E.2.16
Does the Remuneration Committee comprise of a majority of independent directors/commissioners?
Response
YES. The Remuneration committee is composed of a majority of independent directors.
The incumbent members are:
1. Antonio Jose U. Periquet - Chairman/Independent Director
2. Honorio O. Reyes-Lao - Member/Independent Director
3. Ma. Edwina C. Laperal - Member/Executive Director
Reference:
1. Website - Disclosures/SEC 17-C, Board Meeting Results, May 14, 2015