Ambassador Manuel M. LopezAmbassador Manuel M. Lopez (AMML), chairman of Lopez Holdings Corporation (LPZ), expressed confidence in the economy’s growth potentials and in the ability of the Lopez Group to benefit from it.
Speaking before LPZ stockholders at their annual meeting held in Rockwell Center, AMML noted that “the Philippine economy is starting to draw the interest of investors around the world.”
AMML said that the Philippines has in fact been included in a list of up-andcoming countries which have been called the “breakout nations” by a Wall Street expert on emerging economies.
An upgrade of the country’s sovereign rating by Moody’s and a much better than expected GDP growth rate for the second quarter this year, AMML said, heralds the growing optimism in our business sector, even as anticorruption reforms promise a more robust economy.
In this milieu, AMML sees the major investments of Lopez Holdings in ABS-CBN Corporation and First Philippine Holdings Corporation (FPH) performing creditably. He expects ABS-CBN to maintain its ratings leadership locally and globally as it delivers news and entertainment content on multiple platforms. He also announced that ABS-CBN is set to launch digital television broadcast in the Philippines and is just waiting for government approval to do so.
Fulfillment of ABS-CBN mission
AMML lauded ABSCBN’s continued fulfillment of its mission to serve Filipinos all over the world. “ABS-CBN Global offered innovative tier packages to address the needs of subscribers adversely affected by the situation in the Middle East and Japan and, to some extent, in the US.”
The ambassador cited FPH’s marking of its 50th anniversary in 2011. He said FPH might participate in the government’s public-private partnership program involving power plants. Also noteworthy, AMML said, is the signing of a deal by FPH associate First Gen Corp. with an Australian company to codevelop geothermal resources in Chile and Peru. First Gen is also considering Indonesia as a possible expansion site.
AMML reported that Lopez Holdings itself completed its debt restructuring process which began in 2002. “Our efforts were rewarded as the stock market anticipated our success with the stock price of Lopez Holdings reaching an intra-day high of P6.95 in May 2011.” After the tender offer for LPZ unrestructured debt was completed in September 2011, the board approved the first cash dividend of Lopez Holdings since becoming a publicly listed company in 1993. “Although the rate was a modest P0.10 per share, it was symbolic of corporate recovery, following years of utilizing the company’s cash and resources in solving its debt problems.”
Lopez Group commitment
AMML renewed the commitment of the Lopez Group to the development of the Philippines, aware that only a prosperous people can be truly free. “We have always united ourselves with our people’s aspirations for a better tomorrow, putting ourselves at their service: to provide them with services that improves the quality of their lives; to inspire them with the best in Filipino talent and ingenuity; to provide them with clean, indigenous and/or renewable energy; to be their tool for investing in all that is good in our country.”
AMML declared that the Lopez Group “looks to the future with hope and anticipation of better times for our country and people. We remain focused on growing our current businesses to reach more Filipinos and contribute to their well-being. We respond to the needs of our nation with integrity and responsibility.”
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