Skip to content
  • About Us
  • Contact Us
  • RSS
Facebook Twitter Instagram
  • Home
  • Business
  • Social
  • Video
  • Money
  • Power
  • Property
  • Travel
  • Technology
  • Health
  • Lifestyle
  • Food & Nature
  • Fine Works
  • Golf
Menu
  • Home
  • Business
  • Social
  • Video
  • Money
  • Power
  • Property
  • Travel
  • Technology
  • Health
  • Lifestyle
  • Food & Nature
  • Fine Works
  • Golf
BILYONARYO.COM
Search
Popular Tags Today:
Babbler, boardroom meeting, Burst your Babble, directors |
Mike Tan, FFCCCII |
Globe, Supreme Court |
Baby Araneta Fores |
UnionBank
  • Home
  • Business
  • Social
  • Video
  • Money
  • Property
  • Technology
  • Travel
  • Health
  • Lifestyle
  • Food & Nature
  • Fine Works
  • Golf
  • RSS
Menu
  • Home
  • Business
  • Social
  • Video
  • Money
  • Property
  • Technology
  • Travel
  • Health
  • Lifestyle
  • Food & Nature
  • Fine Works
  • Golf
  • RSS

Bilyonaryo - Business

Sharing the pain? Lance Gokongwei ups CebuPac executive pay by 23% despite piling up more losses in 2021

  • April 5, 2022
  • Bilyonaryo.com

Ultra bilyonaryo Lance Gokongwei rewarded himself and other top executives of Cebu Pacific with a substantial pay hike in 2021 even though his family’s budget airline sank deeper in red ink.
Gokongwei has also increased the compensation budget for CEB’s officers in 2022 with salaries and perks going back to pre-pandemic levels.
In a report to financial authorities, Gokongwei and top officers of CEB pocketed a total of P266.426 million in salaries and bonuses in 2021, 23 percent higher than the total remuneration package of P216.92 million in Covid-stricken 2020.
The CEB president and CEO and four other highest-paid executives – Andrew L. Huang (CFO and chief compliance officer), Alexander G. Lao (chief commercial officer), Jose Alejandro B. Reyes (chief strategy officer), and Michael Ivan S. Shau (chief corporate affairs office) – accounted for 40 percent or P107.353 million of the 2021 executive pay.
CEB’s losses worsened by 12 percent to P24.899 billion in 2021 from P22.236 billion in 2020. This is largely due to lower passenger revenues (down 50 percent to P6.289 billion), higher repairs and maintenance (up 12.8 percent to P9.654 billion), and market valuation losses of P1.318 billion.
CEB said: “There has been no executive pay rises since the onset of the pandemic. In addition, executives took significant pay cuts during 2020 to assist the corporation in its management of the crisis. During 2021, the level of pay cuts (were) reduced and 2022 should see a very slight increase in executive compensation from 2021.”
Gokongwei has proposed to increase the executive compensation package by 6.3 percent to P283.2 million in 2022 which is the same as the pay level in 2019. Gokongwei expects to restore CEB’s pre-pandemic capacity this month but he admits that revenue is likely to hit only 60 percent of its 2019 level.
With the global travel industry grinding to a halt following the outbreak of COVID in March 2020, Gokongwei laid off 30 percent or around 1,300 of its workforce in the middle of the pandemic.

  • Related News Tags: Cebu Pacific, Lance Gokongwei, Michael Ivan S. Shau
PrevPreviousMetro Pacific tollways unit sees traffic volume surge this Holy Week
NextEnd of rivalry: ABS-CBN agrees to air Star Cinema movies on GMANext

You may also like

Watch more Usapang Bilyonaryo

MVP Group bets big on renewable energy with 16% purchase of SPNEC

Mega-conglomerate Metro Pacific Investments Corp. (MPIC) is set to acquire a 16 percent stake in SP New Energy Corp. (SPNEC), the renewable energy firm owned by tech visionary Leandro Leviste, for P2 billion.

ABS-CBN and India’s OTT market leader join forces to expand reach among global audiences

Lopez-led media giant ABS-CBN has partnered with OTT market leader MX Player to enhance its presence and expand its viewership among international audiences.

NLEX Connector’s first section now open, set to ease traffic in Metro Manila and boost economic development

Bilyonaryo Manny V. Pangilinan-led NLEX Corp. has officially opened the first five-kilometer elevated expressway of the P23 billion NLEX Connector, which is expected to alleviate traffic congestion and improve mobility in Metro Manila.

