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Manila Bulletin devider Business devider The Stock Market devider Family feud ceasefire: Lopez majority bloc opens door for mediation

Family feud ceasefire: Lopez majority bloc opens door for mediation

Published May 14, 2026 12:18 pm  |  Updated May 14, 2026 02:15 pm
Members of the Lopez majority, representing 71 percent of the family holding company, withdrew their February resolution to oust Lopez, citing a desire for family mediation.
Members of the Lopez majority, representing 71 percent of the family holding company, withdrew their February resolution to oust Lopez, citing a desire for family mediation.
The controlling shareholders of Lopez Inc. moved to de-escalate the boardroom battle on Thursday, May 14, by withdrawing a months-old resolution that sought the immediate removal of Federico “Piki” Lopez as president and chief executive officer (CEO).
In a statement, the 71 percent majority bloc of the family-led holding company confirmed it had rescinded the Feb. 27, 2026, resolution, thus opening a window for a private mediation among family members and mitigating further fallout from a legal dispute that has played out in the public eye.
The matter currently rests with the Court of Appeals, where the majority is seeking to lift an existing injunction that had previously blocked the ouster.
“The withdrawal presents an opportunity for the whole family to step back, re-consider their adversarial positions, and look for options that are least injurious to the family, the Lopez group, and the investing public,” the statement said.
It added that, “Harm has been done to everybody. Reputational damage is there. Our family has been in a fishbowl with everybody looking in. Agreements have been signed with undeserved financial penalties, especially for the investing public.”
However, while the majority is open to a ceasefire subject to a reasonable expectation of a fair compromise and access to information, it pointed out that the group is more than ready to ramp up its efforts to protect its legal and pecuniary interests if there is none.
The Lopez majority had removed Piki as president and CEO in a 5-2 board vote in accordance with its by-laws, which allow the removal of any of its officers with or without cause.
In Piki’s case, the majority said it lost its trust and confidence in him after he, through First Gen Corporation, entered into ₱125-billion deals without any authority from the majority.
During the course of the dispute, the majority group discovered “poison pills” in the agreements between First Gen and Prime Infrastructure Capital that would penalize the Lopez group and shareholders of First Gen up to ₱24 billion should Piki be removed from his job.
They later pointed out that there is actually a third poison pill to ensure the retention of Piki as Chairman and CEO of First Philippine Holdings Corporation (FPH) and its subsidiaries led by First Gen.
The third poison pill is in the form of a provision in the ₱25-billion standby letter of credit FPH obtained from BDO Unibank to fund First Gen’s ₱62-billion investment in Prime Infra’s hydropower business. 
The loan covenant provides that replacing FRL will trigger defaults in the loan agreements of the entire FPH group including Energy Development Corporation, 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. (James A. Loyola)
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