Short answer. No. Article 82 excludes managerial employees from the Title that governs hours of work, rest days, holidays and the premiums attached to them. But the exclusion depends on what the employee actually does, and the article defines managerial employees by their primary duty rather than by their title.
What the law says
"managerial employees" refer to those whose primary duty consists of the management of the establishment in which they are employed or of a department or subdivision thereof, and to other officers or members of the managerial staff.
Labor Code, Article 82 — Who Is Covered. Read the full provision →
What the exclusion actually removes
The article excludes certain employees from the provisions of this Title, which is the part of the Code dealing with working hours, overtime, rest days, holidays and the premium rates that go with them. It does not put a manager outside the Labor Code, and it does not touch security of tenure, wages properly earned, or the rules on dismissal. So a managerial employee who is not paid overtime is in a different position from one who is dismissed without cause; only the first of those is answered by this article.
Managerial is a job, not a rank
The definition looks at primary duty: management of the establishment, or of a department or subdivision of it. Primary means the main thing the person does, not one of several things listed in a job description. The clause also reaches other officers or members of the managerial staff, which is where much of the argument in real cases sits. What settles it is the substance of the role — what you decide, what you may approve, who answers to you — rather than the wording on an identification card.
The other exclusions in the same list
Managers are one of several categories the article puts outside the Title. It also excludes government employees, field personnel, family members of the employer dependent on him for support, domestic helpers, persons in the personal service of another, and workers paid by results as determined by the Secretary of Labor. Employers sometimes reach for whichever label fits an employee least badly, so it is worth knowing which one is being claimed against you. Each has its own definition, and each has to be made out on the facts.
How to test your own case
Set the claim beside the day. Write down what you spend your working hours doing, in what proportions, and what you are actually permitted to decide without approval. Then compare that with the organisational chart, your job description and your appointment letter. Where the paper says management and the day says routine work under someone else's supervision, the paper is the weaker of the two. Keep payslips and time records as well, since an overtime claim needs the hours as much as the classification.