Business News
Tuesday, 02 June 2009 11:38    Print
FPHC: Moving forward today for tomorrow
FIRST Philippine Holdings Corporation (FPHC) held its annual stockholders’ meeting at the Meralco Theater, with chairman and CEO Oscar M. Lopez (OML) presiding.

In his message, OML explained how the global financial and economic crisis hampered the company’s capital raising efforts and necessitated it to sell its entire stake in the toll roads business as well as a major part of its investment in Meralco.

But, OML said, he was confident that FPHC will emerge from this period “uniquely positioned to take on the formidable challenges ahead.” He explained how the company continues to focus on creating value by its emphasis on clean and renewable energy alternatives throughout its business portfolio.

“I am absolutely encouraged by the great (value) potential of FPHC as a total energy company, a leader not just in power generation, but in the development and use of clean and renewable sources of energy—our energy for the future,” OML stressed.

President and COO Elpidio L. Ibañez stated that the company had to make difficult but necessary decisions to realign its portfolio and strengthen its balance sheet.

“First Holdings will continue to devote efforts in paring down debt and restoring financial strength and flexibility, while focusing on growing our investment in First Gen Corporation, through Energy Development Corporation,” he said. (Benjamin Lopez)

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