New compensation scheme up for WESM transition team

A new set of compensation scheme has been approved by the board of the Philippine Electricity Market Corporation (PEMC) for the five-man transition committee that shall be manning the Wholesale Electricity Spot Market (WESM) over a seven-month period.

For Oscar E. Ala, who sits as chief executive officer (CEO) and chairman of the PEMC transition team, he was given go-signal to receive remuneration of R200,000 monthly.

Lawyer Francis Saturnino C. Juan, who is the designated chief operating officer (COO), will be receiving compensation of R175,000 monthly; while other transition committee members Jose M. Layug Jr., Rauf A. Tan and Jose Mari T. Bigornia had been allocated R150,000 monthly salary.

Under Resolution No. 2017-25 of the PEM Board, it stated the approval of the salaries of the interim management team, net of tax “effective August 1, 2017…for their services to PEMC.”

It was similarly prescribed in PEMC Board Resolution No. 2017-24, the Board’s approval on “the grant of midyear bonus to PEMC employees equivalent to one month basic pay, subject to tax.”

Apart from the new compensation levels set for the transition team, the board of the WESM operating entity similarly approved the reorganization and re-assignments of vice presidents of the company under Resolution No. 2017-23.

The restructured team comprises of: Rachel Angela P. Anosan, corporate secretary and vice president of legal department; Robinson P. Descanzo, vice president for trading operations department; Carlito C. Claudio, vice president for market assessment group; and Criselda S. Martin-Funelas, vice president for enforcement and compliance office.

Also named into the management team had been: Salvador D. Subaran, vice president for information systems and technology department; Celina R. Encarnacion, officer-in-charge of Corporate Services Department; and Isidro E. Cacho, Jr,, officer-in-charge for corporate planning and communications.

Additionally, the PEMC Board has detailed Claudette G. Ubaldo-Dema, Marissa P. Gandia and Chrysanthus S. Heruela to the Office of the President/ Transition Committee.

The board had then authorized the transition committee “to implement this resolution and determine actual effectivity of the re-assignments to ensure proper turnover of work among all concerned officers.”