Don Enings Legacy Lives On
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July 2006 Carrying the torch into the 21st century Lopezes pursue Don Eñing’s claim on bank shares...p.3 legacy lives on EUGENIO Hofileña Lopez Sr., whose 105th but like them, he devoted a good part of his success storyeven the Americans wouldn’t birth anniversaryon July20 the Lopez life to public service. have dreamed of; Don Eñing was also the Group is commemorating this year, had To some, Don Eñing is the benefactor Manila Chronicle publisher who sparked a earned the respect of his peers for his ex- that helped establish two Philippine institu- renewed love for countryin his countrymen ploits in the boardroom and outside of it. He tions, the Asian Institute of Management in postwar Philippines through his and his was as well known for his feats in business and the Eugenio Lopez Foundation (Lopez all-Filipino staff’s unapologeticallynation- as for his generosityof spirit. Unlike his fa- Museum). Manyremember him as the fear- alist stance. Still others, particularlythose ther Benito and his grandfather Kapitan Eu- less visionarywho purchased Meralco and, who worked for him in Meralco, consid- genio, Don Eñing did not hold public office; together with his executives, turned it into a Turn to page 6 Pacman’s July 2 fight live on the Net...p.5 Yellows keep Palaro title...p.4 Like their grandfather Eugenio H. Lopez Sr. before them, the third generation Lopezes have made public service a wayof life. 2 LOPEZLINK July 2006 Benpres updates shareholders on debt restructuring AT their annual stockholders' meeting on 2. The latest proposal projects payment of and Digital Telecommunications followed by a new commercial term so, Vicente Paterno, Washington Sycip June 9, Benpres Holdings Corporation pres- sustainable debt in 10 years from divi- Philippines Inc., as assets for exchange sheet negotiation to begin in the third and Angel S. Ong. Paterno and Sycip are ident Angel S. Ong disclosed the following dends provided by core investments in or divestment in order to retire a portion quarter of this year. independent directors. developments with respect to the company's the power and media industries. Ben- of its debt. 6. Ferrier Hodgson Corporate Advisory Stockholders also approved the debt restructuring exercise: pres received P508 million in dividends 4. Benpres continues to entertain parties (WA) Pty Ltd is the current financial amendment of the articles of incorpora- 1. Benpres under its updated debt restruc- from investee First Philippine Holdings who wish to acquire other Benpres in- adviser of Benpres while White and tion to reduce the number of directors turing proposal sets sustainable debt Corporation in 2005. vestments such as telecom unit Bayan- Case provides legal advice. from eight to seven. The stockholders also level at US$200 million, or half of the 3.Benpres identified shares in First Tel and cable service provider Beyond Reelected to the board of directors of approved the amendment of the bylaws to current level of US$400 million. The Philippine Infrastructure Development Cable. Benpres Holdings Corporation at the same change the date of the annual meeting balance is proposed to be swapped for Corporation, which holds its interest in 5. Creditors are set to complete due dili- meeting were Oscar M. Lopez, Manuel M. from last Wednesday of May to second assets. Manila North Tollways Corporation, gence on Benpres in June 2006 to be Lopez, Eugenio Lopez III, Felipe Alfon- Thursday of June. (Carla Paras-Sison) Bonding First Holdings balak dagdagan over ang investments sa tollways MAAARING bilhin ng First Ang MNTC, ang operator ng quiring their stakes if the price is Philippine Holdings Corp. ang NLE, ay itinaguyod bilang joint- right. Should Benpres opt to divest Platinum’s stakes ng Benpres Holdings at ng venture sa pagitan ng First Philip- its interest in the business, we minority partners nito sa Manila pine Infrastructure Development would…be interested in acquiring exclusive North Tollways Corp. (MNTC) Corp. (FPIDC) at Philippine Na- its stake,” dagdag pa ni OML. kung magpasya ang mga itong tional Construction Corp. Ayon naman kay FPHC presi- mag-divest at “if the price is right,” (PNCC). Ito ay majority owned ng dent and chief operating officer El- channels ayon kay FPHC chairman Oscar FPIDC (67.1%), samantalang pidio L. Ibañez, umaabot sa $100 A RECENT study showed M. Lopez (OML). 