Management

Our management team is composed of highly competent individuals who embody EDC’s ideals of a global, diversified, renewable power company that is sustained by people who are powered by good. 

Oscar M. Lopez
Chairman Emeritus

Mr. Lopez is the Chairman Emeritus of FPH, the specific associate holding company for power generation and distribution, property and manufacturing.  He has been a member of the EDC Board of Directors since the Company’s full privatization in 2007 until October 3, 2017.

 Mr. Lopez is one of the most respected and admired business leaders in Asia.  He was Management Association of the Philippines’ Management Man of the Year in 2000 and one of the top twenty (20) finalists for CNBC and TNT International’s Asia Business Leader Awards in 2004.  He was the first Filipino businessman to be awarded the most prestigious Officer’s Cross of the Order of Merit of the Federal Republic of Germany in 2005.  He was a recipient of The Outstanding Filipino Award in the field of Business for the year 2009.

Named by Forbes Magazine as among the “Heroes of Philanthropy” in Asia, he is involved in several social and environmental concerns, among them the Eugenio Lopez Foundation and the Lopez Group Foundation. In 2006, he was honored in Monaco with the IMD-Lombard Odier Hentsch Distinguished Family Award for “an outstanding commitment on philanthropy for the family’s achievement in excellence such as the clarity and sustainability of their social endeavors, exemplary corporate governance, a focus on family values, and the involvement of multiple generations.”

He was conferred Honorary Degree Doctor of Laws, honoris causa by the Philippine Women’s University in April 2009 and by the University of the Philippines in March 2012 and Honorary Degree Doctor of Humanities, honoris causa by De La Salle University in October 2010 and by the Ateneo de Manila University in November 2010.  He was the 2011 Ramon del Rosario, Sr. Awardee for Nation Building.

Mr. Lopez has a Master’s degree in Public Administration from the Littauer School of Public Administration in Harvard University (1955), where he also earned his Bachelor of Arts degree, cum laude (1951).

Federico R. Lopez
Chairman of the Board and Chief Executive Officer

Mr. Lopez has been a member of the Board since November 29, 2007.  He is currently Chairman and Chief Executive Officer of EDC, and the publicly-listed companies Lopez Holding Corporation, FPH and First Gen.  He is Vice Chairman of Rockwell Land Corporation and also sits on the board of ABS-CBN Corporation, which are also publicly-listed companies.

A staunch environmentalist, he is the Chairman of the Oscar M. Lopez Center for Climate Change Adaptation and Disaster Risk Management Foundation, non-profit private sector-led
initiative supporting research and innovative solutions to build climate-resilient communities.  He is also the Chairman of Sikat Solar Challenge Foundation, Inc., which focuses on bringing clean energy solutions to rural communities.  He is a member of the Board of Trustees of the Philippine Disaster Resilience Foundation, the ABS-CBN Lingkod Kapamilya Foundation, and the Eugenio Lopez Foundation.  He is the President of Ang Misyon, an El Sistema-inspired advocacy committed to igniting social change and youth development through the formation of the Orchestra of the Filipino Youth.

Mr. Lopez is a member of the New York Philharmonic International Advisory Board, Asia Business Council, World Presidents Organization, Chief Executives Organization, ASEAN Business Club, Management Association of the Philippines, Philippine Chamber of Commerce and Industry, European Chamber of Commerce of the Philippines, and Makati Business Club.

Mr. Lopez is a graduate of the University of Pennsylvania with a Bachelor of Arts Degree, Double Major in Economics and International Relations, cum laude (1983).

 

Richard B. Tantoco
President and Chief Operating Officer

Mr. Tantoco sits as a director of the Company since November 29, 2007.  He is currently President and Chief Operating Officer of EDC and several EDC subsidiaries, including BGI, GCGI and EBWPC. He also sits as a director and Executive Vice President of First Gen, a publicly-listed company, and several First Gen subsidiaries and a director of Cebu Air, Inc. 

He is currently the President and Trustee of the Oscar M. Lopez Center for Climate Change Adaptation and Disaster Risk Management Foundation, Inc. and a trustee in the board of several non-profit organizations, including KEITECH Educational Foundation Inc., Business for Sustainable Development, Inc. and Eugenio Lopez Foundation, Inc.  He previously worked with management consulting firm Booz, Allen and Hamilton, Inc. in New York and London where he specialized in mergers and acquisition advisory, turnaround strategy advisory, and growth strategy formulation for media and manufacturing companies.

Mr. Tantoco has an MBA in Finance from the Wharton School of Business of the University of Pennsylvania (1993) and a Bachelor of Science degree in Business Management from the Ateneo de Manila University where he graduated with honors (1988).

Jerome H. Cainglet
Senior Vice President, Deputy Chief Operating Officer and Head of Enterprise Commercial Group

Mr. Cainglet is the Senior Vice-President, Deputy Chief Operating Officer and Head of Enterprise Commercial Group of the Company, having been appointed by the Board of Directors on February 10, 2022.

He is also a Director of various gas project companies of the Lopez Group, including First Gas Holdings Corporation, First Gas Power Corporation, FGP Corp., First NatGas Power Corporation, First Gas Pipeline Corporation and FG Land Corporation.

Mr. Cainglet has been with the Lopez Group since July 1990 when he first joined First Philippine Holdings Corporation. He was a member of the core team that developed and implemented the Santa Rita and San Lorenzo gas-fired power plant projects as part of the Malampaya Gas-to-Power project and went on to Head the Gas Business Unit of First Gen Corporation until his appointment to the Company.

He is a graduate of B.S. Chemical Engineering from the University of the Philippines (1989) and has an Executive MBA degree from the Asian Institute of Management (2006).

 

 

Victor Emmanuel B. Santos, Jr.
Executive Vice President and Regulatory Compliance Officer

Mr. Santos is currently the Executive Vice-President and Regulatory Compliance Officer of the Company.  Prior to this, he was a Director of the Company from February 28, 2017 to October 3, 2017.  He is also an Executive Vice-President in First Gen and FPHC, both publicly-listed companies of the Lopez Group.

He is currently a Member of the Board of Trustees of the Philippine Independent Power Producers Association and a Director of the PEMC Board.

Mr. Santos has a master’s degree in Business Administration from Fordham University (1995) and a Bachelor of Science degree in Management of Financial Institutions from De La Salle University (1989).

Ma. Elizabeth D. Nasol
Senior Vice President, Head of Human Resource Management Group

Ms. Nasol joined the Company in February 2013 as Vice-President for the Human Resources Management Group.  Prior to her appointment in EDC, she was the Vice-President for Corporate Human Resources of First Philippine Electric Corporation (“First Philec”), which is the intermediate holding company for all manufacturing investments of FPH.

Before joining the Lopez Group, she was the Vice-President for Corporate Human Resource of Roxas Holdings Inc. and all its subsidiaries, and formerly the Head of the Center for Excellence of Globe Telecommunications, Inc.  She was also the Vice-President and Head of Organization and People Development in San Miguel Corporation where she spent the majority of her professional career.

She graduated from the University of Santo Tomas with a Bachelor’s Degree in Psychology, completed the Executive Development Program of INSEAD Singapore (1992), and finished the Strategic HR Management Program of the University of Michigan (1995).

