why do we Philippines have rice shortage?

answer:farmlands are converted to golflands



"a regular scene in a Banana Republic" "difference between the very poor and the very rich"


Executive salaries: What slowdown?

April 9, 2008

THE hot economy may be cooling down a bit and the Makati Business Club and its academic echoes grumbling over jobless growth, but it is still high noon as far as this year’s executive pay envelopes in the country’s top conglomerates are concerned. Here is a quick checklist. Figures do not include bonuses, stock options, and other arrangements: • Ayala Corp.—P194 million for chief executive Jaime Augusto Zobel de Ayala II and 15 others, a jump of P17 million, or a 9.6- percent increase, from 2007. • Ayala Land—P115.8 million for chief executive Fernando Zobel and 12 others, up P10.5 million, representing a 10-percent increase, from last year’s package. • Bank of the Philippine Islands—P124.6 million for president and chief executive Aurelio Montinola III and nine others, representing a nearly 6 percent or P7.05-million increase from the 2007 level. • Banco de Oro—P60.05 million for president Nestor Tan and five others, about P5.4 million higher than last year’s. Incidentally, despite BDO now having slightly overtaken BPI for the second biggest bank title, the Team Tan’s salary package, at an average of P10 million each, remains undervalued compared with Team Montinola’s average yearly salary of P12.46 million per executive. • Globe Telecom—P77.9 million for chief executive Gerardo Ablaza Jr. and six others, P7.8 million or 11.1 percent higher than last year’s. • SM Investments Corp.—P61.37 million for president Harley Sy and nine others, representing a modest P6 million average pay per executive, despite an increase of P8 million from the 2007 package. • SM Prime Holdings—P17 million for president Hans Sy and seven others, representing a remarkably reasonable P2.125 million average salary for each executive, despite the mall developer generating nearly P6 billion profit last year. In contrast, Ayala Land churned out a much lower P4.4 billion profit last year, but their top executives are paid 6.8 times more than their SM Prime counterparts. • Universal Robina Corp.—The food empire of taipan John Gokongwei has set aside a similarly modest P31.47 million for the salaries of chief executive and younger brother James Go and four others, already representing a 10-percent increase from their 2007 base pay. We say modest, because URC chalked up nearly P5.6 billion in profits last year. ABOITIZ Finally, the family-run Aboitiz Equity Ventures has allocated nearly P23 million in base pay for chief executive Jon Ramon Aboitiz and four others, a P5.5-million decline — you read it right, decline — from their 2006 package, despite profits last year jumping to P5.8 illion, P2 billion more than 2006’s.