Laglagan na! Investa claims it has nothing to do with co-founder JM Lapiña’s ‘ventures’ amid alleged investment scandal

Investagrams (Investa), a popular local app for stock market enthusiasts, is distancing itself away from one of its founding fathers who is facing mounting complaints from disgruntled clients of his investment fund.

A new era for Philippine ports: PPA opens largest passenger terminal in Oriental Mindoro

The Philippine Ports Authority (PPA) has inaugurated the largest passenger terminal building in the country at the Port of Calapan in Oriental Mindoro.

MVP Group bets big on renewable energy with 16% purchase of SPNEC

ABS-CBN and India’s OTT market leader join forces to expand reach among global audiences

NLEX Connector’s first section now open, set to ease traffic in Metro Manila and boost economic development

Laglagan na! Investa claims it has nothing to do with co-founder JM Lapiña’s ‘ventures’ amid alleged investment scandal

A new era for Philippine ports: PPA opens largest passenger terminal in Oriental Mindoro

BIR enhances taxpayer experience with anywhere AITR filing and payment

CFO Brian Go buys P110 million JG Summit shares

Buyers, sellers, and CPAs beware: BIR launches offensive against ghost receipts

FNI expects to sustain growth in 2023 on higher nickel prices, China’s reopening

Read more Business stories

Recommended from sister websites

→ Abogado
NBI arrests 4 over fraudulent sale of GCash accounts
→ Abogado
‘Wag paloloko! CAAP warns public about solicitation scheme
→ Politiko
No friendly rates: Ex-politiko rakes in P400 M from campaign ads in 2022
→ Politiko
State of the art! PPA GM Jay Santiago opens new Calapan port ahead of Holy Week travel rush
→ Bankero
BSP boosts Islamic finance expertise to lure investments in the Philippines
Power

Investors rejoice! Semirara’s record-breaking performance yields double dividend payout in 2022

Semirara Mining and Power Corp., which is led by the Consunji family, has approved a significant cash dividend of P3.50 per share, resulting in a sizable payout of P14.88 billion.

Money

China says US firm under investigation for ‘illegal operations’

China is investigating a US due diligence firm for “illegal” activities, a government spokesperson said Monday, after the company accused authorities of detaining five local employees and shutting down its Beijing office.

Business

ABS-CBN and India’s OTT market leader join forces to expand reach among global audiences

Lopez-led media giant ABS-CBN has partnered with OTT market leader MX Player to enhance its presence and expand its viewership among international audiences.

Property

New York’s famous Flatiron Building sells at auction

New York’s iconic Flatiron Building — famous for its thin, triangular shape — has sold at auction for $190 million following a court order.

Latest on Bilyonaryo

MVP Group bets big on renewable energy with 16% purchase of SPNEC

Mega-conglomerate Metro Pacific Investments Corp. (MPIC) is set to acquire a 16 percent stake in SP New Energy Corp. (SPNEC), the renewable energy firm owned by tech visionary Leandro Leviste, for P2 billion.

Read More »

Blue, German blood: the Windsors’ continental roots

The history of the British royal family is inextricably entwined with Germany, a heritage that will have pride of place during King Charles III’s first state visit to the country beginning Wednesday.

Read More »

Meet Prince Eduard, King Charles’ German cousin

They first laid eyes on each other as children at Buckingham Palace and later crossed paths on the polo field at Windsor.

Read More »

First Citizens to acquire collapsed Silicon Valley Bank

First Citizens Bank will acquire significant holdings of fallen lender Silicon Valley Bank, a US banking agency announced late Sunday, as regulators seek to contain an industry crisis.

Read More »

China says US firm under investigation for ‘illegal operations’

China is investigating a US due diligence firm for “illegal” activities, a government spokesperson said Monday, after the company accused authorities of detaining five local employees and shutting down its Beijing office.

Read More »

Billionaire Jack Ma makes rare public appearance in China

Jack Ma, the founder of tech giant Alibaba, made a rare public appearance in China on Monday after his fall from grace during a government crackdown over two years ago.

Read More »
Back to Bilyonaryo.com homepage

Exclusive!

Who’s Who at ART SG

January 12, 2023

Art SG kicked off today with art world legends and collectors showing up with extra vigor after a two-year delay due to the pandemic.