Her professional development continues to date and in 2018 she became a “Certified Total Rewards Fellow” by the Asian Total Rewards Institute, which is based in Singapore.  She is also an active member of the People Management Association of the Philippines (“PMAP”) and was conferred the title “Diplomate in People Management” in 2017.  She also remains a member of the PMAP Board of Trustees and was the Head of its Leadership Committee in 2019 (when it was also named the PMAP “Committee of the Year”).  In 2020, she was a member of the PMAP Foundation Board of Trustees when the “Kapwa Diwa” initiative was launched.  This initiative focused on creating awareness for inculcating the Filipino values of Malasakit sa Kapwa.  She has been an elected member of the PMAP Board of Trustees assigned as the Trustee in charge of the Data and Research Ccommittee since 2021. Currently, she has been elected as member of the PMAP Executive Board as Vice President.

Liberato S. Virata
Senior Vice President, Head of Facilities O&M Group and Project Management

Mr. Virata, Filipino, was appointed by the Board as Senior Vice President in December 2019.  He started working for EDC in 1982 and held various positions including Field Maintenance Manager for LGPF, Maintenance Manager, Production Manager and Resident Manager for BGPF and Vice President and Head of Project Management prior to his current position.

Mr. Virata graduated with a Bachelor of Science degree in Mechanical Engineering from the Mapua Institute of Technology in Manila (1981). He became a Registered Mechanical Engineer in 1982 and a Professional Mechanical Engineer in 2006.  He completed the Refinery Operations Course at Shell Refinery Clyde, Sydney New South Wales, Australia (1988), Management Development Program of AIM (1996), and Diploma Course in Maintenance Management System (JICA) at Kitakyushu, Japan (2003).

Mr. Virata is currently a Trustee and 2nd Vice President of the Foundation of Outstanding Mapuan Incorporated. He was the National President of the Philippine Society of Mechanical Engineers in 2011 and 2012. He was a recipient of the PSME Fellow Award in 2013, PSME Don Tobias Marcelo Lifetime Achievement Award in 2016, PSME Outstanding Past President Emeritus Award in 2017, MIT’s Outstanding Alumnus Award for 2016, NAMA’s The Outstanding Mapuan for 2016, MEAAMIT’s The Outstanding Mechanical Engineer in 2014 and Philippines Professional Regulation Commission Citation for the Most Outstanding Mechanical Engineer in 2015.

Erwin O. Avante
Senior Vice President, Chief Financial Officer, Head of Finance and Compliance Officer for SEC

Mr. Avante was appointed by the Board as Chief Financial Officer effective January 1, 2019 and as a Compliance Officer for the SEC effective March 1, 2014.  He is also a Vice-President in First Gen.  Prior to joining the Lopez Group in 1998, Mr. Avante worked as Senior Audit In-charge at SyCip, Gorres, Velayo &. Co.

Mr. Avante has a Masters Degree in Business Administration (2000) and a Masters of Science Degree in Computational Finance (2003), both obtained from the Graduate School of Business – De La Salle University, and a Bachelor of Science in Accountancy from De La Salle University (1994).  Mr. Avante placed 1st in the May 1995 Certified Public Accountants board examination.  He is also a CFA charterholder since 2005.

Emmanuel C. Portugal
Vice President, Chief Digital Transformation Officer

Mr. Portugal, Filipino, is currently the Head of the Technology Office of EDC. He was appointed as Vice President and Chief Digital Transformation Officer in May 15, 2017. He is a highly experienced executive with a strong track record in business development, product marketing, sales and channel management. Among the companies he worked for are IBM, DFNN, Intel, and VMware. Prior to EDC, Mr. Portugal was the Country Manager of VMware Philippines where he established the organization as a strategic cloud computing and mobility platform for large enterprises in the telecommunications, banking, manufacturing, and public sector industries.

Mr. Portugal graduated from the University of the Philippines, with a Bachelor of Science degree in Mechanical Engineering, in 1985.

Jennifer Joy Santamarina Santos
 

Chief Transformation Officer, Head – Transformation Office

Ms. Santamarina, Filipino, joined EDC in 2019. She is a proven business transformation leader with extensive experience from different companies in various industries (fast-moving consumer goods, telecommunications, media, technology) located in the Philippines and overseas. Prior to joining EDC, she managed multiple transformation programs in the region. She likewise has a strong track record in marketing, product management, innovation, and business development, having been an executive in these functions for many years.

Ms. Santamarina graduated from the Ateneo de Manila University as a scholar, with a Bachelor of Science degree in Management. She likewise attended the Ateneo Graduate School of Business. She also completed the Executive Development Program and Innovation Leadership Program of the Asian Institute of Management, as well as the International Executive Leadership Program of INSEAD-Singapore.

 

Jay Joel L. Soriano
Vice President, Head of Integrated Planning

Mr. Soriano, Filipino, was appointed by the Board in May 2019 as Vice President and Head of the Integrated Planning. With experience in strategic planning, business development, and other commercial functions, he is leading major organizational changes and multiple growth initiatives. He joined EDC in 2014 as Deputy Strategic Business Unit Head of BGI before assuming the role of Strategic Business Unit Head of Negros Island Business Unit from 2016 to 2019.

Mr. Soriano obtained his bachelor’s degree in Management Engineering from the Ateneo de Manila University. He also holds a Master’s Degree in Business Administration from Harvard University.

Edwin H. Alcober
Vice President, Head of Geothermal Resource, Sub-Surface Group

Mr. Alcober was appointed by the Board as Vice President in May 2019 and was Head of Geothermal Resource, Sub-Surface Group since 2018.  He began his career in EDC more than two (2) decades ago as a Drilling Engineer.  He then became a Process Geochemist before heading the Leyte Resource Management Department.  He was also previously the Geosciences and Reservoir Engineering Group Head.

Mr. Alcober obtained his Bachelor of Science degree in Chemical Engineering from the University of the Philippines in Diliman in 1994.  He had undergone training in Geothermal Energy Technology at the Geothermal Institute, University of Auckland, New Zealand in 1998 and awarded Best in Engineering. He also finished Basic Management Program (2010) and Management Development Program (2017) at the Asian Institute of Management.

James E. Jumawan
Vice President, Head of Well Services Group

Mr. Jumawan was appointed by the Board in May 2019 as Vice President and has been leading the drilling activities of EDC since 2015 as Head of the Well Services Group.  He has more than three (3) decades of drilling expertise with EDC, joining the Company as a Drilling Engineer in 1988.

Mr. Jumawan obtained his Bachelor of Science degree in Electrical Engineering from Siliman University (1986) and a diploma in Geothermal Energy Technology from the University of Auckland, New Zealand (2000).

Emeterio T. Busmeon
Vice President, Head – Facility Operations

Mr. Busmeon was appointed by the Board in December 2019 as Vice President and Head – Facility Operations.  He joined EDC in 2009. He joined EDC in 2009. Prior to joining EDC, he was Acting Manager of the Maintenance Division of the National Power Corporation, having been with said company since 1990.

Mr. Busmeon graduated from the Siliman University, with a Bachelor of Science degree in Mechanical Engineering in 1984.  He holds a Master’s Degree in Public Administration also from Siliman University. He practices as a Professional Mechanical Engineer in accordance with the Philippine Regulation Commission. He is also as a Certified Maintenance & Reliability Professional by the American National Standard Institute.

Maribel A. Manlapaz

 

Vice President, Head of Comptrollership

Ms. Manlapaz, Filipino, joined EDC in November 2009. Prior to joining EDC, she held various executive positions for more than twenty (20) years at various global pharmaceutical companies, including as Director of Finance at UCB Philippines, Inc., a multinational company based in Belgium.

Ms. Manlapaz started her career in 1987 as an auditor with SGV & Co (EY Affiliate). Between 1989 and 2006, she joined Pfizer, Inc. and The Boots Company Philippines, managing various finance functions. Her areas of expertise in the field of finance are management accounting, financial accounting and reporting, tax planning and compliance, and corporate and regulatory compliance.

