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First Holdings was the corporate vehicle that acquired the Manila Electric Company. 1972 On September 22, President Ferdinand Marcos declares martial law. 1983 Benigno Aquino Jr. Is assassinated upon his arrival in the Philippines.
First Holdings was the corporate vehicle that acquired the Manila Electric Company. 1972 On September 22, President Ferdinand Marcos declares martial law. 1983 Benigno Aquino Jr. Is assassinated upon his arrival in the Philippines.
First Holdings was the corporate vehicle that acquired the Manila Electric Company. 1972 On September 22, President Ferdinand Marcos declares martial law. 1983 Benigno Aquino Jr. Is assassinated upon his arrival in the Philippines.
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.