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Manila Bulletin devider Business devider The Stock Market devider Lopez family feud escalates with claim of third 'poison pill'

Lopez family feud escalates with claim of third 'poison pill'

Published May 6, 2026 12:37 pm  |  Updated May 6, 2026 02:21 pm
Federico “Piki” Lopez
Federico “Piki” Lopez
The majority faction of the Lopez family has escalated its corporate battle for control of their business empire, claiming to have uncovered a third “poison pill” provision designed to entrench First Philippine Holdings Corp. (FPH) Chairman and Chief Executive Officer Federico “Piki” R. Lopez.
In a statement, the family group said the newly discovered clause is embedded in a ₱25-billion standby letter of credit obtained by FPH from Sy-led BDO Unibank Inc.
The facility was secured to back First Gen Corp.’s scaled-down ₱61.875-billion investment in the pumped-storage hydropower business of Enrique Razon Jr.’s Prime Infrastructure Capital Inc.
According to the family majority, the loan covenant provides that replacing Piki will trigger defaults in the loan agreements of the entire FPH group, including Energy Development Corp., First Balfour, and First Gen.
Once in default, the companies must pay their loans forthwith or pay penalty rates, among other things. It would make it harder for them to borrow, stunting their operations as a result.
The controlling family faction described the BDO loan covenant as “booby traps against the very companies he (Piki) is supposed to protect.”
They asked if there were more hidden poison pills and noted that, if the BDO poison pill is triggered, Piki’s own branch of the Lopez family will stand to lose billions of pesos.
“He has in effect threatened to torch the very house that sheltered him all these years. In fact, his family branch which owns 29 percent of the Lopez group, would also lose billions, all for one reason: Piki must not lose his job,” they added.
The family majority said it was neither consulted nor informed about these investments and credit facilities, and had been unsuccessful in getting more information and documents from Piki about them.
The first two poison pills are also designed to penalize, not protect, the companies under FRL if he is removed: Prime can buy First Gen’s ₱50-billion stake in Prime’s gas project and ₱62-billion stake in its hydropower power business at a 25-percent discount or a total loss of around ₱24 billion.(James A. Loyola)

Related Tags

Federico Lopez BDO Unibank Inc. Energy Development Corp. (EDC) First Philippine Holdings Corporation First Gen Corporation
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