Ms. Manlapaz is a Certified Public Accountant and holds a Master’s Degree in Business Administration – Top Executive Program from the Pamantasan ng Lungsod ng Maynila (1996).

She finished her undergraduate degree with cum laude distinction from the Philippines School of Business Administration in 1986, and was awarded Most Outstanding Graduate of the Year.

Regina Victoria J. Pascual

 

 

Vice President
Head, Health Environment Safety – Business Process and Management Systems (HES-BPMS)
Head, Corporate Support Functions (CSF)

Ms. Pascual, Filipino, joined EDC in 1990. Prior to joining EDC, she managed water supply and sanitation programs under the Department of Interior and Local Government (DILG) and its partnerships with the United States Agency for International Development (USAID).In her 30 years in EDC, she has showcased her leadership and expertise in different functions related to hydrogeology, environmental management, and Integrated Management Systems (IMS) Audit. Ms. Pascual earned her Bachelor of Science degree in Geology in 1983, and her Diploma in Environmental Science in 1996, both from the University of the Philippines Diliman.

Reman A. Chua

Vice President

Mr. Chua has been with EDC from 2007 to the present. He led the Company’s 150 MW Burgos Wind Project and was appointed as Vice President on September 9, 2015.

Before his assignment to EDC, he began his career with the Lopez Group in 2002 as a Manager for Business Development under FGP Corporation.  For a time, he was studying natural gas power vehicles as an extension business for the group and as an entry to non-power market for natural gas in the Philippines.  He was assigned to the Manila North Tollways Corporation as manager for marketing, compliance and Business Development from 2002 up to 2005, during which the rehabilitation and expansion of the North Luzon Expressway (“NLEX”) was undertaken and successfully completed in 2005.  He led the marketing communications efforts that managed the increase of the toll rates in NLEX.  Thereafter, he returned to First Gen and led various acquisition projects in the power sector.

He graduated with a Bachelor of Arts degree in Economics from Ateneo de Manila University, and holds a Masters in Business Management degree from the Asian Institute of Management.

Ariel Arman V. Lapuz
Vice President

Mr. Lapus was appointed by the Board in March 2012 to oversee EDC’s business development efforts in Latin America and was based in Santiago, Chile.  He sits in the boards of directors of the EDC companies in Chile and Peru.

Mr. Lapus is concurrently Vice-President of First Gen and Chief Operating Officer of Pi Energy Inc. and FP Island Energy Corporation (all subsidiaries of First Philippine Holdings Corporation).  He is also a Board Member of the Sikat Foundation.

Prior to joining the Lopez Group, Mr. Lapus was Executive Vice President of Global Business Power Corporation and Vice President of Mirant Philippines Corporation.  He has more than twenty (20) years of experience in the power industry occupying senior and general management roles in handling business development (including M&A), power marketing and trading, commercial and plant operations, and corporate services.

Mr. Lapus has a Masters in Leadership and Strategy (Sloan Fellow) from the London Business School (2017), a Masters in Business Management from the Asian Institute of Management (1997), and a Bachelor of Science degree in Business Management from the Ateneo de Manila University (1990).

Glenn L. Tee
Assistant Vice President, Chief Audit Executive, Head of Internal Audit Division

Mr. Tee was appointed by the Board in October 2010.  Prior to his appointment at EDC, he was Internal Audit Head of First Gen Corporation.  He started his career as auditor of Punongbayan and Araullo and joined First Philippine Holdings Group (“FPH”) in 1994 where he held various key positions in the Internal Audit and Accounting Departments of FPH and Subsidiaries.

Mr. Tee is a Certified Public Accountant and Certified Internal Auditor as accredited by the Institute of Internal Auditors USA.  He holds a BS Commerce (Major in Accounting) degree from San Beda University (1992).  He also completed the academic requirements of the Executive Masters in Business Administration from the Asian Institute of Management (2009).

Ryan Z. Velasco
Assistant Vice President, Corporate Information Officer, Head of Mergers and Acquisitions and Head of Investor Relations

Mr. Velasco has been with the Company since 2013.  He initially joined as part of EDC’s International Business Development team covering Latin America before moving to Finance to assist with the Company’s Investor Relations, Special Projects and other activities.  Prior to joining the Company, he worked for Indra Philippines, Inc. as its Managing Consultant and Head of Business Development – Financial Markets, and with Citigroup in London, United Kingdom as a Vice President covering its Europe, Middle East and Africa markets.

Mr. Velasco obtained his MBA degree at IESE Business School in Barcelona, Spain, and attended an MBA International Exchange Program at Tuck School of Business (Dartmouth) in Hanover, New Hampshire, USA.  He graduated from Ateneo de Manila University with a Bachelor of Science Degree in Business Management, Honors Program.

Bernadette Ann V. Policarpio

 

Vice President, Corporate Secretary, Head of Strategic Initiatives, Legal, & Regulatory Office

Atty. Policarpio was appointed as Assistant Corporate Secretary of EDC on September 7, 2016 and then as Corporate Secretary on October 3, 2017. She was appointed by the Board as Vice President on May 9, 2019.  Atty. Policarpio is also a Vice President and Senior Counsel at First Gen.  She joined EDC in August 2015, when she was seconded from First Gen, and she currently heads the Strategic Initiatives, Legal & Regulatory Office and, concurrently, the Legal Services Division.

Prior to joining the Lopez Group, Atty. Policarpio was Assistant Vice President for Legal Services at Global Business Power Corporation (“Global Power”), where she also served as the Head of the Legal Department and Assistant Corporate Secretary of the Global Power subsidiaries. Before moving
in-house, Atty. Policarpio built her legal experience first as litigation associate at Villaraza & Angangco, later joining the government as Court Attorney in the Office of then Chief Justice Hilario G. Davide, Jr. in the Philippine Supreme Court.  Thereafter, she pursued and completed her Master of Laws degree at the University of Michigan in Ann Arbor, Michigan, U.S.A., which was followed by a fellowship stint at the Center for International Environmental Law in Geneva, Switzerland.  Upon her return to the Philippines, she transitioned into commercial law practice as an associate at Romulo Law Office.

She obtained a Bachelor of Science degree in Management, Major in Legal Management in 1996 from the Ateneo de Manila University, where she also earned her Juris Doctor degree (with Second Honors Silver Medal Award) in 2000.  She was admitted to the Philippine Bar in 2001. In 2006, Atty. Policarpio received her Master of Laws degree from the University of Michigan in Ann Arbor, Michigan, U.S.A., as a Michigan Grotius Fellow.

Ana Maria A. Katigbak-Lim
Assistant Corporate Secretary

Atty. Katigbak-Lim, Filipino, was appointed by the Board in January 2007 as Assistant Corporate Secretary, and was appointed as Corporate Secretary on September 7, 2016. On October 3, 2017, she was appointed anew as Assistant Corporate Secretary. She is a Senior Partner of the Castillo Laman Tan Pantaleon & San Jose Law Firm.

Atty. Katigbak graduated cum laude from the University of the Philippines with degree in Bachelor of Arts in Comparative Literature (1990).  She is a graduate of the University of the Philippines College of Law (1994) and a member of the Phi Kappa Phi international honor society and Integrated Bar of the Philippines.  Her practice areas are mergers and acquisitions, securities and corporate law.  She was admitted to the Philippine Bar in 1995.

Our management team is comprised of highly competent individuals who embody EDC’s ideals of a global, diversified, renewable power company that is is sustained by people who are powered by good. 

