February 2009 Know your fortune in the of the byYear Zenaida Seva Ox Story on page 9 Available online at www.benpres-holdings.com EDC: Seeing green EVEN as most other companies are fulfilling the goals it has set for itself: EDC started its corporate life as scrambling to mitigate the effects of to be the Philippines’ leading compa- Philippine National Oil Corporation the financial crisis on their bottom ny in renewable energy as well as the (PNOC)-EDC on March 5, 1976. lines, things are just starting to heat up world’s No.1 in geothermal energy. The company’s main mission was to and get brighter over at Energy De- “Our vision is always to be glob- wean the country from its dependence velopment Corporation (EDC). al,” stresses president and CEO Paul on imported fuels by developing in- The newest addition to the Lo- A. Aquino in an interview at the EDC digenous energy sources, specifically pez Group of companies, EDC is ex- headquarters in Taguig. “In the Phil- those that didn’t put a strain on the tremely optimistic about its fortunes ippines, we want to be No. 1 in renew- earth’s resources. Meralco prexy in 2009. Not the least because the able energy. In the world, we want to Turn to page 6 retires…page 3 33-year-old company is on the road to be the No. 1 geothermal company.” Bantay Bata TV special wins gold in NY Festivals ...page 5 EDC’s Mindanao Geothermal Production Field unleashes 106 MW of green energy. OML: Maging matatag sa 2009 By Carla Paras-Sison subok daw ay pagkakataon upang ma- talumpati sa mga senior executives ng pamalas ang kahalagahan at katatagan grupo noong ika-13 ng Enero. NANINIWALA si Lopez Group ng grupo. Inaasahan din ni OML na ang chairman Oscar M. Lopez (OML) na “For 2009, I know that our busi- lahat ng mga kumpanya ay magtutu- Rockwell Power Plant sa loob ng 80 taon, marami nang krisis nesses and our people have the rele- lung-tulong para sa kapakinabangan at problemang nalampasan ang grupo vance and backbone to surmount the ng buong grupo kaysa sa pansari- Mall’s gift ideas for at ang mga problemang hatid ng 2009 obstacles that stand in our way,” sabi Valentine’s Day …page 12 ay hindi dapat ikagupo. Ang mga pag- ni OML sa kanyang pambungad na Turn to page 2 2 3 Lopezlink February 2009 Lopezlink February 2009 Shareholders approve changes in FPHC bylaws Meralco prexy retires after 37 years of service SHAREHOLDERS of First operating officer Elpidio L. ally, a person who has a finding length of proxy validation Chairman Happy and productive years to work with Meralco as a members. His appointment MML said that with the Philippine Holdings Corpora- Ibañez. or a final judgment against him from three days to five. and chief ex- “I spent many happy and consultant. He will also keep takes effect Feb. 1. new changes, Meralco stake- tion (First Holdings) approved FPHC vice president Jay by the Securities and Exchange To strengthen corporate ecutive Oscar productive years in Meralco his position in the company’s The other directors are holders can expect the same amendments to company by- Lopez added that the changes, Commission, a court or other governance M. Lopez said and now I look forward to management committee and San Miguel Corp.’s Ramon high level of management ex- laws in a special meeting on which were approved by the administrative body, a foreign A total of 58.77% of in his opening what my retired friends say is in several subsidiaries. Ang, Eduardo Cojuangco, pertise that Meralco provides. January 15. FPHC board in November 2008 court or equivalent regulatory shares were represented in statement to the best that is yet to come,” Changes Estelito Mendoza and Aurora “I am sure that many in the The amendments, which and presented to the stockhold- authority is ineligible for nomi- person and by proxy at the the sharehold- Feb. 2, 2009. In a disclosure says Francisco. Meanwhile, former Ma- Calderon, who replaced GSIS business community view these were approved by about 57% ers during the January meeting, nation. meeting. Benpres Holdings ers that the amendments ad- to the Philippine Stock Ex- Chairman and CEO nila North Tollways Corpo- president Winston Garcia, changes as a positive develop- of FPHC shareholders, cov- were instituted to “strengthen The person is also dis- Corporation, which owns opted by the corporation are in change (PSE), FPHC said Manuel M. Lopez (MML), ration president Jose de Jesus GSIS chairman Bernardino ment since the new members ered the submission of proxies, governance at the board level qualified if he is declared 43% of FPHC, and foreign line with the company’s com- who has worked closely with was formally elected as Meral- Abes, Daisy Arce and Jeremy of the board bring with them a its board of directors has ap- Outgoing Meralco president Jesus insolvent or has committed mitment to strengthen good Francisco for the past 23 years, co president during the