16.5% ang pag-aari ng Leighton million ang halaga ng cash position that watching TV isn’t bad “We believe that over the long Asia Limited, 13.9% sa Egis Pro- ng First Holdings. for young kids as long as term, as Central Luzon economy de- jects SA at 2.5% sa PNCC. Pag- “We think it is an important in- the shows they watch are New Meralco substation velops and as both Clark and Subic mamay-ari naman ng Benpres ang vestment...If you look at our first- Meralco recently inaugurated its Legaspi Substation (main monitored, and are kid- photo) in Makati, which carries an initial capacity of 166 become major logistics and trans- 49% ng FPIDC. quarter financial statement, we friendly and promote edu- MVA and a provision for an additional 83 MVA capacity. portation hubs, the full economic “To the extent that our minority have the liquidity. We are allotting cational and moral values. promise of the North Luzon Ex- partners PNCC, Egis and Leighton $50 million for opex, debt service Meralco chairman and CEO Manuel M. Lopez (inset) was That’s why it’s important pressway will be realized,” paglala- are prepared to divest of their own- and dividends and another $50 mil- assisted by Ayala Land Inc. vice president Ma. Victoria for moms to screen what had ni OML sa mga stockholders sa ership stakes in NLE, we would lion for investment opportunities,” Añonuevo and Makati City administrator Nicanor Santiago their toddlers and kids Jr. during the inauguration of the substation. The Legaspi annual meeting noong June 14. most definitely be interested in ac- pahayag ni Ibañez. watch on TV. Substation sits on a 2,447-square meter lot in the middle of Makati's Legaspi Park and is Meralco's 116th substation in Playhouse Disney on the franchise as well as the 10th among GIS substations. SkyCable Platinum is the (Maite Bueno) first preschool learning channel in Asia designed to engage children’s imagina- tion in a fun and creative Meralco cites All-new ANC environment. This com- and “Private Conversations with Boy Record,” the much-awaited return of mercial-free channel com- Abunda,” are still there. Newpro- TV’s original fiery talk showtandem, bines award-winning pro- opening of spot grams include “Newsbreak on ANC,” Professor Randy David and lawyer grams and hosted activity ABS-CBN News Channel (ANC), the TV version of Newsbreak maga- Katrina Legarda. segments that help develop the country’s only 24-hour news zine hosted the editors themselves; The newlook and programs of early childhood skills. electricity mart channel, gets even better with a new “Tonight on ANC with Korina ANC are “a snapshot” of the vision of For moms who want to look and beefed up programming Sanchez”; and “NewDay,” a two- Maria Ressa, head of ABS-CBN MERALCO lauded the June opening of the Wholesale bond with their teenage starting July 10. hour daily newscast beginning at Broadcasting Corp.’s News and Cur- Electricity Spot Market (WESM), saying this would has- kids, SkyCable has Chan- All the old favorites from the old midnight to run during prime time in rent Affairs Group, to make ANC an ten the advent of a “truly competitive environment in the nel V, which showcases the ANC, such as “Dateline Philippines,” the Middle East and key slots on the international news channel in the power industry.” newest music videos and “The World Tonight,” “Talkback” US West Coast; and “For the mold of CNN or BBC. Meralco marketing head Miguel Lopez said the start of classics that moms would the WESM operation, although partial in scope, “provides appreciate. It also features a previewof the possible developments in the powersec- different programs on the tor that would ultimately benefit our consumers.” latest in movies, fashion, Lopez said Meralco’s support for WESM is part “of the Score ringside seats to your pop culture and more. company’s bigger support for a true open access regime in Moms will also appreciate the electric power industry.” He said this was fully ex- Discovery Home and pressed when Meralco agreed to a partial open access de- favorite sports events! Health, and Discovery spite the delay in the privatization of the generation assets Travel and Living, two of of the National Power Corporation (Napocor). THE hottest sporting events of the the four Discovery Chan- The Electric Power Industry Reform Act (Epira) man- year are nowavailable on SkyCa- nels available on SkyCable dated that at least 70% of Napocor assets should have ble Season Pass! SkyCable Season Platinum. been turned over to the private sector before the open ac- Pass Pay-Per-ViewPackages allow Then there’s Wine TV, cess regime could commence. Meralco, however, early exclusive access to special events another SkyCable Platinum this year unilaterally offered to the government to allow and programs not available on the exclusive channel. Wine open access for its customers with a monthly consumption basic package. Subscribers will be of one megawatt or more. able to watch these live and unin- TV is the world’s first and According to Lopez, WESM spurs a “reasonable op- terrupted from the comfort of their only TV channel dedicated timism that the price of electricity would remain afford- living rooms. to wine, and related sub- able.” This is because WESM provides the mechanism for Three packages are currently jects such as food, travel, power generating plants to compete with each other.