Oscar M. Lopez

Chairman Emeritus

Mr. Lopez is the Chairman Emeritus of FPH, the specific associate holding company for power generation and distribution, property and manufacturing.  He has been a member of the EDC Board of Directors since the Company’s full privatization in 2007 until October 3, 2017.

Mr. Lopez is one of the most respected and admired business leaders in Asia.  He was Management Association of the Philippines’ Management Man of the Year in 2000 and one of the top twenty (20) finalists for CNBC and TNT International’s Asia Business Leader Awards in 2004.  He was the first Filipino businessman to be awarded the most prestigious Officer’s Cross of the Order of Merit of the Federal Republic of Germany in 2005.  He was a recipient of The Outstanding Filipino Award in the field of Business for the year 2009.

Named by Forbes Magazine as among the “Heroes of Philanthropy” in Asia, he is involved in several social and environmental concerns, among them the Eugenio Lopez Foundation and the Lopez Group Foundation. In 2006, he was honored in Monaco with the IMD-Lombard Odier Hentsch Distinguished Family Award for “an outstanding commitment on philanthropy for the family’s achievement in excellence such as the clarity and sustainability of their social endeavors, exemplary corporate governance, a focus on family values, and the involvement of multiple generations.”

He was conferred Honorary Degree Doctor of Laws, honoris causa by the Philippine Women’s University in April 2009 and by the University of the Philippines in March 2012 and Honorary Degree Doctor of Humanities, honoris causa by De La Salle University in October 2010 and by the Ateneo de Manila University in November 2010.  He was the 2011 Ramon del Rosario, Sr. Awardee for Nation Building. 

Mr. Lopez has a Master’s degree in Public Administration from the Littauer School of Public Administration in Harvard University (1955), where he also earned his Bachelor of Arts degree, cum laude (1951).

Federico R. Lopez

Chairman of the Board and Chief Executive Officer

Mr. Lopez has been a member of the Board since November 29, 2007.  He is currently Chairman and Chief Executive Officer of EDC, and the publicly-listed companies Lopez Holding Corporation, FPH and First Gen.  He is Vice Chairman of Rockwell Land Corporation and also sits on the board of ABS-CBN Corporation, which are also publicly-listed companies.

A staunch environmentalist, he is the Chairman of the Oscar M. Lopez Center for Climate Change Adaptation and Disaster Risk Management Foundation, non-profit private sector-led
initiative supporting research and innovative solutions to build climate-resilient communities.  He is also the Chairman of Sikat Solar Challenge Foundation, Inc., which focuses on bringing clean energy solutions to rural communities.  He is a member of the Board of Trustees of the Philippine Disaster Resilience Foundation, the ABS-CBN Lingkod Kapamilya Foundation, and the Eugenio Lopez Foundation.  He is the President of Ang Misyon, an El Sistema-inspired advocacy committed to igniting social change and youth development through the formation of the Orchestra of the Filipino Youth.

Mr. Lopez is a member of the New York Philharmonic International Advisory Board, Asia Business Council, World Presidents Organization, Chief Executives Organization, ASEAN Business Club, Management Association of the Philippines, Philippine Chamber of Commerce and Industry, European Chamber of Commerce of the Philippines, and Makati Business Club.

Mr. Lopez is a graduate of the University of Pennsylvania with a Bachelor of Arts Degree, Double Major in Economics and International Relations, cum laude (1983).

Richard B. Tantoco

President and Chief Operating Officer

Mr. Tantoco sits as a director of the Company since November 29, 2007.  He is currently President and Chief Operating Officer of EDC and several EDC subsidiaries, including BGI, GCGI and EBWPC. He also sits as a director and Executive Vice President of First Gen, a publicly-listed company, and several First Gen subsidiaries and a director of Cebu Air, Inc. 

He is currently the President and Trustee of the Oscar M. Lopez Center for Climate Change Adaptation and Disaster Risk Management Foundation, Inc. and a trustee in the board of several non-profit organizations, including KEITECH Educational Foundation Inc., Business for Sustainable Development, Inc. and Eugenio Lopez Foundation, Inc.  He previously worked with management consulting firm Booz, Allen and Hamilton, Inc. in New York and London where he specialized in mergers and acquisition advisory, turnaround strategy advisory, and growth strategy formulation for media and manufacturing companies.

Mr. Tantoco has an MBA in Finance from the Wharton School of Business of the University of Pennsylvania (1993) and a Bachelor of Science degree in Business Management from the Ateneo de Manila University where he graduated with honors (1988).

Jerome H. Cainglet

Senior Vice President, Deputy Chief Operating Officer and Head of Enterprise Commercial Group

Mr. Cainglet is the Senior Vice-President, Deputy Chief Operating Officer and Head of Enterprise Commercial Group of the Company, having been appointed by the Board of Directors on February 10, 2022.

He is also a Director of various gas project companies of the Lopez Group, including First Gas Holdings Corporation, First Gas Power Corporation, FGP Corp., First NatGas Power Corporation, First Gas Pipeline Corporation and FG Land Corporation.

Mr. Cainglet has been with the Lopez Group since July 1990 when he first joined First Philippine Holdings Corporation. He was a member of the core team that developed and implemented the Santa Rita and San Lorenzo gas-fired power plant projects as part of the Malampaya Gas-to-Power project and went on to Head the Gas Business Unit of First Gen Corporation until his appointment to the Company.

He is a graduate of B.S. Chemical Engineering from the University of the Philippines (1989) and has an Executive MBA degree from the Asian Institute of Management (2006).

Victor Emmanuel B. Santos, Jr.

Executive Vice President and Regulatory Compliance Officer

Mr. Santos is currently the Executive Vice-President and Regulatory Compliance Officer of the Company.  Prior to this, he was a Director of the Company from February 28, 2017 to October 3, 2017.  He is also an Executive Vice-President in First Gen and FPHC, both publicly-listed companies of the Lopez Group.

He is currently a Member of the Board of Trustees of the Philippine Independent Power Producers Association and a Director of the PEMC Board.

Mr. Santos has a master’s degree in Business Administration from Fordham University (1995) and a Bachelor of Science degree in Management of Financial Institutions from De La Salle University (1989).

Ma. Elizabeth D. Nasol

Senior Vice President, Head of Human Resource Management Group

Ms. Nasol joined the Company in February 2013 as Vice-President for the Human Resources Management Group.  Prior to her appointment in EDC, she was the Vice-President for Corporate Human Resources of First Philippine Electric Corporation (“First Philec”), which is the intermediate holding company for all manufacturing investments of FPH.

Before joining the Lopez Group, she was the Vice-President for Corporate Human Resource of Roxas Holdings Inc. and all its subsidiaries, and formerly the Head of the Center for Excellence of Globe Telecommunications, Inc.  She was also the Vice-President and Head of Organization and People Development in San Miguel Corporation where she spent the majority of her professional career.

She graduated from the University of Santo Tomas with a Bachelor’s Degree in Psychology, completed the Executive Development Program of INSEAD Singapore (1992), and finished the Strategic HR Management Program of the University of Michigan (1995).

Her professional development continues to date and in 2018 she became a “Certified Total Rewards Fellow” by the Asian Total Rewards Institute, which is based in Singapore.  She is also an active member of the People Management Association of the Philippines (“PMAP”) and was conferred the title “Diplomate in People Management” in 2017.  She also remains a member of the PMAP Board of Trustees and was the Head of its Leadership Committee in 2019 (when it was also named the PMAP “Committee of the Year”).  In 2020, she was a member of the PMAP Foundation Board of Trustees when the “Kapwa Diwa” initiative was launched.  This initiative focused on creating awareness for inculcating the Filipino values of Malasakit sa Kapwa.  She has been an elected member of the PMAP Board of Trustees assigned as the Trustee in charge of the Data and Research Ccommittee since 2021. Currently, she has been elected as member of the PMAP Executive Board as Vice President.

