Lopez firms among top taxpayers in 2019

May 30, 2020

MANILA, Philippines — Four Lopez-owned power companies have made it to the Department of Finance’s list of top 100 taxpayers last year.

Based on the latest DOF list, First Gas Power Corp. (FGPC) ranked 20th among the country’s top taxpayers last year followed by FGP Corp. which placed 38th, Energy Development Corp. (EDC) 96th and Green Core Geothermal Inc. (GCGI) 98th.

These companies are all under First Philippine Holdings Corp. (FPH), which serves as the publicly-listed holding company for the power, industrial and real estate assets of the Lopez Group of Companies.

Based on their latest audited annual reports, FPH and its subsidiaries paid to the government a total of P5.18 billion in income taxes in 2019.

All four companies are subsidiaries of First Gen Corp., which in turn is the holding company for energy- and power-related businesses of FPH.

First Gen is also the country’s leading clean and renewable energy company with 3,492 megawatts (MW) in total installed capacity.

Its portfolio of power plants runs on geothermal, hydro, wind and solar, as well as natural gas, which is considered the cleanest form of fossil fuel.

FGPC and FGP are two of First Gen’s own subsidiaries for its natural gas power projects—FGPC for the 1,000-MW Santa Rita, and FGP for the 500-MW San Lorenzo, both inside the First Gen Clean Energy Complex in Batangas City.

EDC, which is also the country’s biggest geothermal company, also acts as First Gen’s arm for most of First Gen’s renewable energy projects. GCGI is one of EDC’s geothermal energy operating companies.