THEIR overseas counterparts may be getting creamed and losing their jobs but over at Ayala Land, the top officers are looking forward to a 10-percent increase in 2009 compensation.

Ayala Land president Jaime Ayala and 12 other top executives expect this year to receive over P144 million in salaries and bonuses, not counting their stock options, representing a 10-percent rise from their 2008?s combined compensation of P130.6 million (also excluding stock options).

Other than Ayala, the president, (no relation to the Ayalas and the Zobels), members of the lucky 13 in Ayala Land are Vincent Tan, Ma. Victoria Anonuevo, Bernard Vincent Dy, Raul Irlanda, Rex Ma. Mendoza, Emilio Tumbocon, Jaime Ysmael, Arturo Corpuz, Anna Ma. Margarita Dy, Jose Emmanuel Jalandoni, Joselito Luna and Maria Teresa Ruiz.

Despite the deterioration of the economic environment beginning the third quarter, Ayala Land?s 2008 profit of P4.8 billion was still 10 percent higher than 2007?s, on the back of a 31 percent jump in consolidated revenues.

And, despite the net operating income margin sliding to 31 percent from 34 percent the year before, mainly due to the drop in shopping center and construction margins, Ayala Land still managed to increase the lease rates in all its malls by an average of 4 percent to P1,100 a square meter.

As well, Ayala Land also imposed a 12 percent increase in office rents and another 7 percent rent rise for its call-center buildings.

Apparently, even Cebu was also unaffected by the slowdown, or at least not yet in 2008.

Occupancy rate for Ayala Center Cebu rose to 97 percent from 93 percent, despite rental rates being pumped up by 5 percent.

Ayala?s two hotels?Intercontinental in Makati and Marriott in Cebu?also jacked up their 2008 rates by 13 and 9.0 percent, respectively, to an average of P5,491 and P3,462 a day.

Money-go-round

? No less than Energy Secretary Angelo Reyes was the emcee and chief whip at an alumni fund-raising function held by the Asian Institute of Management Friday night.

Among those victimized by Reyes, an AIM alumnus, into coughing up P100,000 contribution each were PLDT president Napoleon Nazareno, SGV chairman David Balangue and Plantersbank chairman Jesus Tambunting.

? Herminio Esguerra of The Herma Group of Companies is launching next week the second, double-hulled tanker, the m/t Masinop, that his Mariveles shipyard has built.

The 12,000-bbl m/t Masinop, which is currently undergoing sea trial, is slated to be chartered by Chevron.

Heard through the grapevine

Asian Hospital is trying to placate the family of A Different Bookstore owner Cristina CuUnjieng-Lopez whose colonoscopy had been botched by a top gastroenterologist of the medical center.

(Web site: www.cocktales.ph; E-mail: cocktales_mst@pldtdsl.net)