Liberato S. Virata

Senior Vice President, Head of Facilities O&M Group and Project Management

Mr. Virata, Filipino, was appointed by the Board as Senior Vice President in December 2019.  He started working for EDC in 1982 and held various positions including Field Maintenance Manager for LGPF, Maintenance Manager, Production Manager and Resident Manager for BGPF and Vice President and Head of Project Management prior to his current position.

Mr. Virata graduated with a Bachelor of Science degree in Mechanical Engineering from the Mapua Institute of Technology in Manila (1981). He became a Registered Mechanical Engineer in 1982 and a Professional Mechanical Engineer in 2006.  He completed the Refinery Operations Course at Shell Refinery Clyde, Sydney New South Wales, Australia (1988), Management Development Program of AIM (1996), and Diploma Course in Maintenance Management System (JICA) at Kitakyushu, Japan (2003).

Mr. Virata is currently a Trustee and 2nd Vice President of the Foundation of Outstanding Mapuan Incorporated. He was the National President of the Philippine Society of Mechanical Engineers in 2011 and 2012. He was a recipient of the PSME Fellow Award in 2013, PSME Don Tobias Marcelo Lifetime Achievement Award in 2016, PSME Outstanding Past President Emeritus Award in 2017, MIT’s Outstanding Alumnus Award for 2016, NAMA’s The Outstanding Mapuan for 2016, MEAAMIT’s The Outstanding Mechanical Engineer in 2014 and Philippines Professional Regulation Commission Citation for the Most Outstanding Mechanical Engineer in 2015.

Erwin O. Avante

Senior Vice President, Chief Financial Officer, Head of Finance and Compliance Officer for SEC

Mr. Avante was appointed by the Board as Chief Financial Officer effective January 1, 2019 and as a Compliance Officer for the SEC effective March 1, 2014.  He is also a Vice-President in First Gen.  Prior to joining the Lopez Group in 1998, Mr. Avante worked as Senior Audit In-charge at SyCip, Gorres, Velayo &. Co.

Mr. Avante has a Masters Degree in Business Administration (2000) and a Masters of Science Degree in Computational Finance (2003), both obtained from the Graduate School of Business – De La Salle University, and a Bachelor of Science in Accountancy from De La Salle University (1994).  Mr. Avante placed 1st in the May 1995 Certified Public Accountants board examination.  He is also a CFA charterholder since 2005.

Emmanuel C. Portugal

Vice President, Chief Digital Transformation Officer

Mr. Portugal, Filipino, is currently the Head of the Technology Office of EDC. He was appointed as Vice President and Chief Digital Transformation Officer in May 15, 2017. He is a highly experienced executive with a strong track record in business development, product marketing, sales and channel management. Among the companies he worked for are IBM, DFNN, Intel, and VMware. Prior to EDC, Mr. Portugal was the Country Manager of VMware Philippines where he established the organization as a strategic cloud computing and mobility platform for large enterprises in the telecommunications, banking, manufacturing, and public sector industries.

Mr. Portugal graduated from the University of the Philippines, with a Bachelor of Science degree in Mechanical Engineering, in 1985.

Jennifer Joy Santamarina Santos

Chief Transformation Officer, Head – Transformation Office

Ms. Santamarina, Filipino, joined EDC in 2019. She is a proven business transformation leader with extensive experience from different companies in various industries (fast-moving consumer goods, telecommunications, media, technology) located in the Philippines and overseas. Prior to joining EDC, she managed multiple transformation programs in the region. She likewise has a strong track record in marketing, product management, innovation, and business development, having been an executive in these functions for many years.

Ms. Santamarina graduated from the Ateneo de Manila University as a scholar, with a Bachelor of Science degree in Management. She likewise attended the Ateneo Graduate School of Business. She also completed the Executive Development Program and Innovation Leadership Program of the Asian Institute of Management, as well as the International Executive Leadership Program of INSEAD-Singapore.

Jay Joel L. Soriano

Vice President, Head of Integrated Planning

Mr. Soriano, Filipino, was appointed by the Board in May 2019 as Vice President and Head of the Integrated Planning. With experience in strategic planning, business development, and other commercial functions, he is leading major organizational changes and multiple growth initiatives. He joined EDC in 2014 as Deputy Strategic Business Unit Head of BGI before assuming the role of Strategic Business Unit Head of Negros Island Business Unit from 2016 to 2019.

Mr. Soriano obtained his bachelor’s degree in Management Engineering from the Ateneo de Manila University. He also holds a Master’s Degree in Business Administration from Harvard University.

Edwin H. Alcober

Vice President, Head of Geothermal Resource, Sub-Surface Group

Mr. Alcober, Filipino, was appointed by the Board as Vice President in May 2019 and was Head of Geothermal Resource, Sub-Surface Group since 2018. He began his career in EDC more than two (2) decades ago as a Drilling Engineer. He then became a Process Geochemist before heading the Leyte Resource Management Department. He was also previously the Geosciences and Reservoir Engineering Group Head.

Mr. Alcober obtained his Bachelor of Science degree in Chemical Engineering from the University of the Philippines in Diliman in 1994. He had undergone training in Geothermal Energy Technology at the Geothermal Institute, University of Auckland, New Zealand in 1998 and awarded Best in Engineering.

James E. Jumawan

Vice President, Head of Well Services Group

Mr. Avante was appointed by the Board as Chief Financial Officer effective January 1, 2019 and as a Compliance Officer for the SEC effective March 1, 2014.  He is also a Vice-President in First Gen.  Prior to joining the Lopez Group in 1998, Mr. Avante worked as Senior Audit In-charge at SyCip, Gorres, Velayo &. Co.

Mr. Avante has a Masters Degree in Business Administration (2000) and a Masters of Science Degree in Computational Finance (2003), both obtained from the Graduate School of Business – De La Salle University, and a Bachelor of Science in Accountancy from De La Salle University (1994).  Mr. Avante placed 1st in the May 1995 Certified Public Accountants board examination.  He is also a CFA charterholder since 2005.

Emeterio T. Busmeon

Vice President, Head – Facility Operations

Mr. Busmeon was appointed by the Board in December 2019 as Vice President and Head – Facility Operations.  He joined EDC in 2009. He joined EDC in 2009. Prior to joining EDC, he was Acting Manager of the Maintenance Division of the National Power Corporation, having been with said company since 1990.

Mr. Busmeon graduated from the Siliman University, with a Bachelor of Science degree in Mechanical Engineering in 1984.  He holds a Master’s Degree in Public Administration also from Siliman University. He practices as a Professional Mechanical Engineer in accordance with the Philippine Regulation Commission. He is also as a Certified Maintenance & Reliability Professional by the American National Standard Institute.

Maribel A. Manlapaz

Vice President, Head of Comptrollership

Ms. Manlapaz, Filipino, joined EDC in November 2009. Prior to joining EDC, she held various executive positions for more than twenty (20) years at various global pharmaceutical companies, including as Director of Finance at UCB Philippines, Inc., a multinational company based in Belgium.

Ms. Manlapaz started her career in 1987 as an auditor with SGV & Co (EY Affiliate). Between 1989 and 2006, she joined Pfizer, Inc. and The Boots Company Philippines, managing various finance functions. Her areas of expertise in the field of finance are management accounting, financial accounting and reporting, tax planning and compliance, and corporate and regulatory compliance.

