Philippine Long Distance Telephone Co. built its multi-platform media empire by nearly using up its 20,000 employees’ benefits and retirement fund, officially called the PLDT Beneficial Trust Fund.
PLDT’s controlling stockholder since 1998 has been the Indonesian magnate Anthoni Salim, with his top executive, Manuel V. Pangilinan, being his public face in the Philippines.
First Pacific’s reports indicate that he could be the highest paid Filipino executive ever, making P25 million a month — nearly P1 million for his day’s work. This does not include his salaries and directors’ fees in at least 40 of Salim’s firms in the Philippines, especially in the blue-chip firms Philippine Long Distance Telephone Co. (PLDT) and Meralco. (The other Filipino director in First Pacific is Napoleon Nazareno, who gets P14 million monthly from First Pacific.)