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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.

2010

Fellow Stockholders and Staff-members, Partners, Friends and Other Stakeholders of First Philippine Holdings Corporation, Ladies and Gentlemen:

Good afternoon to all of you and welcome to our 48th Annual Stockholders’ Meeting.  Since my return to the management of First Holdings shortly after the EDSA Revolution in 1986, this will also be the 25th annual stockholders’ meeting that I will be presiding over as chief executive officer of the Corporation.  There are reasons why, years from now, I may look back on this day and meeting with nostalgic attachment, for reasons I will tell you about in a short while.

There are many things we have to cover this afternoon and, should you have questions about aspects of our businesses and financial results, we will do our best to provide you satisfactory answers.  So let’s proceed to the business at hand.

This year I would like to do something a little different from the manner by which I have rendered my report in past years.  I would like to start by announcing a decision that I have reached, and let things flow from there.

A few weeks ago, during a celebratory dinner hosted by various companies that I head to help me celebrate my 80th birthday, I announced to the officers, staff members and guests that I intended to step down, or aside, if you will, as Chief Executive Officer of First Philippine Holdings Corporation on June 12, 2010.  Apart from being our National Day, June 12 will mark the 82nd anniversary of the establishment of E & F Lopez Inc. by my father Eugenio Sr. and his brother, Fernando, E & F was the forerunner of our Lopez Group of Companies today.  For us, therefore, it has always been an auspicious date.

I have submitted my letter to the Board of Directors, through the Vice-Chairman, expressing my desire to relinquish my position as Chairman and CEO. I have recommended that Federico R. Lopez be elected as the next Chairman and CEO of First Holdings. Federico, or Piki, has been with the company for the past 22 years and was appointed as Managing Director for Energy in 2008 when Peter Garrucho opted to retire.

 To be sure, I do not want to step completely out of the picture.  I would like to remain active as you Chairman Emeritus so that I will still be in a position to contribute to the Corporation, especially with regards to  the long term strategy of this Company.  How we determine and give rise to that will also have to be done in accordance with established protocols in our organizational meeting of our new Board of Directors following our stockholders meeting this afternoon.

Therefore, this will probably be the last time that I address you as your Corporation’s regular Chairman and Chief Executive Officer and I hope you will indulge me if my remarks sound a bit like a valedictory address.

(To view the entire speech of Mr. Lopez, please click on the file below.)
FPHC Chairman’s Remarks at the 48th Annual Meeting