Ms. Manlapaz is a Certified Public Accountant and holds a Master’s Degree in Business Administration – Top Executive Program from the Pamantasan ng Lungsod ng Maynila (1996).

She finished her undergraduate degree with cum laude distinction from the Philippines School of Business Administration in 1986, and was awarded Most Outstanding Graduate of the Year.

Regina Victoria J. Pascual

Vice President
Head, Health Environment Safety – Business Process and Management Systems (HES-BPMS)
Head, Corporate Support Functions (CSF)

Ms. Pascual, Filipino, joined EDC in 1990. Prior to joining EDC, she managed water supply and sanitation programs under the Department of Interior and Local Government (DILG) and its partnerships with the United States Agency for International Development (USAID).In her 30 years in EDC, she has showcased her leadership and expertise in different functions related to hydrogeology, environmental management, and Integrated Management Systems (IMS) Audit. Ms. Pascual earned her Bachelor of Science degree in Geology in 1983, and her Diploma in Environmental Science in 1996, both from the University of the Philippines Diliman.

Reman A. Chua

Vice President

Mr. Chua has been with EDC from 2007 to the present. He led the Company’s 150 MW Burgos Wind Project and was appointed as Vice President on September 9, 2015.

Before his assignment to EDC, he began his career with the Lopez Group in 2002 as a Manager for Business Development under FGP Corporation.  For a time, he was studying natural gas power vehicles as an extension business for the group and as an entry to non-power market for natural gas in the Philippines.  He was assigned to the Manila North Tollways Corporation as manager for marketing, compliance and Business Development from 2002 up to 2005, during which the rehabilitation and expansion of the North Luzon Expressway (“NLEX”) was undertaken and successfully completed in 2005.  He led the marketing communications efforts that managed the increase of the toll rates in NLEX.  Thereafter, he returned to First Gen and led various acquisition projects in the power sector.

He graduated with a Bachelor of Arts degree in Economics from Ateneo de Manila University, and holds a Masters in Business Management degree from the Asian Institute of Management.

Ariel Arman V. Lapuz

Vice President

Mr. Lapus was appointed by the Board in March 2012 to oversee EDC’s business development efforts in Latin America and was based in Santiago, Chile.  He sits in the boards of directors of the EDC companies in Chile and Peru.

Mr. Lapus is concurrently Vice-President of First Gen and Chief Operating Officer of Pi Energy Inc. and FP Island Energy Corporation (all subsidiaries of First Philippine Holdings Corporation).  He is also a Board Member of the Sikat Foundation.

Prior to joining the Lopez Group, Mr. Lapus was Executive Vice President of Global Business Power Corporation and Vice President of Mirant Philippines Corporation.  He has more than twenty (20) years of experience in the power industry occupying senior and general management roles in handling business development (including M&A), power marketing and trading, commercial and plant operations, and corporate services.

Mr. Lapus has a Masters in Leadership and Strategy (Sloan Fellow) from the London Business School (2017), a Masters in Business Management from the Asian Institute of Management (1997), and a Bachelor of Science degree in Business Management from the Ateneo de Manila University (1990).

Glenn L. Tee

Assistant Vice President, Chief Audit Executive, Head of Internal Audit Division

Mr. Tee was appointed by the Board in October 2010.  Prior to his appointment at EDC, he was Internal Audit Head of First Gen Corporation.  He started his career as auditor of Punongbayan and Araullo and joined First Philippine Holdings Group (“FPH”) in 1994 where he held various key positions in the Internal Audit and Accounting Departments of FPH and Subsidiaries.

Mr. Tee is a Certified Public Accountant and Certified Internal Auditor as accredited by the Institute of Internal Auditors USA.  He holds a BS Commerce (Major in Accounting) degree from San Beda University (1992).  He also completed the academic requirements of the Executive Masters in Business Administration from the Asian Institute of Management (2009).

Ryan Z. Velasco

Assistant Vice President, Corporate Information Officer, Head of Mergers and Acquisitions and Head of Investor Relations

Mr. Velasco has been with the Company since 2013.  He initially joined as part of EDC’s International Business Development team covering Latin America before moving to Finance to assist with the Company’s Investor Relations, Special Projects and other activities.  Prior to joining the Company, he worked for Indra Philippines, Inc. as its Managing Consultant and Head of Business Development – Financial Markets, and with Citigroup in London, United Kingdom as a Vice President covering its Europe, Middle East and Africa markets.

Mr. Velasco obtained his MBA degree at IESE Business School in Barcelona, Spain, and attended an MBA International Exchange Program at Tuck School of Business (Dartmouth) in Hanover, New Hampshire, USA.  He graduated from Ateneo de Manila University with a Bachelor of Science Degree in Business Management, Honors Program.

Bernadette Ann V. Policarpio

Vice President, Corporate Secretary, Head of Strategic Initiatives, Legal, & Regulatory Office

Atty. Policarpio was appointed as Assistant Corporate Secretary of EDC on September 7, 2016 and then as Corporate Secretary on October 3, 2017. She was appointed by the Board as Vice President on May 9, 2019.  Atty. Policarpio is also a Vice President and Senior Counsel at First Gen.  She joined EDC in August 2015, when she was seconded from First Gen, and she currently heads the Strategic Initiatives, Legal & Regulatory Office and, concurrently, the Legal Services Division.

Prior to joining the Lopez Group, Atty. Policarpio was Assistant Vice President for Legal Services at Global Business Power Corporation (“Global Power”), where she also served as the Head of the Legal Department and Assistant Corporate Secretary of the Global Power subsidiaries. Before moving
in-house, Atty. Policarpio built her legal experience first as litigation associate at Villaraza & Angangco, later joining the government as Court Attorney in the Office of then Chief Justice Hilario G. Davide, Jr. in the Philippine Supreme Court.  Thereafter, she pursued and completed her Master of Laws degree at the University of Michigan in Ann Arbor, Michigan, U.S.A., which was followed by a fellowship stint at the Center for International Environmental Law in Geneva, Switzerland.  Upon her return to the Philippines, she transitioned into commercial law practice as an associate at Romulo Law Office.

She obtained a Bachelor of Science degree in Management, Major in Legal Management in 1996 from the Ateneo de Manila University, where she also earned her Juris Doctor degree (with Second Honors Silver Medal Award) in 2000.  She was admitted to the Philippine Bar in 2001. In 2006, Atty. Policarpio received her Master of Laws degree from the University of Michigan in Ann Arbor, Michigan, U.S.A., as a Michigan Grotius Fellow.

Ana Maria A. Katigbak-Lim

Assistant Corporate Secretary

Atty. Katigbak-Lim, Filipino, was appointed by the Board in January 2007 as Assistant Corporate Secretary, and was appointed as Corporate Secretary on September 7, 2016. On October 3, 2017, she was appointed anew as Assistant Corporate Secretary. She is a Senior Partner of the Castillo Laman Tan Pantaleon & San Jose Law Firm.

Atty. Katigbak graduated cum laude from the University of the Philippines with degree in Bachelor of Arts in Comparative Literature (1990).  She is a graduate of the University of the Philippines College of Law (1994) and a member of the Phi Kappa Phi international honor society and Integrated Bar of the Philippines.  Her practice areas are mergers and acquisitions, securities and corporate law.  She was admitted to the Philippine Bar in 1995.

One of the most powerful cartoons I’ve come across in a while is one by To New Yorker
Magazine which shows a man in a tattered business suit and around a campfire amidst a
future wasteland telling three children, “Yes they destroyed but for a beautiful moment in
time we created a lot of value for. Funny, but tragically so true of how the world works today.

We urgently need to overhaul how we relate with the Earth
if we want to keep it habitable for humans in the decades
to come. We don't have a choice.

