Executive compensation. Ginebra San Miguel Inc. estimates the compensation it will pay its executives this year at P99.3 million. The amount is 15.465 percent higher than the P86 million the company paid the group last year.
Of the total executive compensation, P43.6 million, or 43.907 percent, will go to its five top executives. The amount consists of P28.1 million in salaries, P7.9 million in bonuses and P7.6 million in other pay and perks.
The rest, totaling P55.7 million—salaries, P36 million, bonuses, P8.8 million, others, P10.9 million—will be paid to “all other officers and directors as a group unnamed.”
In 2013, Ginebra San Miguel said its five top executives received P25.5 million in salaries; P3.1 million in bonuses; and P6.8 million in other pay and perks for a total of P35.4 million. In the same year, the “other officers and directors” got P50.6 million consisting of salaries, P33.6 million; bonuses, P4 million; others, P13 million.
A reader writes: A Rodolfo B. Tan wrote in reaction to a Due Diligencer piece on Hacienda Luisita: “The SCTEX was created to make it easier for vehicles to reach certain parts of the country particularly Zambales [Subic-Olongapo] and also towards the North to Ilocos, Baguio, Pangasinan and Nueva Ecija.
“The highways were constructed and had to cut through a very large portion of the Hacienda Luisita land during that time.”
Then he suggested: “Read the true meaning and definition of “just compensation”
Lest the readers of The Manila Times be misled into believing that the Cojuangco side of the family of President BS Aquino 3rd have not been compensated for their property, Due Diligencer is reproducing some financial data culled from the 2011 financial statement of Hacienda Luisita Inc. which was audited by SGV and Co.
In a footnote to an entry in said financial statement, HLI had this to say on the order of the Supreme Court: “ . . . The company is directed to pay the 6,296 farm workers-beneficiaries the consideration of P500 million received from Luisita Realty Corp. for the sale to the latter of 200 hectares out of the 500 hectares covered by the August 14, 1996 Conversion Order, the consideration of P750 million received by the company’s subsidiary, Centenary Holdings Inc. for the sale of the remaining 300 hectares of the aforementioned 500-hectare lot to Luisita Industrial Park Corp. and the price of P80.5 million paid by the government through the Bases Conversion Development Authority for the sale of the 80.51-hectare lot used for the construction of Subic-Tarlac Expressway (SCTEX) road network.
In the audited financial statement alone, it is very clear that the Cojuangcos, as owners of Hacienda Luisita, had been paid for the portions of the property that they had sold when the same should have been distributed to 6,296 tenant farmers.
Here are some computations showing how much HLI made from the sale of 580.5 hectares: P1.25 billion from the sale of HLI’s 500 hectares, which translates to P2.50 million per hectare. Then 2.50 million divided by 10,000 square meters would be equal to P250 per square meter.
The government, though, paid less. BCDA bought 80.51 hectares for P80.50 million or P999,876 per hectare, or P99.99 per square meter.
When the Cojuangcos appealed the ruling against them, they also lost. Though they were not directed to rescind the sale of 580.5 hectares, they were, nevertheless, ordered to turn over to HLI’s tenants the proceeds from the sale of the property.
It is up to the letter writer to decide if Due Diligencer’s explanation would satisfy his suggestion for this writer to “read the true meaning and definition of ‘just compensation.’”
As of December 31, 2013, PCD Nominee Corp. held 488.484 million shares, or 34.10 percent, in Philweb Corp. Of the total, 350.997 million shares were owned by Filipinos and 137.487 million shares by foreigners.
In its latest ownership filing dated June 30, Philweb said the holdings of PCD Nominee as record stockholder dropped 27.947 percent, equivalent to 127.955 million shares, to 360.529 million shares, or 25.17 percent. Of the total, 252.905 million shares were owned by Filipinos and 107.624 million shares by foreigners.
Incidentally, Philweb Casino Corp. (PCC) was reported to have increased by 117.518 million shares, or 82.253 percent, the number of Philweb shares it owned to 260.392 million shares, or 18.18 percent of the total outstanding, as of June 30 from 142.874 million shares.
With its ownership of 260.392 million Philweb shares, PCC holds more than a billion pesos worth of shares in the company. At the stock’s last traded price on Friday (P5.00 per share), its holdings had a market value of P1.302 billion.
That’s how rich Dennis Valdes, Philweb president, is as listed stockholder and beneficial and record owner of 260.392 million shares.