Ernie Lopez up Close by Lianne R
Total Page:16
File Type:pdf, Size:1020Kb
July 2005 LOPEZ GROUP 1st Badminton Tournament Contact your HR representative before July 7, 2005 See page 10 for details A desk job like no other Ernie Lopez up close By Lianne R. Padilla ONE of the many companies that make up the ABS-CBN group is ABS-CBN Publishing. It has a powerhouse roster of publica- tions--Metro, Working Mom, Food, Chalk, Pink, Metro Active, Metro Home and Entertaining, Metro Society, StarStudio, The Buzz and Him—all of which helped shape the Philippine pub- lishing industry. OML first Filipino to At the helm of ABS-CBN Publishing as president is Ernesto receive German award...p4 Miguel "Ernie" L. Lopez, a natural-born athlete who learned the ropes of publishing through first-hand experience. From the actual delivery of copies to dealers to burning the midnight oil to beat production deadlines, Ernie paid attention to what the business is all about and took it to heart. Read and get to know the man himself: Was publishing something that was given to you or was it something you really wanted? It was my dad who got me into it in 1992. I was working in a bank before, till my dad pointed me in this direction. One day he just asked me, "Why don't you do this?" I said, okay, and it turned out that I liked it. What is it about publishing that you like? It's the people I work with; they're an interesting bunch. They have their own state- ment. Publishing per se is a very interesting business because teamwork is es- sential, there's no way PHOTO BY EDWIN TUYAY that what one person Turn to page 6 Ernesto Miguel "Ernie" L. Lopez used to work in a bank, but liked the switch to a publishing company Remembering Don Eñing (LOPEZ Link remembers Don Eugenio "Eñ- father's murder must have been traumatic for ing"Hofileña Lopez on the occasion of his the young boy, the subject was something he 104th birth anniversary on July 20.) avoided discussing for most of his life. What is DON Eugenio "Eñing" Lopez belonged to certain is that it didn't stop Eñing and his the Hofileña and Lopez clans of sugar brother Fernando, or Nanding, from persever- planters, the elder of the two sons of Governor ing in their studies and eventually becoming Benito Lopez and Presentacion Hofileña. successful and admired businessmen not only Lopez Group service Eñing was only six years old when his fa- in the Philippines but also in other parts of the ther, then in his early thirties, was shot to death world. awardees... p12 on the orders of a political opponent. While his Turn to page 8 2 LOPEZLINK July 2005 Meralco files 14.76-centavo/kWh rate adjustment To fund capital projects, gain reasonable RORB By Jose Zaldarriaga erage cost of capital or WACC as prejudicing the integrity of its The Supreme Court in a status of the rate adjustment. Lifeline determined by the ERC. electric system. quo order dated January 13, 2004 users, which number around 1.55 MERALCO filed for an average In a May 30, 2003 order, the Since year 2000, the compa- stopped implementation of the rate million as of April this year, repre- rate adjustment of 14.76 centavos ERC allowed Meralco an RORB ny's proposed yearly budget for hike. On June 15, 2004, the High sent around 36.5% of the total per kilowatt-hour before the En- of 15.5% based on its WACC for capital projects have been cut by Court annulled the ERC's provi- number of customers. These cus- ergy Regulatory Commission 2000. Following the same pro- an average of 40% due to finan- sional approval and advised Mer- tomers enjoy monthly discounts (ERC) on May 31, 2005, 1.2 cen- cess used by ERC in its computa- cial constraints. Due to these re- alco to start with a clean slate. ranging from 20% to 50% of their tavos higher than the 13.58-cen- tion, Meralco computed its ductions, the company was un- The proposed increase will be monthly bill," said VP for Utility tavo per kWh increase the power WACC for test year 2004 at able to correct certain system de- reflected as adjustments to the Economics Ivanna de la Peña. firm applied for in October 15.93%. The 14.76-centavo in- ficiencies or to provide additional distribution, supply and metering VP for Corporate Communica- 2003. crease will merely enable Meral- distribution capacity. charge components of the unbun- tion Elpi O. Cuna, Jr. added that The 2003 application was re- co to push up its RORB to reach It will be recalled that on Oc- dled bill. Even with the increase, Meralco customers who were cently withdrawn by Meralco at its WACC for 2004. tober 10, 2003, Meralco filed be- the combined Meralco charges charged the 12-centavo rate hike the ERC. In its petition, Meralco said its fore the