The way we measure progress and success in our world is severely broken. Countries are
judged by how fast gross domestic product (GDP) grows, and corporate stocks are deemed
good investments also by how fast they can advance their net incomes regardless of how
it’s achieved. Most successful business models are racing to spur consumption of their
products beyond what consumers really need. As a result, carbon emission trajectories are
leading us toward a catastrophic world that’s 3-6 degrees warmer. Human activity is warming
the Earth 5,000 times faster than the most rapid natural warming occurrence in our planet’s
past, and species are going extinct faster than at any period in geologic history. Microplastics
are already being found in dwelling in the deepest reaches of the Marianas trench as well as
the pristine Pyrenees mountains of France and Spain. These are but a few examples of the
widescale destruction humans are wreaking on our only home. The international no
organization (NGO) Global Footprint Network estimates that we already use up 1.5 Earths
each year just feeding our current level of wants and needs; that’s 50% more than our planet’s
ability to replenish 3the resources used up!

Dear Stakeholders,

Message from the EDC
Chairman and CEO

With every passing year, it becomes increasingly tougher to deny that our climate
is changing faster than previously imagined due to human activity. A large and growing
number of the world’s largest corporations participating in the Carbon Disclosure Project,
more than 75% as opposed to only 10% in 2010, now incorporate climate change into
their business strategies. I believe that today, we are living through one of history's great
paradigm shifts. An age wherein we’re only just beginning to realize the immense impact
we’ve had on the planet and that we urgently need to overhaul how we relate with the
Earth if we want to keep it habitable for humans in the decades to come. We don't have
a choice. There is no Plan B or planet B, as some would say.

Real and lasting shareholder value can only be had when we place the
interests of all our stakeholders, our customers, the planet, and humanity
at the center of everything we do.

Of course paradigm shifts are never easy. They never have been throughout history. But
as the environmentalist and author Bill McKibben rightly puts it: “the math is hard to
argue with; business as usual and growth as usual spell an end to the world as usual.
This is the one overwhelming fact of our lifetimes.” PricewaterhouseCoopers or PWC
quantifies what the world needs to do to keep global temperature rise to less than 2
degrees Celsius. They emphasize that we must reduce the carbon intensity of the
economy—the amount of carbon emitted per dollar of GDP—by 6% each year until 2100.
Although this number looks modest, it is nine times the current rate of important
being experienced in the world today; this only underscores the magnitude of the
transformation needed. At Energy Development Corporation and parent company,
First Gen Corportion, we believe our platform of businesses and our way-to-play are all
geared toward this goal.

Message from the EDC
Chairman and CEO

Our Geothermal plants are today the only large scale 24/7 sources of renewable energy
The relatively fixed pricing we are able to offer our electricity customers is a massive
advantage and gives them certainty at a time when our coal-based competitors cannot. In
addition, the massive transformation taking place in the company is exciting and promises
to transform us into a leaner but more robust and resilient player and competitor.
Our Natural Gas plants at First Gen are key to bringing down the carbon intensity
of the economy as they emit less than half of the carbon and only a fraction of the other
pollutants per kilowatt-hour relative to an equivalent-sized coal plant. This is key to
keeping the economy humming and our lights on, even as we transition to a decarbonized
world. Today, these plants run on the country’s only indigenous gas field
Camago-Malampaya, but we are currently preparing for the day these fields no longer
have indigenous gas through the development of what could be the country's first
Liquefied Natural Gas (LNG) import terminal. In December 2018, First Gen signed a joint
Development Agreement (JDA) with Tokyo Gas Co., Ltd. to push this forward. It's an
exciting time to be doing this as LNG suppliers worldwide are only just beginning to
innovate and show flexibility on gas contracts never before seen in the world of LNG
contracting. Just this April 2019, Shell and Tokyo Gas signed the world’s first coal-indexed
LNG contract. This signals that gas producers are now willing to fight head against
coal plants in competitive power markets, if they aren’t cheaper already. Our decision
several years ago to slam the door on developing any coal-fired power for ourselves
was prescient. Even as more coal- fired capacity comes on line globally, their utilization
and capacity factors are falling. International Energy Agency (IEA) figures for 2017 show
the average capacity factor of coal plants globally has fallen even more to 52.8%, down
from 59.3% in 2013. This is alarming for a technology whose economics only makes sense
when run at baseload rates of 70-80%. The implication is that many coal plants today are
being run sub-optimally and expensively. The fact that they are required to ramp up and
down frequently causes thermal fatigue of components, of materials, and corrosion that
negatively impact efficiency and emissions even more. Aside from the fact that coal-fired
power no longer has a place in a world that needs to decarbonize rapidly, its economics
are being rendered uncompetitive in grids increasingly being penetrated by more
intermittent renewable energy sources. Its days are numbered.

Message from the EDC
Chairman and CEO

Our world today teems with change and disruption. At EDC, we’re all incessantly
and purposefully “sensing the wind” and “reading the tea leaves”. And in such a
world marked by so much complexity, we must also keep our organizations alert,
as well as agile. But let me just say that real and lasting shareholder value can only
be had when we place the interests of all our stakeholders, our customers, the
planet, and humanity at the center of everything we do. The world’s paradigms are
shifting yet again and, as a company, we intend to help that shift in the best way
we can. It is amongst these great challenges where we intend to build the many
great opportunities that will foster true shareholder value.

Thank you for your continued trust and unwavering support.

Federico R. Lopez
Chairman and CEO

Message from the EDC
Chairman and CEO

Due to climate change, only hell is hotter than summer.

We now live in a world that has increased its temperature by 1.5°C from pre-industrial times
and at these levels 14% of the world’s population will experience intense heat waves at least
once in five years. Should things deteriorate further by half a degree, at a 2°C increase from
pre-industrial times, the effect will be 2.7 times worse: 37% of the world’s population will
experience severe heat waves at least once in five years. In 2018, Australia revised their
temperature charts and increased the upper limit to 55 degrees Celsius, or over 135 degrees
Fahrenheit, given what was experienced for a sustained period in the south-central part of
the country in 2018.

Hotter temperatures mean hotter oceans, because water absorbs an estimated 90% of the
heat in the atmosphere and radiant heat from the sun. The “hydrogen bond" between water
molecules is what allows water to absorb a significant amount of energy in the form of heat
before turning to vapor. However, once in vapor form, water rises into the atmosphere, and
the very same life-sustaining water becomes fuel for deadly typhoons and hurricanes that
bring with them torrential rains.

If the earth did not have water and was dry like Mars, our average temperature would be
negative 16°C. Because of the presence of water, the year-round average temparature of
the Earth is now 14°C. Averages have a way of lulling us into complacency until we are shaken
or impacted by terrible horrors, like Typhoon Yolanda in the Philippines, Hurricane Sandy in
New York, Hurricane Maria in Puerto Rico, Harvey in Houston (the costliest hurricane on
earth at USD125B in damage). The common thread among these events? They are all the
worst in either the history of those areas or the worst in centuries. And they all occurred in the
last 6 years.

The diametric opposite of typhoons, drought, is the other side of the same coin. From
California to Cape Town in South Africa, to Greece and Australia, drought has affected millions
of people. Closer to home, Manila is experiencing drought in this summer of 2019.

Dear Stakeholders,

Message from the EDC
President and COO

Our 2018 cover follows the expressive and visceral nature of the images we have chosen in
the past two years. It shows a striking image of what the future holds for us, if we do not
heed the call of the planet to pivot. The harsh reality of climate change is already felt, and
sadly, it is the most vulnerable members of society who bear the brunt of it.

