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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 Company
from 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 (ECCOAsia), 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.

1977

MSC is renamed First Philippine Holdings


Corporation.
1983 Benigno Aquino Jr. is assassinated upon

his arrival in the Philippines. The country


plunges 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 the
Philippines.
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 power


through 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 First
Philippine 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

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 NLEX
project 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.
2006

First 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 at
an 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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