BIZ BUZZ: Lopez vs Lopez

For those viewing the unfolding Lopez saga from the sidelines, one measure being used to decide which side to cheer on is value. Who is delivering it?

Here are some numbers being studied.

The side of embattled Federico “Piki” Lopez—who is being ousted as president of the family holding firm by his cousins—is credited for building the power generation business that now brings in the bulk of the profits.

First Gen Corp., which went public in 2006, has a market capitalization of over P63 billion even after all the corporate actions being questioned and the poor stock market.

At its peak in 2021, it had a market capitalization of over $2 billion.

Then there’s ABS-CBN Broadcasting Corp., once helmed by eldest cousin Eugenio “Gabby” Lopez III and the leader of three of the four Lopez families.

Even before it lost its franchise in 2020, it already incurred a net loss pf P2.64 billion, in part caused by impairment losses on its telecommunications, theme park and attractions businesses during the period.

And it got steadily worse from there, no thanks to the loss of the franchise that dealt it a body blow, although it has managed to significantly reduce its losses.

As of end-September last year, its losses had gone down by 17 percent to P1.99 billion and said it was well on its way back to profitability.

Which still raises the point being made by those in busy social circles talking about the Lopez family saga that perhaps emotions should be set aside and just let the numbers do the talking.

That should very well decide who would be the better manager of the holding company.

But then again, speaking of numbers, Piki unfortunately remains outnumbered at the Lopez Holdings level, since his side – the Oscar wing – is just one against the other three of Geny, Manuel and Presy.

The battle for control is now up to the courts. Let’s see which side will be upheld.

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