fph timeline.docx

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FPH Timeline[hide]

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 Companyfrom 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.
http://en.wikipedia.org/wiki/First_Philippine_Holdings_Corporationhttp://en.wikipedia.org/wiki/First_Philippine_Holdings_Corporation


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1977

MSC is renamed First Philippine Holdings

Corporation.

1983 Benigno Aquino Jr. is assassinated upon

his arrival in the Philippines. The countryplunges 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 thePhilippines.

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 powerthrough 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 FirstPhilippine 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


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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 NLEXproject 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.

2006First 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 atan 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.

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