Lopez Holdings



Few families in the Philippines have had a history as colorful and as successful as the Lopezes. Since their beginnings in Iloilo in the early 1800's, the Lopez family members have espoused business excellence, nationalism, and social responsibility.



  • In June, celebrated 25th year as a conglomerate committed to investments that uplift the lives of Filipinos around the globe.


  • Paid all remaining Parent debt to end the year with no direct obligations.


  • In August, conducted a tender offer for remaining unrestructured debt at par. 
  • In September, accepted and paid tenders for US$ 13.966 million of the Eurobonds and P785.3 million of Long-Term Commercial Papers. Unrestructured obligations of Lopez Holdings to-date stand at US$ 7.5 million, down from the high of US$ 560 million when the company declared a standstill in 2002. 


  • In June, changed corporate name to Lopez Holdings Corporation from Benpres Holdings Corporation to be more closely associated with the Lopez group.
  • In November, received SEC approval for an equity restructuring which reduced the audited December 31, 2009 accumulated losses by P6.76 billion to P937 million. 


  • In August, bought back US$ 260 million of debt from the Avenue Capital Group at a 35% discount on face value. Thus reducing outstanding debt to US$ 70 million. 
  • Lopez Holdings Corporation also sold entire 24.5% stake in Rockwell Land Corporation to First Philippine Holdings (First Holdings) and also sold shares held in Digital Telecommunications Phils. Inc.


  • In November, together with First Holdings, sold combined stakes in FPII (First Philippine Infrastructure, Inc.), which owns the North Luzon toll roads, to Metro Pacific Investments. Corp.


  • Transferred interests in FPIDC (First Philippine Infrastructure Development Corp.) to FPII, a publicly listed company.
  • In November, First Gen won the bid for the government’s 60% stake in PNOC-EDC. PNOC-EDC is the largest geothermal producer in the Philippines with over 1,100MW of steam capacity


  • Exited from Maynilad, thus removing US$ 150 million of guaranteed debt.
  • In July, Bayan launched its wireless local loop service, its answer to competition’s wireless voice and data.


  • Commercial operations of Manila North Tollways Corporation (MNTC) began in February. Tollways Management Corporation, a wholly owned MNTC subsidiary, was contracted to manage and operate the new North Luzon Expressway.
  • In July, Bayan launched VOIP (voice over internet protocol) and reduced the cost of providing DSL.


  • The Pasig Regional Trial Court approved BayanTel's financial rehabilitation. Creditors have, however, appealed the Court's decision.


  • Panay Power Corporation was sold for P2.3 billion. First Private Power Corporation's 20% share from the sales proceeds was distributed as dividends to its shareholders.
  • Lopez Holdings Corporation sold its 100% equity stake in C-Cubed, a 450 seat-call center.
  • Maynilad sought court protection to enable the company to settle its obligations in due time, sustain the gains of privatization and protect the public interest in the West concession.


  • A Master Consolidation Agreement signed between the PLDT Group and the Lopez Holdings Corporation paved the way for the consolidation of the interests of the respective parties in Home Cable and Sky Vision (SKYCable) in Beyond Cable.


  • Lopez Holdings Corporation entered ventures involved in leading edge technology and intellectual resource development. Interests in the New Economy include outsource contact center operator Customer Contact Center, Inc., geographic information system integrator BayanMAP Corporation, location-based content provider FindME.com.ph (Webcast Technologies) and a minority stake in business-to-business electronic marketplace BayanTrade Dotcom, Inc.


  • To prepare for the eventual deregulation of the Philippine power industry, the Lopez Group established First Gen to consolidate its interests in power generation, including the 225-megawatt Bauang power plant, the 72-megawatt Panay power plant, the 1,000- megawatt Sta. Rita power plant and the 500-megawatt San Lorenzo power plant.
  • Lopez Holdings Corporation and JG Summit jointly sold their shares in PCIBank, ending over a decade-long partnership in commercial banking.


  • First Philippine Pipeline, Inc. was formed by First Holdings as a pipeline subsidiary intended to build and operate an oil pipeline north of Manila.
  • First Philippine Balfour Beatty, Inc., a joint venture between First Holdings and Balfour Beatty, Ltd of UK, was established to pursue construction engineering and construction businesses in the country. ECCO-Asia was absorbed as a wholly-owned subsidiary. 
  • First Philippine Union Fenosa, joint venture formed by First Holdings with Union Fenosa, the second largest utility company in Spain, was established to pursue power projects in the country.


  • First Philippine Industrial Park, a joint venture with Sumitomo Corporation of Japan, was formed to develop a 300-hectare modern, efficient and environment friendly industrial park in Batangas.
  • Panay Power Corporation, a joint venture by First Holdings, together with First Private Power Corporation and Panay Electric Company, was established to construct and operate a 72-MW diesel-fired power plant in Iloilo City.
  • Beyond Cable Debt Restructuring: Beyond Cable shareholders and creditors sign a debt restructuring agreement, which included a US million new money infusion in the form of Convertible Notes.


  • Rockwell Land Corporation undertook the development of Rockwell Center, a 15-hectare mixed-use property in Makati consisting of high-rise residential buildings and a retail center.
  • First Gas Holdings Corporation, a joint venture with British Gas plc was formed. Its subsidiary, First Gas Power Corporation (FGPC), built a 1000 MW gas-fired combined cycle power plant to supply power to Meralco on a build-own-operate basis under a power purchase agreement.


  • First Philippine Infrastructure Development Corporation (FPIDC) is organized as the vehicle for investments in the Manila North Tollways Corporation (MNTC), a joint venture with the Philippine National Construction Corporation and Egis Projects S.A. formerly TransRoute International SA of France, now known as part of the Egis Group. MNTC was to rehabilitate and expand the 83-km Northern Luzon Expressway. MNTC completed the 8.8-km segment known as the Tipo-Subic Road in time for the 1996 Summit of the Asia Pacific Economic Cooperation in the Subic Bay Freeport Zone.
  • Maynilad Water Services Inc., a joint venture with Suez Lyonnaise des Eaux, now known as Ondeo, was established to operate and manage the water and wastewater services of the Western half of Metro Manila.


  • Lopez Holdings Corporation listed on the Manila stock market in a P3 Billion initial public offering.
  • Bayan Telecommunications Holdings Corporation (BayanTel), a joint venture with Bell Atlantic of the USA, was formed to engage in fixed-line, international and domestic long distance services, among other telephone company services.

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Lopez Holdings Corporation 
16/F North Tower, Rockwell Business Center Sheridan, Sheridan St. corner United St., 1550 Bgy. Highway Hills, Mandaluyong City, Philippines

  • Trunkline: (632) 8878 0000
  • Fax: (632) 8878 0000 ext 2009