Inside the Lopez Empire: Piki Secures Control of the Family's Power Crown Jewels

When Eugenio “Gabby” Lopez III sold his branch's stake in the family's private holding company to San Miguel Corporation chairman Ramon S. Ang in August, it looked like an outsider had finally bought his way into the house the Lopezes built. But the real story is more layered. Ang bought into Lopez Inc., a private vehicle holding prestige and voting shares. The actual wealth, the power plants that light a fifth of the country's homes, sits three levels below. On Friday, September 25, Federico “Piki” Lopez emerged from First Philippine Holdings Corporation's (FPH) long-delayed board election with his leadership firmly intact, securing control of the family's operating empire.

Why the Lopez cousins fought for months

To understand the acrimonious standoff between the third-generation cousins, follow the cash. Over the past two decades, the family surrendered Meralco to Manuel V. Pangilinan's group, weathered the loss of ABS-CBN's broadcast franchise in 2020, and carried heavy debt. What remained standing and thriving was FPH, the group's cash engine.

Three businesses account for most of FPH's value. Energy Development Corporation (EDC) is the jewel within the jewel, with nearly 1,300 megawatts of geothermal capacity from volcanic fields in Leyte, Negros, Bicol and Mindanao. Since the Lopez group acquired EDC from the government in 2007, more than P200 billion has been invested in the geothermal business, according to FPH president Giles Puno.

First Gen Corporation is the group's primary energy platform, built over three decades into a portfolio of geothermal, hydro, wind and solar. In 2025, First Gen sold 60% of its natural gas business to Enrique Razon's Prime Infrastructure, freeing capital for expansion, including roughly P62 billion into two pumped-storage hydro projects in Rizal and Laguna. Roughly 92% of First Gen's asset base is now in renewables.

Alongside them sit Rockwell Land and First Philippine Industrial Park (FPIP) in Batangas, which hosts 159 locators employing more than 73,000 people. In 2025, FPH posted record consolidated net income of P31.7 billion on revenues of P84.7 billion, although that included a one-time gain from the natural gas sale. Recurring net income was P15.1 billion.

How control flows through the Lopez corporate pyramid

The September 25 stockholders meeting of FPH was a direct sequel to the September 14 showdown at Lopez Holdings Corporation. The vertical architecture is key. At the apex sits Lopez Inc., the private vehicle where Gabby's Crème Investment sold its 25.68% stake to Ramon Ang. One floor down is Lopez Holdings, 54.74% owned by Lopez Inc. Below that is FPH, 60.67% owned by Lopez Holdings. Below FPH, the structure branches into First Gen, EDC, Rockwell and the rest.

At the September 14 meeting of Lopez Holdings, Piki remained chairman and CEO, while his brother Jay took over as president and COO. Their sister Mercedes “Cedie” Lopez-Vargas took another board seat, strengthening the Oscar Lopez branch's hold. When the votes were counted on September 25, Piki was re-elected chairman and CEO of FPH, his brother Benjamin remained vice chairman, and Giles Puno was reappointed president and COO. Piki also kept the chair of both the executive committee and the finance and investment committee.

What happened in the FPH boardroom

The composition of the new 15-member board showed the controlling shareholder's reach. Roberta “Berta” Feliciano, a director from Gabby's side, had resigned in August following the Crème sale. Shareholders then elected Lee Benjamin Z. Lerma, a corporate lawyer, to the board. Minutes later, at the organizational meeting, Lerma resigned “as decided by and agreed with the company's major stockholder.” The board filled the vacancy the same afternoon with Victor Emmanuel B. Santos Jr., an executive vice president whose name had not appeared among the candidates.

The cash choke point at the heart of the dispute

The dispute did not start over green ideology. It started over cash. After ABS-CBN's shutdown, the media company faced mounting losses and needed billions in capital. The holding companies depended on dividends flowing up from FPH. But FPH routed a steady P567 million a year in dividends up to Lopez Holdings. Lopez Holdings, after its own overhead, declared its regular dividend, distributing roughly P452 million. Lopez Inc., with 54.74%, received only about P247 million.

Billions were being generated below, but only a fraction made the entire journey up. FPH is a publicly listed company whose shareholders include the Social Security System, which owns 6.62% and invests retirement contributions of ordinary Filipinos. Its directors owe duties to the corporation and all shareholders, not simply the Lopez family.

Gabby's side found another way to raise cash. Days after the Crème sale, ABS-CBN announced a P6-billion rescue package. P2.2 billion would come from Gabby and the other majority cousins, outside investor I&C Holdings committed P3.5 billion, and Lopez Inc. would put in another P300 million.

No shortcuts at First Gen

The distinction between owning shares and controlling a company became clearer one floor below. KKR, the American private equity firm, sold its roughly fifth of First Gen to Angsana Finance Limited for about P25.8 billion, or P36 a share. The question was whether Angsana had bought a path into the boardroom.

Puno answered directly: “Because KKR acquired its 19.9% stake in First Gen directly from the secondary market, no shareholder agreement was established with FPH. Consequently, Angsana did not obtain any special or contractual governance rights through its purchase of KKR's holdings, maintaining only the standard statutory rights granted to minority shareholders under the Revised Corporation Code of the Philippines.”

In plain English: P25.8 billion bought Angsana almost one-fifth of First Gen. It did not automatically buy a seat in the boardroom.

What the cousins inherited

The Lopez cousins' war did not produce a neat reconciliation. It changed who owns what at the top, while clarifying who controls much of what lies underneath. Gabby's branch converted part of its inheritance into cash, some of which went toward keeping ABS-CBN alive. Piki remained at the helm of Lopez Holdings and FPH. Farther down, FPH continues to control First Gen, which controls EDC.

The legal fight is not entirely over: Piki's contempt petition against 4 Lopez Holdings directors remains pending before a Mandaluyong court. But when he addressed FPH shareholders on Friday, Piki did not mention the family feud. Instead, he talked about inheritance. “Each generation inherits the results of choices made before it,” he said. “Each generation's choices determine what it leaves behind.”

The three-generation Lopez cousins spent much of 2026 fighting over that inheritance. Gabby's branch turned part of it into cash, and put some toward keeping ABS-CBN alive. Piki Lopez is securing control over what remains below.

Frequently asked questions

Who controls First Philippine Holdings Corporation now?

Federico “Piki” Lopez remains chairman and CEO of FPH after the September 25 board election, with his brother Benjamin as vice chairman and Giles Puno as president and COO. His branch of the family controls the board and key committees.

What did Ramon Ang actually buy from the Lopezes?

Ramon Ang bought Gabby Lopez's branch's 25.68% stake in Lopez Inc., the private family holding company. This does not give him direct control of the operating businesses like First Gen or EDC, which sit several corporate levels below.

Why was the FPH board election delayed?

The election was delayed for months amid a proxy dispute between Piki and the majority cousins at Lopez Inc. The Securities and Exchange Commission ordered the election to proceed subject to a preliminary injunction issued by the Mandaluyong Regional Trial Court.

How much did Angsana pay for KKR's stake in First Gen?

Angsana Finance Limited paid about P25.8 billion, or P36 a share, for KKR's roughly 19.9% stake in First Gen. The purchase came with standard minority shareholder rights but no special governance agreements.