has multiple issues . please help improve it or discuss these issues on the talk page . learn how and when to remove these template messages this article contains content that is written like an advertisement . please help improve it by removing promotional content and inappropriate external links and by adding encyclopedic content written from a neutral point of view . october 2013 learn how and when to remove this template message this article needs additional citations for verification . please help improve this article by adding citations to reliable sources . unsourced material may be challenged and removed . october 2013 learn how and when to remove this template message learn how and when to remove this template message first philippine holdings corporation type public pse fph industry power manufacturing property founded june 30 1961 headquarters pasig city philippines key people oscar m. lopez chairman emeritus federico rufino lopez chairman and ceo elpidio l. ibanez president ernesto b. rufino cfo revenue us 538 million fy 2013 operating income us 188.59 million fy 2013 net income us 93.06 million fy 2013 total assets us 6.35 billion fy 2013 total equity us 2.80 billion fy 2013 number of employees 86 citation needed subsidiaries manila electric company first gen corporation first philippine electric corporation first philippine industrial park rockwell land corporation website fphc.com first philippine holdings corporation fph is a management and investment company whose major business is power generation and distribution with strategic initiatives in manufacturing and property development . in its 50 years it has pioneered and managed some of the country s best companies who are market leaders in their key industries . fph is a member of the lopez group of companies . its power generation subsidiary first gen corporation first gen is a renewable energy producer with power plants that use geothermal hydro and natural gas for fuel . today it has a total installed capacity of 2 832.6 mw or 18.2 % of the country s total installed capacity . first gen manages the world s second largest geothermal power producer energy development corporation which searches for indigenous low carbon energy alternatives . fph s manufacturing subsidiary first philippine electric corporation first philec operates the country s first large scale silicon wafer slicing facility called first philec solar corporation fpsc which supplies some of the world s leading photovoltaic companies . fpsc is a joint venture of first philec and sunpower corporation an established global technology leader in the solar industry . in property development fph expands its reach through rockwell land corporation rockwell land and first philippine industrial park fpip . fph maintains its corporate headquarters at the 4th floor of the benpres building in ortigas center at pasig city philippines . contents 1 the founder 2 history 2.1 the first decade 1961 1970 2.2 the second decade 1971 1980 2.3 the third decade 1981 1990 2.4 the fourth decade 1991 2000 2.5 the beginnings of the fifth decade 2001 present 2.6 management and employees 2.7 corporate governance 2.7.1 corporate initiatives 2.7.2 corporate social responsibility 2.8 wellness 3 major investments 3.1 power generation 3.1.1 subsidiaries 3.2 power distribution 3.2.1 subsidiaries 3.3 infrastructure 3.3.1 subsidiaries 3.4 manufacturing 3.4.1 subsidiaries 3.5 property 3.5.1 subsidiary 3.5.2 other subsidiary 3.6 other subsidiaries 4 references 5 further reading the founder edit in the 1950s then president carlos garcia pushed for a larger filipino role in the nation s economic activities . among the many filipino entrepreneurs whose businesses flourished in this period was don eugenio lopez sr. don eugenio a businessman who would soon establish a conglomerate that would become first philippine holdings corporation . lopez graduated from the ateneo de manila university in 1919 with an ab degree cum laude . he went on to study law in the university of the philippines and after passing the bar exams he underwent a year of post graduate studies in law at harvard university . lopez had various businesses . in 1932 he established the iloilo negros air express company . he also made his mark in sugar milling with the acquisition of the binalbagan isabela sugar company biscom . he was a power in media owning the manila chronicle newspaper and abs cbn broadcasting corporation the philippines largest media conglomerate . he was also one of the founders of the philippine commercial and industrial bank pci bank . but in 1962 he bought the biggest company in the philippines meralco . history edit the first decade 1961 1970 edit fph timeline 1961 on june 30 don eugenio and other leading businessmen form meralco securities corporation msc the forerunner of first philippine holdings corp. msc was the corporate vehicle that acquired the manila electric company from its american owners . 1966 in october msc puts up a business development group headed by oscar m. lopez to guide an expansion and diversification program . 1967 in march msc organizes the meralco securities industrial corp. to build pipelines carrying petroleum products from batangas to metro manila . also msc begins to acquire a controlling stake in pcibank . 1969 msc establishes the engineering and construction corporation of asia ecco asia a construction company . it receives the electromechanical contract to build the bataan nuclear power plant and other napocor contracts . 1970 msc completes the payment for meralco several months ahead of schedule . in october it inaugurates the philec plant in taytay rizal . 1972 on september 22 president ferdinand marcos declares martial law . 1973 on november 29 don eugenio is forced to hand over his controlling stake in msc and meralco to the dictatorship . 1975 don eugenio dies of cancer in san francisco california on july 6 . meralco agrees to the eventual sale of its transmission lines and major plants . 