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With Gabby Lopez Out, Lopez Energy Assets May No Longer Be for Sale

The departure of the family branch most closely identified with ABS-CBN removes pressure on Federico “Piki” Lopez to use the group’s power assets to support the struggling broadcaster—and leaves him freer to pursue his clean-energy mission. **MANILA—**For months, the question hanging over the Lopez family’s energy empire was whether its most valuable assets would have to pay for the troubles of its most storied one. That question may now have a different answer. Eugenio “Gabby” Lopez III’s family branch sold its entire 25.68% interest in Lopez Inc., the clan’s privately held ultimate parent, to businessman Ramon Ang in a transaction announced Aug. 10. Ang invested through a personal holding company rather than San Miguel Corp., while the remaining Lopez family branches retained majority control of the group. The ownership change could do more than quiet one of the Philippines’ most public family disputes. It may remove the pressure on Federico “Piki” Lopez to turn the famil...

First Gen’s Cash Squeeze Clouds Dividend Outlook After Pumped-Storage Bet

Stronger geothermal earnings lifted first-half profit, but weaker operating cash flow and an initial ₱16.5 billion investment in hydro projects sharply reduced the power producer’s cash cushion **MANILA—**First Gen Corp. entered 2026 with a large cash pile from the sale of a controlling stake in its natural-gas business. Six months later, much of that financial cushion had disappeared. The Philippine power producer ended June with ₱23.74 billion in cash and cash equivalents, down ₱33.77 billion—or nearly 59%—from ₱57.51 billion at the end of 2025. The decline reflected weaker cash generation, debt repayments and the opening payment on an ambitious push into pumped-storage hydropower. Those demands are casting a cloud over First Gen’s second-half dividend distribution, even as its operating businesses—particularly geothermal subsidiary Energy Development Corp.—reported stronger results. First Gen paid ₱16.5 billion during the first half for a 33% interest in Prime Hydropower...

Tan Caktiong’s Global Push Is Eating Into Jollibee’s Philippine Profits—and Keeping Dividends Small

Overseas sales are growing more than twice as fast as the domestic business, but weaker food-service margins, Coffee Bean losses and rising finance costs are limiting the payoff to shareholders Jollibee Foods Corp.’s global expansion is delivering the growth that Chairman Tony Tan Caktiong has long sought. It is also making the company bigger faster than it is making shareholders richer. The Philippine restaurant group generated ₱162.45 billion in revenue during the first half of 2026 , up 9.9% from a year earlier. System-wide sales—the measure that includes sales from company-owned and franchised stores—increased 12.4% to ₱244.67 billion . But net income fell 16.7% to ₱4.93 billion , while earnings attributable to the parent company declined 13.3% to ₱4.87 billion. The mismatch reflects the mounting cost of Jollibee’s transformation from a Philippine fast-food champion into a sprawling international restaurant operator. Its overseas businesses are growing considerably faster tha...

Ang’s Secret Price: Is It Enough for Gabby Lopez to Rescue ABS-CBN?

Ramon Ang’s purchase gave Gabby Lopez’s family branch an undisclosed amount of cash—and gave the billionaire a seat inside one of the Philippines’ most storied business groups. The unanswered question is whether the proceeds could finance a rescue of its most famous but financially troubled company. **MANILA—**Ramon S. Ang has built a reputation for making large bets on difficult businesses. His latest investment came with an unusually conspicuous omission: the price. On August 10, Ang acquired the 25.68% interest in Lopez Inc. previously held by Crème Investment Corp., the investment vehicle representing the family branch of former ABS-CBN chairman Eugenio “Gabby” Lopez III. Ang made the purchase personally through his wholly owned Illumina Investment Holdings Inc., rather than through San Miguel Corp., the conglomerate he chairs. Neither party disclosed the purchase price, payment terms, or rights attached to the shares. Lopez said the sale was intended partly to help restore ...

Wilcon’s Net Income Stays Nearly Flat as Leaner Inventory Lifts Cash Flow

The home-improvement retailer generates more cash by cutting inventory, as shrinking margins and growing lease obligations cloud its expansion drive **MANILA—**Wilcon Depot Inc. entered 2026 selling more home-improvement products and carrying substantially less inventory. The combination produced a surge in cash flow—but barely moved the company’s bottom line. The Philippine retailer reported net income of ₱1.20 billion for the six months ended June 30 , up 3.5% from ₱1.16 billion a year earlier. Revenue climbed nearly 11% to ₱18.98 billion , highlighting a widening gap between Wilcon’s sales growth and its ability to turn those sales into profit. That gap reflects a central challenge facing the company: Customers are buying more, but the mix of what they are buying has become less profitable. Wilcon’s gross margin fell to 37.3% from 38.7% a year earlier. The contribution of higher-margin in-house and exclusive brands declined to 50.5% of sales from 52.3%, partly offsettin...