CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER
1. Date of Report (Date of earliest event reported)
Apr 6, 2017
2. SEC Identification Number
19073
3. BIR Tax Identification No.
000-288-698-000
4. Exact name of issuer as specified in its charter
First Philippine Holdings Corporation
5. Province, country or other jurisdiction of incorporation
Metro Manila, Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
6th Flr., Rockwell Business Center Tower 3, Ortigas Ave., Pasig CityPostal Code1604
8. Issuer's telephone number, including area code
2-631-8024
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common
554,206,569
Preferred Redeemable
3,600,000
11. Indicate the item numbers reported herein
4 & 9
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
First Philippine Holdings CorporationFPH
PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and Sections 4.1 and 4.4 of the Revised Disclosure Rules
Subject of the Disclosure
Board Approvals on April 6, 2017
Background/Description of the Disclosure
Item No. 4
Mr. Oscar J. Hilado requested the Board that his nomination as director First Philippine Holdings Corporation (“FPH”) for the ensuing year be withdrawn in order to devote more time to family matters. This was granted by the Board with regrets. Mr. Hilado is an independent director.
The Board has confirmed the qualifications of Mr. Amado D. Valdez to stand for election as a director of FPH at the Annual Stockholders’ Meeting on May 29, 2017. This is pursuant to the favorable endorsement of the Nomination, Election and Governance Committee (the “Committee”).
Mr. Amado D. Valdez is the Chairman of the Social Security Commission. He has served as Dean of the University of the East (“UE”) College of Law in 2000 and from 2005 to 2014. He was a director of the Bureau of Agrarian Legal Assistance and member of the Cabinet Assistance System during the term of then President Corazon Aquino. In 2001, he was Government Corporate Counsel. He was a Senior Undersecretary at the Office of the President and concurrent Executive Director of the Presidential Commission on the Visiting Forces Agreement. He obtained his Bachelor of Laws from UE after graduating with a Bachelor of Arts Degree from Manuel L. Quezon University. He has attended special studies in International Business Law at the National University of Singapore and has completed the academic requirements for a Master in Business Economics at the University of Asia and the Pacific. He has been conferred the Doctor of Humanities and Doctor of Philosophy degrees by the Laguna Polytechnic University and the Hawaii- based Akamai University, respectively.
Item No. 9
The Board also approved today the company’s Audited Financial Statements for the year ended 2016.
Consolidated Financial Highlights
For the year ended December 31, 2016, Consolidated Net Income attributable to FPH reached P9.93 billion. This is P4.53 billion or 84% higher than last year's P5.40 billion driven by the strong Recurring Net Income (RNI) of the Group and one-off gains coming from the arbitration settlement received by the First Philec group and the liquidated damages received by First Gen for the San Gabriel plant. RNI attributable to FPH amounted to P5.92 billion, higher by P687 million or 13% compared to last year’s P5.24 billion because of stronger recurring earnings from the Energy and Real Estate businesses as well as the favorable results of the Parent. Total assets of the Group increased by P5.99 billion or 2% to P346.88 billion as at December 31, 2016. This largely reflects the completion of the San Gabriel and Avion plants, land acquisitions and property development costs during the year.
First Philippine Holdings CorporationFPH