FPH to continue repurchasing shares
First Philippine Holdings Corp. (FPH) will continue repurchasing its shares as the management believes the company remains significantly undervalued.
Francis Giles Puno, president and chief operating officer of FPH, said the Lopez-led conglomerate had bought back 185 million shares since launching the program in 2010.
This represented 31 percent of its outstanding shares before the repurchases began. FPH has paid a total of P13.1 billion to shareholders under the program.
“Given the undervaluation of FPH shares, we believe that the best way forward is to continue the buyback program,” Puno said during the company’s annual stockholders’ meeting on Friday.
In 2025 alone, FPH spent P3.4 billion under its share buyback program.
Puno said the program benefits shareholders who retain their investments because they gain a larger ownership stake as the number of outstanding shares declines.
Meanwhile, investors who want to exit are provided with a ready buyer and an opportunity to sell their holdings at the prevailing market price.
Puno added that the program also allows FPH to distribute cash to shareholders.
FPH management did not announce a new buyback budget or timetable.
The company plans to continue the program while funding the expansion of its power, property, manufacturing and other businesses.
FPH posted a record consolidated net income of P31.7 billion in 2025, up 28 percent, as revenues reached P84.7 billion.
Net income attributable to FPH climbed 38 percent to P19.8 billion, partly due to a gain from First Gen Corp.’s sale of a 60-percent interest in its natural gas business.
Attributable recurring net income rose 10 percent to P15.1 billion, led by its power and property businesses.
Growth continued this year. Consolidated net income increased by 22 percent to P20.2 billion in the seven months through July. Attributable net income grew 7 percent to P11 billion.
FPH chair Federico “Piki” Lopez said the group would continue taking a long-term approach to its investments.
This year also marks a decade since the conglomerate committed not to build, own or operate coal-fired power plants.
