Published January 11, 2017, 10:00 PM
By Myrna M.
Velasco
At more than 5.0 million a year in
base salary and added benefits, the president and chief executive officer
(CEO) of the Philippine National Oil Company-Exploration Corporation (PNOC-EC)
is the highest paid executive in the entire energy sector, according to
official report of the Commission on Audit (COA).
Documents from COA showed that
PNOC-EC President and CEO Pedro A. Aquino Jr. received R5.401 million in 2015
in salaries and allowances; and P5.361 million in 2014. The latest COA report
was released in 2016.
This practically dwarfed the salary
and compensation level of the Department of Energy (DOE) Secretary at roughly
P2.3 million including remunerations as Chairman or Vice Chairman of the board
of directors of various energy agencies and attached corporations. The base
salary of the energy secretary during the tenure of Carlos Jericho L. Petilla
and Zenaida Y. Monsada had been at P1.08 million vis-à-vis that of the P2.495
million of the PNOC-EC chief executive.
The salaries and allowances of the
PNOC-EC president had also been higher than the chief executive of its parent
firm Philippine National Oil Company – logged at P1.548 million for former PNOC
President Antonio M. Cailao in 2015; and P1.578 million in 2014.
Top executives of two PNOC
subsidiaries – the PNOC Renewables Corporation (PNOC-RC) and PNOC-Development
and Management Corporation (PNOC-DMC) were also well compensated – despite lack
of tangible accomplishments in these two state-run firms for some years.
PNOC-DMC was subsequently dissolved.
Former PNOC-DMC President and CEO
Herminio Alcasid Sr. received total compensation of P3.041 million in 2015 with
a base salary of P1.440 million annually; while PNOC-RC President Carlos Jose
P. Gatmaitan had aggregate P2.002 million in salaries and allowances in 2015.
For the chief executives of other
energy-attached firms and agencies, the compensation levels for year 2015 had
been: National Power Corporation President Gladys Cruz-Sta.Rita at P2.463
million; Power Sector Assets and Liabilities Management Corporation (PSALM)
Officer-in-Charge Lourdes S. Alzona at R1.914 million; National Transmission
Corporation Officer-in-Charge Generoso M. Senal at P1.587 million; and former
National Electrification Administration chief Edita S. Bueno at P2.874 million.
For the officials of the Energy
Regulatory Commission (ERC), their compensation levels for that reporting year
had been the following: Chairman Jose Vicente B. Salazar at P2.119-million
split for his initial 5 months at the ERC and his remaining tenure as Justice
Undersecretary prior to his appointment at the energy sector; Commissioner
Gloria Victoria Yap-Taruc at P1.763 million; Commissioner Geronimo D. Sta. Ana
at P1.479 million; Commissioner Alfredo J. Non at P1.804 million; and
Commissioner Josefina Patricia M. Asirit at P1.782 million.
Since the entry of the new
administration in June, 2016, some attached agencies and energy corporations
already pursued organizational restructuring, including the steps taken by
PNOC.
PNOC-Renewables had also been
proposed for scrapping, but the energy department is still defending its
existence, with plans to use it for state-sponsored RE projects or set it as corporate
vehicle for the Agus-Pulangui hydropower assets.
Similarly, the ERC has instituted
reforms in its organization that included beefing up the compensation level of
its employees.
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