Meralco Securities Corp. (MSC), the future First Philippine Holdings Corp. (FPH), is founded as a vehicle to purchase and operate power utility Meralco. Soon after, owner Eugenio Lopez Sr. (EL Sr.) fast-tracks Meralco’s expansion program.
Oscar M. Lopez (OML), the second of EL Sr.’s five children, heads the newly created Department of Economic Research and Development of MSC.
Meralco Securities Industrial Corp. (MSIC) is organized to build and operate pipelines to bring petroleum products from the refineries in Batangas; today, the company is known as First Philippine Industrial Corp.
The 1960s closes with the establishment of two more companies: Philippine Electric Corp. and Philippine Engineering and Construction Company (PECCO), now known as First Balfour.
Eugenio “Geny” Lopez Jr. is arrested soon after the declaration of martial law. A year later, EL Sr. hands over his holdings in MSC to Meralco Foundation Inc. (MFI) in exchange for his eldest son’s release. Pres. Marcos, however, reneges on his promise.
The Lopezes in exile return to the country after Pres. Marcos’ ouster. As the new CEO of FPH, OML starts settling the company’s debt amounting to more than P1 billion and closing down subsidiaries. He also begins the process of reclaiming Meralco shares from MFI.
FPH posts its first profit since 1983.
First Philippine Infrastructure Development Corp. and Manila North Tollways Corp. rehabilitate, expand and operate the North Luzon Expressway.
Elpidio Ibañez becomes president and COO of FPH First Philippine Gas Power Corp. aims to generate 1,500 megawatts using natural gas from Malampaya.
Bauang begins commercial operations.
First Gas and other international companies put up two power plants in Batangas.
First Philippine Industrial Park, a joint venture with Sumitomo Corp., opens in Sto. Tomas, Batangas.
The 1,000-MW Sta. Rita power plant starts operations Asian Eye Institute opens its doors in Rockwell Center.
The pipeline from Camago- Malampaya in Palawan to the Shell gas platform in Tabangao, Batangas is opened.
The 500-MW San Lorenzo plant is turned on.
First Gen, through Red Vulcan Holdings Corp., wins the bid for a 60% controlling stake in Energy Development Corp. (EDC).
Launch of EDC’s Binhi, a reforestation project which aims to plant 10,000 hectares of forests in 10 years.
OML retires as chair and CEO of FPH. He is succeeded by Federico R. Lopez.
FPH turns 50.
First Gen becomes 100% owner of the Sta. Rita and San Lorenzo power plants after buying out the British Gas Group. Meanwhile, EDC begins exploration activities in Chile, Peru and I21ndonesia.
Rockwell Land is listed on the Philippine Stock Exchan1ge.
Construction of the 150-MW Burgos Wind Project in Ilocos Norte commences.
First Gen begins construction of Unit 70 of the San Gabriel Power Plant Project.
Ibañez retires. Giles Puno takes over as president and COO of FPH.