-free? Grabe.I cant imagine the lifestyle or the responsibilities of these guys.. Of course with such a big salary, their responsibilities must be something…
    .-= Halloween Guy´s latest blog ..Cheap Halloween Decorations for 2010 Part 1 =-.

  3. Millionaire Acts says:

    Wow! It’s always good to work in a local bank if the position is an executive level. However, they usually offer low salaries for entry levels.
    .-= Millionaire Acts´s latest blog ..Debit Cards vs Credit Cards- Similarities and Differences =-.

  4. Randy says:

    You haven’t heard our PS or annual profit sharing given on Q2.
    We receive 4 to 5x of our monthly salary, tax free :-)

  5. Triple I Consulting Inc says:

    Well only the executives receive those huge salaries.

  6. Pnoy Free Financial Checkup says:

    This may answer now the ff:

    Where all our savings in bank goes? Back to us as high interest loans.

    Where all the profit from these loan goes? To bank offciers who dupe us on our money.

    Har!! Har!! Har!!

  7. Jay Castillo says:

    For a moment there I thought I was looking at prices of their prime acquired assets, not salaries.
    .-= Jay Castillo´s latest blog ..Real estate brokers exam postponed… again! =-.

  8. Jonha @ Happiness says:

    Incredible, I just can’t believe that they are enjoying such fat salaries while their clients are experiencing heck with their poor customer service not to mention the lines that most Senior citizens have to endure everyday in UnionBank. Dang it!
    .-= Jonha @ Happiness´s latest blog ..How to Open a Dollar Account in the Philippines =-.

    1. Mark Garcia says:

      Ofcourse, there’s always people like you.

      People who say “Why is he enjoying so much, when the country is _____”. People outside of the Philippines laugh at idiots like you.

      It’s called hard work. And most people do what they can to give back to the community. Most of these people worked hard to help others through their knowledge and experience.. and so they reap their reward. God favors them as well because they work hard, and not sit on their computers and bash other people who make good money.

      Just because the country is in peril or people are in peril doesn’t mean a guy who earns 1M per month will set aside 990,000PHP to give to idiots like you who don’t want to work and use 10,000PHP for himself.

      Each and every one of these guys gives back to the community, maybe you should check your stats. Bill Gates even has a foundation that donated more than 50% of his wealth. Let me guess, if you were to make that kind of money, you’d give 99% of your wealth?


  9. dokwayne says:

    Were not Lehman Brothers, AIG and other banks in the US failed, one because of execs’ huge salaries? The Philippine banks might face the same doom. Instead of “built to last,” it’s “built to fail.”
    .-= dokwayne´s latest blog ..Horses- reading- tools- and other old paradigms =-.

  10. Ken says:

    is this on a monthly or annual basis?

  11. Philipines Business Consultant says:

    Its always the top guns who earn the most no matter where in the world.

  12. Wild says:

    if its yearly basis, its less than 2M a month, i think they’re earning a lot more than that…

  13. mar-b says:

    It’s always the top brass who was offered more….not the lowly rank and file.

  14. Lakeisha Chesebro says:

    Thanks for the links Kickettes!!

  15. anto says:

    cant ignore the post

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