A career in the financial industry is generally regarded as one of the most financially rewarding in the Philippines. Based on the average monthly wage rates data released by the Philippine Statistics Authority, “securities and finance dealers and brokers” ranked the second highest out of a total of 435 occupations, with
Philippine banks pay their top executives way more than that. This is especially true of the dozen large banks among the 100 most valuable listed firms in the Philippine Stock Exchange (PSE), ranked by market capitalization.
Research by Entrepreneur Philippines showed that these banks paid their highest officials from an average of P3.7 million to a whopping P55.8 million each in 2017.
The Union Bank of the Philippines only ranked sixth by market capitalization as of end-June 2018 among all publicly listed banks. But its top executives received the highest average annual salaries, bonuses and other compensation among all listed firms in the financial services industry.
Helmed by Justo A. Ortiz, the bank’s chairman, the bank paid Ortiz and four other top executives an average of P55.8 million worth of annual salaries, bonuses and other compensations each in 2017.
The Bank of the Philippine Islands, headed by Cezar P. Consing, ranked second with an average of P45.2 million per person for its top five executives, while Arthur Ty-led Metropolitan Bank & Trust Company follows closely with an average of P43.9 million.
The country’s biggest bank by assets and by capitalization, BDO Unibank Inc., only paid its top five executives an average of P36.9 million, pushing it to fourth place. The Henry Sy-owned bank is headed by Nestor V. Tan.
Pauline Macaraeg is Entrepreneur PH's data journalist. Follow her on Twitter @paulinemacaraeg
This story originally appeared on Entrepreneur.com.ph.
* Minor edits have been made by the Townandcountry.ph editors.