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By JAMES A. LOYOLA
First Philippine Holdings Corporation is taking steps to take advantage of opportunities for expansion into the overseas power and manufacturing markets while seeking to build and operate more infrastructure projects in the country.
FPHC Chairman Oscar Lopez said subsidiary First Gen Corporation is seeking to invest overseas in addition to its goal of doubling its generating capacity in the Philippines over the next three to five years.
"We continue to look overseas for opportunities for investment, in Vietnam and as far afield as the Middle East, although we have yet to identify a project that we would consider a good bet," Lopez said during FPHC’s annual stockholders’ meeting.
Lopez said FPHC aims to develop its manufacturing business "which I have repeatedly declared will be our next core business after power and infrastructure."
He explained that, to qualify as a core business, "it should be able to contribute P1.0 billion or higher to our annual profit."
Last year, FPHC established First Philippine Electric Corporation to serve as an intermediate holding company for its manufacturing businesses, with two divisions – the electricals division and the electronics division.
The transformer and related manufacturing operations are housed in PHILEC, Fedcor and First Philippine Power Systems, Inc. while the flexible printed circuit operations are housed in First Sumiden Circuits, Inc., a joint venture with Sumitomo Electric and Sumitomo Corporation.
"To be successful in manufacturing…we have to stop thinking of ourselves as Philippine manufacturers for the Philippine market and begin to view ourselves in a regional or global perspective," Lopez said.
He revealed that FPHC is "in a number of discussions, some fairly advanced, others early on, for manufacturing investments both here and elsewhere that will enable us to realize our core manufacturing business dream."
Lopez added that while he cannot, as yet, furnish any specifics, he pointed out that "all of them carry great promise." While it will take time to develop these prospects, Lopez expects to have something more concrete to disclose within just one year.
For FPHC’s tollroad business, Lopez said they are currently the sole eligible bidder for the the tenyear operations and maintenance contract for the Subic-Clark-Tarlac Expressway whose completion is expected sometime towards the end of this year.
Lopez said they are also looking at possible participation in the Line 1 LRT North Extension Project; the Northern Luzon Tarlac-to-La Union Expressway that will link with both the Subic-Clark-Tarlac Expressway and NLEX; the North Luzon Expressway Eastern Alignment to Cabanatuan and other points northeast; and the Cavite-Laguna NorthSouth Expressway link.
"We will look at each and every one of these projects with a view to developing the most competitive proposal possible if we find that they are financially and operationally viable" he said.
Lopez added that they do not intend to limit themselves to the tollroad business.
"We believe we have the requisite project development, financial packaging and project execution skills to take on other large infrastructure projects, ranging from heavy and light rail, to bulk water production and to ports and airports," he said.
FPHC intends to establish a separate infrastructure business development unit to be headed by Fiorello Estuar once he completes his involvement in Maynilad Water next month.(JAL)
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