FPH LogoIn its annual stockholders’ meeting on May 30, First Philippine Holdings Corporation (FPH) disclosed its first quarter results for 2011. Total net income amounted to P1.4 billion, while net income attributable to parent was at P567 million. In 2010, net income attributable to parent amounted to P24.6B on account of the P23.6B gain on sale of the Meralco shares.

FPH president and chief operating officer Elpidio L. Ibañez said: “We chose to expand our power generation business, a less regulated but more competitive sector. Likewise, we increased our investments in solar wafer manufacturing and property development, businesses with big global and local players. We will have to compete with these strong players. But we have the organization, we have the people, and now we have the balance sheet.”

As a mark of its exemplary performance in the 2010 Corporate Governance Scorecard, FPH received a Platinum award from the Institute of Corporate Directors. The platinum award is a new category for companies that have accumulated three consecutive gold awards (see related story).

In anticipation of the company’s 50th anniversary this year, FPH chairman and chief executive officer Federico R. Lopez revealed the company’s new logo.

“Our new logo has us envision a green road through vibrant blue oceans and leading towards a golden sunrise. We want the imagery to be a constant reminder that as we seek growth we must plan to ingrain sustainability in the business models we choose, that in the spirit of the great explorers, we should incessantly be in search of new blue oceans, never forgetting that staying relevant means we are always watchful, ready and willing to reinvent ourselves for a constantly changing world,” he said.