• De Quiros fees huge in listed firms

    Emeterio Sd. Perez

    Emeterio Sd. Perez

    SEC penalty. Prime Media Holdings Inc. has been ordered by the Securities and Exchange Commission (SEC) to pay a fine of P204,000 for late filing of annual report for fiscal year ended December 31, 2012.

    In penalizing the company, Vicente Graciano Felizmenio Jr., director of SEC’s corporation finance department, said delay in the submission of the required report due to the misinterpretation of the rule “is not a valid ground to exonerate it from the late filing of the annual report.”

    Early this year, Prime Media Holdings also paid P142,500 for violating the SEC’s requirement on full disclosure.

    Added burden. The penalties imposed by the SEC on Prime Media Holdings are additional financial burden on the company that has been on a losing streak.

    In its second-quarter filing, it reported a net loss of P1.12 million which increased its accumulated deficit to P2.86 million. In the same period last year, its deficit amounted to P2.90 million, up from P2.89 million as of December 31, 2012.

    Prime Media Holdings is a unit of unlisted Neo Holdings Inc., formerly Metro Pacific Corp., which holds 298.95 million shares, or 77.22 percent. It hit a high of P1.72 on August 2 and dropped to its lowest of P1.23 on October 7.

    SSS multi-millionaires. With the raging controversy surrounding the P1-million bonus that the top officials of the Social Security System received in 2012, Due Diligencer is detailing the pays and perks of Emilio de Quiros Jr., president and chief executive officer (CEO), and two commissioners of the Social Security Commission.

    A report prepared by the Commission on Audit (COA) showed de Quiros Jr. received in 2012 total compensation of P4.35 million consisting P1.2 million in salary. He got the rest as pays and perks totaling P3.15 million that included P1.78 million in and P1.37 million in “bonus, incentives and benefits.”

    On the other hand, Eliza Antonino and Daniel Edralin, members of the Social Security Commission, received in 2012 allowance of P1.244 million and P1.31 million, respectively.

    Comparative pays. The following numbers culled from COA’s report show who were more blessed between the SSS’s top executives then and now:

    In 2009, Romulo Neri, president and CEO, got P3.06 million; Thelmo Cunanan, chairman, P1.71 million; and seven commissioners, P7.46 million for a total of P12.24 million.

    In 2010, which was divided between the Arroyo administration and the present Aquino regime, two chairmen, two presidents/CEOs and nine commissioners received a total of P9.45 million, which increased 19.15 percent to P11.26 million in 2011, the first full year of SSS under de Quiros and his fellow Aquino appointees.

    In 2012, SSS paid de Quiros and company a total of P14.35 million with de Quiros getting P4.35 million and six commissioners P8.51 million. Labor Secretary Rosalinda Baldoz, also a commissioner, did not share in the commissioners’ pays and perks.

    Unreported: Did de Quiros, Social Security Chairman Juan Santos and SSS Commissioner Eliza Antonino turn over to SSS treasury the fees they received as members of the board of listed companies in which workers’ contributions are invested?

    The question begs for an answer because the COA report on government executives’ compensation did not include the directors’ fees de Quiros, Santos and Antonino were entitled to receive as SSS nominees to listed companies’ board.

    De Quiros has been a member of the board of Union Bank of the Philippines (UBP) and of Belle Corp. since October 1, 2010, and Antonino since December 17, 2010.

    A compensation filing UBP posted at the Philippine Stock Exchange website showed “non-executive directors [like de Quiros and Antonino]receive only per diems of P60,000 each for meeting attended.” The amount has been increased to P80,000 per meeting attended effective 2012.

    Will de Quiros and Antonino be willing to disclose their share from UBP’s total directors’ fees of P23.25 million in 2012; P19.61 million in 2011; and P15.61 million in 2010, and if they turned over their pays and perks to SSS treasury?

    By the way, Antonino and Santos also sit in the board of Philex Mining Corp., which pays more its directors—P66.67 million in 2010; P70.89 million in 2011 and P121.26 million in 2012.

    RVO’s wealth. Politicians who hate businessman Roberto Ongpin for being a big competitor of their patrons may be happy to know how RVO gets “poorer” as the value of the stocks he owns in his companies falls with the market.

    In a regulatory filing posted on the website of the Philippine Stock Exchange, ISM Communications Inc. listed Ongpin as indirect owner of 89.65 million shares, which are held for him by Philweb Corp. As of September 10, his holdings were worth P157.70 million at 30-day low of P1.52, down from P187.37 at ISM’s high of P2.09.

    Of course, RVO’s loss, equivalent to 15.83 percent, was only in paper.



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    1 Comment

    1. Were all these facts and figures true, then the observation – that those who already have will have more and those who have less will have even what they possess taken away – holds water. In our country at that. So sad. Does ethics hold true still?