First Philippine Holdings Secures P10-B Loan to Boost Geothermal Expansion
- March 31, 2025
First Philippine Holdings Corporation (FPH) has obtained a P10-billion loan from BDO Unibank Inc., the country’s biggest bank, to expand its geothermal assets this year.
In a filing with the stock exchange, the Lopez-led company said the ten-year loan would be used for general business purposes and “other working capital requirements.”
The loan is available for withdrawal over the next year, meaning FPH can access the funds within that time frame.
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FPH’s energy unit, First Gen Corporation, which provides about 20 percent of the country’s electricity through its natural gas plants, announced plans to allocate P35 billion for capital spending in 2025.
First Gen said that 90 percent of this budget will go toward drilling activities and growth projects for its geothermal subsidiary, Energy Development Corporation (EDC).
Last year, EDC planned to invest P25 billion to expand its 282.5-megawatt Southern Negros geothermal project in Negros Oriental. The company aims to drill new wells to increase capacity and develop new road networks, pipelines, technologies, and other infrastructure.
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Sustaining power plant operations
To support these plans, EDC intends to expand the project area from 151.5 hectares to 400 hectares.
This expansion aims to help “sustain the operation” of the Nasuji power plant, Palinpinon geothermal power project Units 1 and 2, the Nasulo geothermal power plant, and other projects.
EDC operates 13 geothermal power stations in Leyte, Bicol, Southern Negros, and North Cotabato, with a total capacity of 1,189.34 MW, which accounts for about 80 percent of the country’s installed geothermal capacity.
In addition to energy, FPH has investments in property development, construction, education, and healthcare.
Sources:
https://business.inquirer.net/515306/first-philippine-holdings-gets-p10-b-loan-from-bdo
https://www.bworldonline.com/corporate/2024/12/03/638881/first-gen-lowers-2025-capex-to-p35-billion/
https://www.energy.com.ph/lopez-led-edc-investing-p25-billion-to-drill-new-geothermal-wells/
https://integratedreport.energy.com.ph/wp-content/uploads/2025/01/EDCIR23.pdf