ERC an application for a will be less than 18% of the aver- prior to the Supreme Court's sta- The company' s actual return- inability to attain a reasonable 13.58-centavo rate hike. On age Meralco bill. tus quo order will be refunded. on-rate base or RORB for the RORB and generate the corre- November 7, 2003, the ERC "We would like to assure our These customers, numbering year 2004 was down to 11.96%, sponding level of revenues have granted Meralco provisional ap- lifeline consumers, or those con- around 1.8 million, will have or 8.13% after income tax. This is adversely affected its capability proval for a 12-centavo average suming within 100 kWh/month, their refund in full reflected in much lower than its weighted av- to fund required capital projects, increase effective January 2004. that they will not feel the full brunt their bills starting July 1, 2005. First Gen bond offer Maynilad rehab aprubado na Inaprubahan ng Quezon City Re- gyang-daan ang financial rehabil- bilyon at advances na P621 milyon, gional Trial Court Branch 90 itation ng water utility. at isusuko ang pamamahala sa May- umabot ng P5B noong Hunyo 1 ang 2005 Reha- "The processes necessary to nilad. Ang bank creditors naman ay bilitation Plan na isinumite ng implement the 2005 Rehabilita- sumang-ayon na i-release ang Ben- PINAYAGAN ng Securities and 11.5% at magma-mature sa Maynilad noong Abril 29. tion Plan are expected to be com- pres sa corporate guarantees na may Exchange Commission (SEC) 2010. Pumirma ang Metropolitan pleted in the next three months," halagang US$150 milyon. ang First Generation Corporation Inulat na nakatanggap ng Waterworks and Sewerage Sys- sabi ni Angel S. Ong, president at Magiging pag-aari ng MWSS o First Gen na itaas ang bond of- malakas na "indications of in- tem (MWSS), ang Maynilad, ang COO ng Benpres Holdings. ang 84% ng Maynilad. fering nito sa halagang P5 bilyon terest" sa mga nasabing bond Maynilad shareholders at lahat ng Sa ilalim ng DCRA, pumayag Sinimulan ang court-assisted mula sa P3.5 bilyon dahil sa mula sa retail sector ang ING Maynilad bank creditors sa isang ang Benpres Holdings, shareholder financial rehabilitation ng Mayni- malakas na demand para rito. Bank N.V., book runner at joint Debt and Capital Restructuring ng Maynilad, na i-write off ang eq- lad noong Nobyembre 2003. Ang five-year senior notes ay lead manager para sa bond of- Agreement (DCRA) upang mabi- uity nito na nagkakahalaga ng P3.06 (Carla Paras-Sison) may taglay na coupon rate na fering. Maynilad debt and capital Risks from contracts restructuring plan set in motion tackled in lawyers' meet THE approved Maynilad 2005 The capital restructuring effec- "Whether or not MWSS will Revised Rehabilitation Plan, tively makes the Metropolitan Wa- exercise this right to reorganize is THE Lopez Group Risk Manage- poration, First Philippine Holdings which Judge Reynaldo Daway of terworks and Sewerage System a matter that only MWSS can de- ment Committee (LG-RMC) recent- Corp. (FPHC), Manila North Toll- the QC RTC Branch 90 ruled in (MWSS) the majority shareholder termine," Calo said. ly conducted a one-day seminar on ways Corp. (MNTC), Maynilad Wa- June was feasible, will pave the in Maynilad with 84%. Lyonnaise For the purpose of debt restruc- "Management of Risks Arising from ter Services Inc. (MWSI) and Ben- way for the execution of the debt Asia Water Ltd. will remain as turing, the SBLC Banks, the Bridge Contracts" for lawyers affiliated pres Holdings. and capital restructuring plan shareholder and will subscribe to Banks and the Peso Lenders will be with Lopez companies. Risk management, which in- agreed upon by creditors. additional capital of 16%. entitled to upfront payments of Resource persons Patricia Tan cludes the identification and analy- "It would be manifestly unrea- Meanwhile, Maynilad presi- US$26.4 million, US$3.9 million Openshawand Manuel Colayco of sis of legal risks, is one of the cor- sonable to sustain the opposition dent Fiorello Estuar, in a message and P100 million, respectively. Re- Skadden, Arps, Slate, Meagher & porate initiatives being pursued by to the rehabilitation plan, since the to employees, said there is no need maining balances will be consoli- Flom LLP & Affiliates discussed the Lopez Group under OML. proponents of the opposition were to implement major changes in the dated into one facility that is clas- contract and contract formation, in- Elaine Gonzaga of Meralco pre- not able to present any alternative present operating procedures dur- sified into the US Dollar Tranche cluding legal risk management, gen- sented the company's IFRS (Interna- and viable rehabilitation plan be- ing the transition period.