FIRST PHILIPPINE HOLDINGS IS A CORPORATION THAT IS CONSTANTLY IN ACTION. WE’RE ALWAYS TRYING TO FIND WAYS TO DELIVER FOR OUR STAKEHOLDERS AND THE FILIPINO PEOPLE.
In its annual stockholders’ meeting held today, First Philippine Holdings Corporation (FPH), disclosed its first quarter results for 2011. Total net income amounted to P1.4 billion, while net income attributable to Parent was at P567 million. In 2010, net income attributable to Parent amounted to P24.6 billion on account of the P23.6 billion gain on sale of the Meralco shares.
FPH president and chief operating officer Elpidio L. Ibañez said, “We chose to expand our power generation business, a less regulated but more competitive sector. Likewise, we increased our investments in solar wafer manufacturing and property development, businesses with big global and local players. We will have to compete with these strong players. But we have the organization; we have the people; and now we have the balance sheet.”
As FPH grows, it will continue to align its strategic goals with that of the country. In the power business, FPH is positioned to compete internationally, by bringing in the geothermal expertise of subsidiary Energy Development Corporation (EDC).
In the growing solar photovoltaic (PV) industry, FPH subsidiary First Philec Solar, is among the best producers of silicon wafers. It supplies some of the world’s leading PV companies by helping them improve performance efficiencies and drive costs down.
Through First Philippine Industrial Park, FPH creates a platform to attract firms to invest and locate their manufacturing businesses in the Philippines and make it easy for them to access the country’s best resources. At Rockwell Land, FPH raises the bar for real estate development in the country by developing brands that are synonymous with success and high-end quality.
As a mark of its exemplary performance in the 2010 Corporate Governance Scorecard, FPH received a platinum award from the Institute of Corporate Directors. The platinum award is a new category for companies that have accumulated three consecutive gold awards (ranked 95% or higher). Other Lopez Group companies who received awards were: Lopez Holdings Corporation, ABS-CBN Corporation, EDC (gold awardees) and First Gen Corporation (silver awardee).
In anticipation of the company’s 50th anniversary this year, FPH chairman and chief executive officer Federico R. Lopez revealed the company’s new logo. “Our new logo has us envision a green road through vibrant blue oceans and leading towards a golden sunrise. We want the imagery to be a constant reminder that as we seek growth we must plan to ingrain sustainability in the business models we choose, that in the spirit of the great explorers, we should incessantly be in search of new blue oceans, never forgetting that staying relevant means we are always watchful, ready and willing to reinvent ourselves for a constantly changing world,” he said.
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