1977 msc is renamed first philippine holdings corporation . 1983 benigno aquino jr. is assassinated upon his arrival in the philippines . the country plunges into deep economic and political turmoil . 1986 the edsa 1 revolution topples the marcos regime . in april oscar m. lopez assumes the presidency of first holdings . during this period the company undertook the process of regaining its meralco shares . 1987 the company begins the long and tedious process of recovering a portion of its meralco stake and the settlement of its debt to the development bank of the philippines . 1989 the power crisis begins to be felt . first holdings goes into power generation in response to the crisis . 1990 sandiganbayan opposes mechanism of first holdings benpres mfi and malacanang for the privatization of meralco . first holdings files a motion with the supreme court to overturn the sandiganbayan decision . 1991 on november 24 first holdings creates first gas power corp. to generate power through natural gas . first holdings allies with shell siemens and others to build a power plant in batangas . 1994 on november 24 first holdings creates first gas power corp. to generate power through natural gas . first holdings allies with shell siemens and others to build a power plant in batangas . the bauang power plant is inaugurated a year later . 1997 first holdings opens the first sumiden plant in laguna a joint venture with sumitomo . in november it forms first philippine balfour beatty with balfour beatty . 1998 first holdings goes into toll roads with manila north tollways . 2001 oscar lopez is awarded management man of the year by the map for turning around first holdings . the company also marks its 40th year of service on june 30 and consolidates its power generation assets in first gen. 2002 first holdings becomes the first filipino holding company to be certified against the iso 9001 2000 standard . it takes the lead in mobilizing funds for the nlex project and increases its stake in fpidc . 2003 san lorenzo gas fired plant completes its first full year of commercial operations and first gen sells its equity in panay power corporation . 2004 first holdings is cited in asia money magazine s best companies poll for the philippine small market capitalization category . 2005 mntc starts commercial operations of the nlex . 2006 first gen goes public . 2007 first holdings earns its highest revenues and net income in its 47 year history . its revenues hit an all time high of p59 .6 billion while its net income was p8 .7 billion . 2008 the government service insurance system sells meralco and agrees to share its 27 % stake to food and beverage conglomerate san miguel corporation at an estimated amount of p27 billion . 2009 first holdings sells 20 % of its ownership in meralco to pldt . the company also received an integrated management systems ims certification and a gold award in the 2008 corporate governance scorecard . meralco was so large that many filipino businessmen believed that its acquisition by a filipino was nearly impossible . by 1960 meralco was worth 66 million and served more than 360 000 customers . in 1961 fortune magazine cited that the company s operations and equipment were comparable to the best us power firms . but although meralco was a stable and highly profitable enterprise the government s decree of pushing for more filipino participation in the business prodded general public utilities gpu president albert f. tegen to find a buyer for the company . tegen approached a number of the leaders in the manila s business community including the araneta zobel group which balked at buying only 5 % of the company . eventually the key people involved in the buyout of the company tegen and roberto t. villanueva biscom s chairman of the board crossed paths in new york . villanueva was pursuing the owners of victorias milling company a negros based sugar company to make an offer for their firm . however the owners remained unwilling to sell . knowing that villanueva was instrumental in the successful filipino buyout of several companies tegen asked him to explore the possibility of the lopez group buying meralco . even lopez knew how risky the meralco deal would be for none of his previous business acquisitions amounted to its sale price . buying meralco and running it well required tremendous capital managerial talent and personal focus . but don eugenio was a visionary he recognized the opportunities in the power industry . two syndicate of banks were established to handle this big transaction one was a us bank headed by citibank and another local bank headed by pci bank . the lopez group paid a 10 % down payment and the balance was paid over a 10 year period . so on june 8 1961 tegen and villanueva signed a preliminary agreement between gpu and the lopez group . lopez needed a new corporate entity to take over the meralco assets . two days after meralco securities corporation msc was established . it was principally organized to acquire ownership of the manila electric company and manage its business . in the years that followed msc went beyond being an acquisition and management tool for meralco it also became an important company in its own right . initially its capital stock was at php 450m and the number of initial stakeholders was 605 . its 14 initial incorporators comprised some of the brightest businessmen at that time rafael anton salvador araneta antonio delgado senen gabaldon emilio gonzales la o ricardo ledesma eugenio lopez eugenio lopez jr. geny alfredo montelibano ernesto oppen jr. ernesto rufino sr. jose soriano dolores de tuazon and roberto villanueva . for the first few years msc had no independent life ; its fate was tied to the success of meralco . because it was primarily focused on acquiring meralco it was virtually unknown . but after 1966 msc s time to shine came . up to 1962 meralco was greatly dependent on the national power corporation napocor for 35 % of its