Read More »

Advertisement

Bilyonaryo Premium Ad 1
Bilyonaryo Premium Ad 2
Bilyonaryo Premium Ad 3
Bilyonaryo Premium Ad 4
Bilyonaryo Premium Ad 5

Trending on
Business

GOLD
Laglagan na! Investa claims it has nothing to do with co-founder JM Lapiña’s ‘ventures’ amid alleged investment scandal

ABS-CBN and India’s OTT market leader join forces to expand reach among global audiences

NLEX Connector’s first section now open, set to ease traffic in Metro Manila and boost economic development

PLATINUM
Deposit box ain’t so safe: Jorge, Stella Araneta sue JPMorgan for selling $10-M worth of jewelry for peanuts

‘Di na natuto sa Quorn! Monde invests P108M for tiny stake in koji-based fake meat maker Terramino

Boardroom drama: Top exec storms out of boardroom meeting after getting called out by bilyonaryo director for poor performance

TITANIUM
Even the best fall down sometimes: Here are biggest fast food flops of Tony Tan Caktiong’s Jollibee

Betty Ang’s fake meat flop! Monde chucks Quorn’s 2023 opex amid stinking sales, diverts P2.1 billion budget to core brands in Asia

Gift daw from Kapitan! Lucio Tan’s trusted aide nabbed for P12-M extortion try after tip from his son-in-law Stanley Ng

Read more Business stories

Trending on
Bilyonaryo

Business News

Laglagan na! Investa claims it has nothing to do with co-founder JM Lapiña’s ‘ventures’ amid alleged investment scandal

Social Fancy News

Sandro Marcos pays tribute to dad Bongbong’s devoted supporter

Money News

Mahirap maghabol! Depositors of bankrupt AMA Bank seek SC’s help to get money back

Technology News

‘Grim’ criminal abuse of ChatGPT is coming, Europol warns

Power News

Investors rejoice! Semirara’s record-breaking performance yields double dividend payout in 2022

Property News

Andrew Tan’s MREIT boosts asset portfolio with P5.3 billion acquisition of four PEZA-accredited buildings

Lifestyle News

Comedy suffering because ‘you have to be careful’ now says Aniston

Food & Nature News

Sofitel offers nostalgic degustation event with Gunita

Health News

Raccoon dog data sparks new debate about Covid origins

Travel News

‘Mega-strike’ disrupts travel in Germany

Golf News

Burns routs Young to win WGC Match Play final

Back to Bilyonaryo home page

Trending on
Bilyonaryo

Business News

• Laglagan na! Investa claims it has nothing to do with co-founder JM Lapiña’s ‘ventures’ amid alleged investment scandal

• ABS-CBN and India’s OTT market leader join forces to expand reach among global audiences

Social Fancy News

• Sandro Marcos pays tribute to dad Bongbong’s devoted supporter

• Liza Araneta Marcos shares cheerful photo with former First Lady Imelda Marcos

Money News

• Mahirap maghabol! Depositors of bankrupt AMA Bank seek SC’s help to get money back

• InLife’s financial stability and customer focus land it a top spot among insurers

Technology News

• ‘Grim’ criminal abuse of ChatGPT is coming, Europol warns

•

Power News

• Investors rejoice! Semirara’s record-breaking performance yields double dividend payout in 2022

• Walter Brown takes full control of Vires Energy

Property News

• Andrew Tan’s MREIT boosts asset portfolio with P5.3 billion acquisition of four PEZA-accredited buildings

•

Lifestyle News

• Comedy suffering because ‘you have to be careful’ now says Aniston

• You wanted me back… I’m back! ‘John Wick’ tops box office in a big, bloody opening

Food & Nature News

• Sofitel offers nostalgic degustation event with Gunita

• New Zealand wool handling ace is a G.O.A.T. among sheep

Health News

• Raccoon dog data sparks new debate about Covid origins

•

Travel News

• ‘Mega-strike’ disrupts travel in Germany

•

Golf News

• Burns routs Young to win WGC Match Play final

• Newcomer Kho claims maiden Asian Tour victory for Hong Kong

Back to Bilyonaryo home page

Copyright © 2022. Bilyonaryo. All Rights Reserved.
  • Home
  • Business
  • Social
  • Video
  • Money
  • Property
  • Technology
  • Travel
  • Health
  • Lifestyle
  • Food & Nature
  • Fine Works
  • Golf
  • RSS
Menu
  • Home
  • Business
  • Social
  • Video
  • Money
  • Property
  • Technology
  • Travel
  • Health
  • Lifestyle
  • Food & Nature
  • Fine Works
  • Golf
  • RSS