Despite a significant decrease in profits in 2022, billionaire Felipe L. Gozon and other top executives at GMA Network received higher salaries and bonuses. The chairman and CEO, along with four other GMA bosses, rewarded themselves with an 11 percent increase in total compensation, totaling P757 million.
In an election year, GMA’s net income plummeted by 28 percent to P5.45 billion, with revenues dropping by four percent to P20.23 billion. This P73 million raise is significantly larger than the P55 million hike Gozon and his peers received in 2021, when GMA posted its highest-ever profits.
While Gozon and the four other highest-paid officers of GMA received pay raises, the rest of the company’s officers and directors saw lower compensation and perks in 2022, amounting to a seven percent decrease to P1.033 billion.
Gozon’s fellow top executives at GMA include president and COO Gilberto R. Duavit, Jr., executive vice president and CFO Felipe S. Yalong, marketing chief Lizelle G. Maralag, and senior vice president for programming Annette Gozon-Valdes.