Where MVP goes, pay goes up

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Emeterio Sd. Perez

Emeterio Sd. Perez

ROXAS Holdings Inc. (RHI) increased by 79.892 percent the compensation of its five top executives to P27.922 in million in 2014 from P16.339 million in 2013.

The company’s calendar year starts in October and ends in September.

In a posting on the website of the Philippine Stock Exchange, RHI also said it will raise by 9.996 percent the five-man group’s compensation to P30.713 million in 2015 from P27.922 million in 2014.

The same posting showed “all officers and directors as a group unnamed” received P49.024 million in 2013; and P76.958 million in 2014. The company estimated at P84.926 million the group’s pays and perks in 2015.


Incidentally, RHI implemented the hefty pay increase of its top five executives and other officers in 2014 when Manuel V. Pangilinan (MVP) was first elected director and vice chairman of the nine-man board. He is one of the four nominees of the Indonesian-owned First Pacific Corp., which is based in Hong Kong.

Ownership profile
Century Pacific Food Inc. grossed P3.158 billion from its initial public offering (IPO) of common shares. Of the total, P2.887 billion represented the total premium over par value, which translates to P3.957 per share that the company collected from the IPO.

Of the IPO proceeds, P1.29 billion, or 40.849 percent, would be for payment of financial obligations; P729 million for capital expenditures; and P872 million for working capital/or potential acquisitions. In addition, it said it would spend P267 million in making the offering.

As of Dec. 31, 2014, it had not used up all the money as it still had to spend P589 million of the IPO proceeds consisting of P150 million allocation for IPO expenses; and P439 million for capital expenditures.

In its first ownership filing dated July 4, 2014, three months after the IPO, Century Pacific said Century Canning Corp. owned 2 billion shares, or 89.7 percent, with the public holding 11.3 percent. This ownership profile has not changed since.

EDSA is not the Philippines
A READER who identified himself as Aces is correct when he commented on my piece on Salvador Laurel that “the author and I may have been around during those years” and “that the 1986 People Power Revolt did not represent the total population of the Philippines but merely 1 percent of the Filipino.”

As to our age, I want to let him know that I would soon turn 68 and that he may not be as old as I am.

The more important thing, though, is that he—I presume Aces to be a he – and I agree that EDSA, which is an acronym for Epifanio delos Santos Avenue, is not the Philippines. Besides, the People Power did not occupy the entire stretch of the 23.8-km EDSA but only a portion of it. As to the number of people who participated in the rally, his one percent estimate would be equivalent to 558,100 of the country’s 55.81 million population.

Yes, someday when history is reviewed and rewritten by more neutral observers, it would definitely arrive at a conclusion much different from what has long been perceived by the yellowish tribe who are more loyal to their president, Corazon Aquino and to her son, who is the present chief occupant of Malacanang, than to their country.

I also salute Aces for using “personal agenda” in describing Cory Aquino’s hold on Hacienda Luisita. Sad to say, I had not used his description because I prefer “family agenda” in referring to her and her son’s protection of her family’s precious assets.

I hope someday a historian would look more objectively on how even the late Sen. Benigno Aquino Jr. had protected Hacienda Luisita from coverage of the agrarian reform law during Marcos’ rule by using the Senate in attacking the late president.

As to Aces’ contention that “legally then Vice President Arturo Tolentino should have been installed as President not Cory Aquino, I would like to assure him that I believed he is right. I had not written anything on this topic simply because I am not in a position to play expert on any subject that I am not knowledgeable about. I leave politics to political writers.

esdperez@gmail.com

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