Janu- Parulan. Felipe Alfonso, a Lo- wealth of experience in ensur- additional requirements for and prevent persons from enter- institutional investors holding proved the payout amounting P. Francisco. board directors and grounds ing the board who may destroy unlawful acts “deemed…prej- proxy votes representing 14% corporate governance and to to a total of P187.5 million. said on behalf of Meralco: “We ary 26 board meeting that also pez Group nominee to the pre- ing the continued strength and for their disqualification. the value in the company.” udicial to the reputation and approved the changes. The protect the interests and/or The company made its first JESUS P. Francisco will retire are all tremendously grateful saw him installed as one of vious year’s board, also stepped viability of Meralco.” (Meralco Jose de Jesus, former MNTC chief, “Based on the current Not in business vs. FPHC interest of FPHC or its sub- Government Service Insur- reputation of the corporation. as president and chief operat- for Chito’s contributions to the company’s five new board down as Meralco director. Corporate Communication) dividend payment of P95.9M takes over as Meralco president in economic environment, The approved amendments sidiaries or affiliates.” ance System (GSIS), which Meanwhile, the company ing officer (COO) of Meralco the company. His retirement on its Series “B” Perpetual February. there is a need to further require that a stockholder who Also passed was an holds about 2% of FPHC, was will pay semiannual dividends Preferred Shares in July last effective January 31. He will is well earned and richly de- protect shareholder inter- is nominated and elected to the amendment extending the the lone dissenter. to shareholders of record on year. remain on the board of direc- University of the Philippines, served.” Benpres internationally recognized ests and not to lose sight of board be not in business against tors until the next stockhold- he joined Meralco in 1971 as The first engineer-presi- our business mission,” noted FPHC and its subsidiaries and ers’ meeting in May, and retain a management trainee upon dent of Meralco, Francisco for corporate governance FPHC president and chief affiliate companies. Addition- his positions in Meralco sub- completing his MBM with steered the company through BENPRES Holdings Corporation was hon- sidiaries. distinction from the Asian In- some of its most challenging ored as “One of the Best in Corporate Gover- ERC issues guidelines on Francisco was elected stitute of Management (AIM). years, including last year’s con- nance, Philippines” at The Asset Asian Awards president by the Meralco board He served under four Meralco troversies with the GSIS. Now, in Hong Kong. Benpres received honorable in June 2001. A double-engi- presidents in various capaci- in addition to pursuing his mention ranking, alongside PLDT and Ayala neering degree-holder (electri- ties, becoming executive vice community service involve- Land. open access, systems loss cal and mechanical) from the president and COO in 1998. ments, Francisco will continue The Asset found corporate governance THE Energy Regulatory access and retail competition will impose more stringent 10.9% in 2002 to 9.7% in practices in Benpres at par with the best Phil- Commission (ERC) has ap- of the Electric Power Industry loss caps beginning January 2007, all the while absorb- ippine companies. The top five places went to proved a petition for the ap- Reform Act (Epira). 2010. ing penalties for not meet- Manila Water, SM Investments, Ayala Corpo- Benpres chief financial officer Salvador G. Tirona (2nd proval of interim open access The PSOP will initially ERC Resolution No. 17 ing the 9.5% cap. For each ration, Globe Telecom and BPI. from left) holds Benpres’s award as “One of the Best in in the Luzon and Visayas be implemented in Luzon indicated that the maximum percentage point above the The Asset Corporate Governance Awards Corporate Governance, Philippines.” With him are grids. and is subject to the transfer systems loss rate a utility can cap, Meralco is penalized 2008 covered 10 regions, resulting in 54 award- members of the Benpres team (l-r) compliance officer The Bayan Business team celebrates their ISO 9001:2000 certification This means that custom- of Calaca operations in order pass on is reduced from 9.5% about P1.8 billion annually. ees: China (11), Hong Kong (8), Taiwan (5), Atty. Ma. Amina Amado, public relations senior man- ers with a monthly average to ensure sufficient capacity. to 8.5% for public utilities and Projects to reduce line Thailand (5), South Korea (3), Malaysia (3), ager Carla Paras-Sison and accounting senior manager Bayan Business obtains peak demand of at least 1 The transfer of Calaca opera- from 14% to 13% for electric losses entail capital and opera- Philippines (8), India (3), Indonesia (4) and Milani Caimol.