Lopez-led FPH reinstates share buyback at P5B

First Philippine Holdings Corp. (FPH) has allotted P5 billion to reinstate its common share buyback program, following the management’s assessment that the company’s shares remain significantly undervalued.

On Friday, FPH said its board approved the program for the period from Oct. 1, 2026, to Sept. 30, 2028.

The board also declared a cash dividend of P1.10 per common share. This will be paid on Dec. 15, 2026, with a record date of Nov. 23, 2026.

The two measures provide separate ways to return funds to shareholders—cash dividends for eligible holders and repurchases from investors selling their shares.

The reinstatement follows management’s commitment at its recent annual stockholders’ meeting to continue buying back FPH shares.

Francis Giles Puno, president and chief operating officer of FPH, said the company has repurchased 185 million shares since starting the program in 2010.

That volume was equivalent to 31 percent of the shares outstanding before the repurchases began. FPH has paid shareholders a total of P13.1 billion through the program.

“Given the undervaluation of FPH shares, we believe that the best way forward is to continue the buyback program,” Puno said at the meeting.

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In 2025 alone, FPH spent P3.4 billion on share repurchases.

Puno said shareholders who keep their investments benefit from a larger proportional ownership stake as the number of outstanding shares declines.

The latest P5-billion allotment covers the reinstated program over two years.

The company did not specify a target number of shares to be repurchased or the prices at which FPH would buy these.