We know the pivot will not be easy, especially in the face of significant vested interests.

The Intergovernmental Panel on Climate Change’s findings say that we may only have
until 2030 to avert “catastrophic climate change.” Despite the warnings however, action
has been slow. And in 2018, carbon emissions increased by another 2% from the previous
year. Scientists remain optimistic and cite the growth of renewable energy as a reason to
believe that the world can achieve the necessary reductions.

This continues to motivate us to do things better, to make a difference toward turning the
tide. Over the past five years, the Energy Development Corporation (EDC) and the rest of
the Lopez group of companies have decided to be the leaders in the business sector of
the Philippines in sounding the warning about the worsening effects of climate change
and the need for decisive action and enlightened choices. We know the pivot will not be
easy, especially in the face of significant vested interests.

Our Performance Report tells the story of EDC’s work-in-progress this year: our efforts to
achieve our business objectives, hand-in-hand with our sustainability aspirations. As
always, we keep track of the metrics that matter most to our stakeholders in alignment
with the framework of the Global Reporting Initiative (GRI) Standards.

Message from the EDC
President and COO

Bouncing back from a tough year

We tempered our expectations for 2018, given that we began the year with damage to
our facilities as a result of Typhoon Urduja, in December of 2017. Despite this setback, the
concerted efforts of our operational units, and inspired action from our employees,
helped us return our assets to service ahead of schedule. As a result of this, we ended
the year with a recurring income attributable (RNIA) of PhP9 billion, slightly ahead of our
2017 numbers.

We continued to execute our strategy with excellent results. We ended the year above our
target for generation. Our Nasulo and Palinpinon II power plants were also re-certified
for the 40 megawatt (MW) (+10MW) Ancillary Services Procurement Agreement (ASPA),
while our BacMan geothermal facility was fully contracted.

We adopted new ways of working and better practices in our operations with promising
results. For instance, majority of our planned maintenance activities were completed in
60% of the time, versus the previous 5-year averages. Fundamental changes have taken
place, such as the safety and medical clearances of contractors prepared a full month
ahead of the start of the activities, versus the old practice of doing this just prior to day
zero. We have also enhanced our reinjection management strategies to support our
efforts to reduce wasted heat and to ensure the recharge of our geothermal reservoirs.

Message from the EDC
President and COO

Taking the long view on sustainability and profitability

We are aware that challenges to the business will arise from time to time, such as natural
calamities or extreme weather. In response to these threats, we made smart investments
in resilience projects. Rather than implement risk reduction and resilience in potentially
hazardous areas, such as the steepest slopes most prone to landslides, we looked instead
at this through the necessary lens of high hazard against the potential value at risk from
the infrastructure in the area. From there, we have now prioritized those works which
mitigate the value at risk (VAR) of our assets relative to the hazard present. This way, we
are sure that we are investing in the right places where we can have the greatest risk
reduction. Using this VAR strategy, we completed 31 landslide mitigation projects in
BacMan, Negros, and Leyte in 2018. This crucial investment in resiliency is being
accelerated in 2019.

We are also investing in the growth and development of our people. People seek
opportunities to work for us because they appreciate EDC’s strategy. We have found that
EDC’s renewable energy focus has made us an employer of choice. Improvements in our
ways of working have given our employees greater flexibility to participate in and
contribute to over 100 simultaneous special projects, resulting in disperse decision-making
and improved accountability.

Our business also faces systemic and market-driven challenges. For example, the energy
sector will have to confront regulatory shifts and changes in tax regimes. This is par for
the course. We will also experience market shifts, which can be disruptive, both from
operational and pricing standpoints. An example would be the influx of non-
conventional, non-base load (intermittent) energy, like solor and wind. These energy
sources have significant impact on the grid, but do not have to shoulder the cost of
ancillary services.

EDC is prepared to face these changes by maximazing the cash generation of our assets.
We upgraded the capability of our plants in order to provide services that support grid
stability. These plans have been implemented, with investments in ancillary services
capability completed. Expanding our services offering has generated economic returns:
revenue from the sale of electricity as contingency and dispatchable reserves increased
143.5% from 2017, to P970 million in 2018.

Message from the EDC
President and COO

Making the shift to low carbon energy

While renewable energy is often seen as an alternative, EDC believes it is necessary and
timely to mainstream clean energy. Renewable energy is not only the environmentally-
responsible choice, but a wise business decision as well. EDC’s experience demonstrates
this, and we hope to convince even the doubters that the future of energy is in renewable
This commitment to clean energy is growing. In the United States, the mood on low-
carbon energy is changing. So much so, that one of the major US energy utilities has
pledged to go carbon free by 2050, and 80% carbon-free by 2030. This is only one utility,
in a wave of energy providers that have announced carbon-reduction goals.

A common theme across those committing to renewable energy is that their customers
are demanding low-carbon energy. And the energy providers, even mining companies are
listening. Renewable energy is not only the environmentally-responsible choice, but a
wise business decision as well. EDC’s experience demonstrates this, and we
hope to convince even the doubters that the future of energy is in
renewable.

In the capital markets, many large financial institutions have announced they will no
longer finance coal fired power plants. It is their belief that the assets will neither have the
capability to compete nor “the right to operate” based on the preferences of their
customers and other stakeholders such as local communities. For this reason, providing
financing for such assets are seen to be a poor medium- to long-term risk.

Increasingly, our customers are looking for cleaner energy choices, and we are happy to
oblige. Our role is not only to advocate for, but to convert consumers to, renewable
energy. More customers are signing up with EDC, with some choosing us because they
want to be powered by a pure RE company. Companies that have chosen to make the
switch believe it is a critical advantage: in fact, one customer that makes industrial
building materials told us that they want to be known as the first company in their
industry to be 100% powered by RE. We are encouraged by the small, but growing,
population of enlightened consumers that are demanding that the businesses and brands
they support show greater climate responsibility.

Message from the EDC
President and COO

EDC is proud and happy to partner with businesses that want to make positive
environmental change. Together, we will be part of a virtuous cycle that will contribute to
positive climate action.

Staying committed to our sustainability journey

In the last quarter of 2018, EDC completed the process of its voluntary delisting from the
Philippine Stock Exchange. Our delisting was a considered decision and part of an overall
strategy to support EDC’s long-term growth. The move to delist allows us greater flexibilty
over factors like leverage and dividend policies, without the need to excessively focus on
short-term results.
Our shareholders share this long-term focus with us. There is less attention given to
quarterly earnings, in favor of deliberate growth. This gives us the latitude and support to
explore investments in new Capital Expenditure, to test new technologies that alter our future
prospects, without the expectation of immediate results or instant returns.

While the Philippine Stock Exchange and the SEC have established guidelines for
mandatory sustainability reporting beginning in 2020, EDC voluntarily reported on
sustainability for the past nine years. We will continue this practice because we believe
that this is how we can best create and share value with society, and care for the
environment upon which we depend, and the we all share.

Message from the EDC
President and COO

Our clear path ahead

The strong beam from a beacon serves to shine a light on the way ahead, and while we
made some gains in 2018, our journey is far from over. One the business side, we are
confident in the path we are taking to grow and develop our portfolio, invest in our
facilities and our PEOPLE, and continue to support our host communities.

Strategy is fundamentally a choice that is executed well. EDC is committed to our choice
for renewable enrgy and we intend to deliver on our plans to optimuze our assets,
mitigate our risks and grow the business and our talent pool. It is our hope that we can
serve as a role model for the energy sector, our host communities, the local government,
energy are bright, and by all indications, are getting better with each passing day.

Richard B. Tantoco
President and COO

Message from the EDC
President and COO