THE management of the Land Bank of the Philippines (LBP) has belied claims by former employees that the bank owes them billions in unpaid allowances, stressing that what is being claimed was “integrated” into the workers’ pay beginning in 1989.
“We must stress that (David) Naval (Jr.) himself admitted in the (Manila Times) report that ‘In 1989, the employees’ COLA (cost of living allowance) was integrated into their basic salaries by virtue of an LBP Board resolution.’ So to order again the payment of COLA and BEP (bank equity pay) on top of what has already been paid, thru integration, will be considered as a double compensation, which is prohibited under the law,” explained Catherine Rowena B. Villanueva, LBP First Vice President, Corporate Affairs Department.
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