Ramon Ang keeps executive salaries, bonuses modest despite San Miguel F&B’s strong profit growth in 2021
Business

Ramon Ang keeps executive salaries, bonuses modest despite San Miguel F&B’s strong profit growth in 2021

Ultra bilyonaryo Ramon S. Ang is know for his generosity but surprisingly, he has not gone overboard in rewarding San Miguel Food and Beverage Inc. (FB) executives for surpassing pre-pandemic profit in 2021.

FB’s total compensation package – salaries, bonuses and others – was pegged at P1.031 billion in 2021, down five percent from P1.081 billion in 2020.

FB is projecting a modest bump in executive compensation to P1.08 billion in 2022.

The firm’s top brass steered the firm back on its pre-pandemic growth path as profit attributable to parent San Miguel Corp. jumped to P19.791 billion in 2021, up by 8.3 percent from P18.278 billion in 2019.

Ang apparently focused FB’s resources over the last two pandemic-stricken years to make sure that all of its 66,000 employees would keep their jobs and lead private sector efforts in providing personal protective equipment (PPEs) and medical supplies to frontliners; and distributed food packs to the less-privileged families

““Ang natutunan natin ay maging humble. For the first time in my life, I’ve experienced ‘yong mga masasakit na pangyayari — mga nangyari noong 2020. Namatayan po ako ng anak. Tatlong beses ako tinamaan ng Covid,” said Ang in a previous interview explaining his goals during the pandemic. .

“At this point, what is important are lives, not money. We can make money again, but life – once you lose it, it’s gone forever. So between life and money, I will choose life,” he added.

 

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