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4 Lopez firms in gov’ts list of top taxpayers

By Myrna M. Velasco

Four Lopez power generation companies are in the roll of top 100 taxpayers in the country, based on compiled list of the Department of Finance.

These companies are under First Philippines Holdings Corporation (FPH), which is the parent firm of the Lopez conglomerate with diversified businesses in power, media, real estate, healthcare and manufacturing, among others.

At the level of its parent firm FPH, it was noted that total tax payments of the Lopez group from last year’s financial performance reached P5.18 billion.

In the power segment of its business, First Gas Power Corporation ranked 20th in the top taxpayers’ list; its FGP Corp was on 38th place; then Energy Development Corporation (EDC) at 96th; and Green Core Geothermal Inc. at 98th spot. All companies are direct subsidiaries of First Gen Corporation.

First Gen is among the leading electricity producers in the country with aggregate portfolio of 3,492 megawatts in installed capacity – and technologies spanning gas, geothermal, solar, wind and hydro.

Its subsidiaries First Gas and FGP Corp operate two of the country’s major gas-fed electric generating facilities – the 1,000MW Santa Rita and 500MW San Lorenzo power plants. Its other gas-fired generating assets are the 414MW San Gabriel and 97MW Avion plants.

The other subsidiary EDC is predominantly into geothermal-anchored electricity generation; and it is one of the major players in the world in that technology sphere.

Other than geothermal, EDC also ventured in wind and solar installations that had been incentivized with feed-in-tariff (FIT) that was dangled by the government under the Renewable Energy (RE) law.

The Lopez group is all out on its investment leaning toward clean energy technologies – with it judiciously avoiding ventures in fossil fuel developments as it believes that the future of the energy sector must be in sync with the health of the planet.

In the gas sector, one major near-term investment plan of the company is to set up the country’s first liquefied natural gas (LNG) import facility – starting with a floating storage regasification unit (FSRU) and eventually evolving into a more permanent onshore terminal.

Sustaining gas fuel for the country’s existing power plants as well as the targeted greenfield developments is among the investment framework being pushed both by the private sector and government, with anticipated production decline of the Malampaya field and its subsequent service contract lapse in 2024.

First Gen’s LNG import facility project should have started construction in June, but because of the coronavirus pandemic, this shall be moved to a timeframe that shall be cast with the approval of the Department of Energy.


Source: Manila Bulletin (https://business.mb.com.ph/2020/06/01/4-lopez-firms-in-govts-list-of-top-taxpayers/)

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