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Management

Our management team is composed 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, Filipino, is the Chairman Emeritus of both the Lopez Holdings Corporation (formerly, Benpres Holdings Corporation), the holding company for major investments in broadcast, telecoms and cable, power generation and distribution; and 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 its 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 (“TOFIL”) 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, 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; conferred Honorary Degree of Humanities, honoris causa by De La Salle University in Oct. 2010 and by the Ateneo de Manila University in Nov. 2010. He was the 2011 Ramon del Rosario, Sr. Awardee for Nation Building. He was conferred Honorary Degree of Doctor of Laws, honoris causa by the University of the Philippines in March 2012.

Mr. Lopez was born on April 19, 1930. 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 & Chief Executive Officer

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

A staunch environmentalist, he is the Chairman of the Sikat Solar Car Challenge Society and is a member of the Board of Trustees of the Philippine Disaster Resilience Foundation and Forest Foundation Philippines.

Mr. Lopez is a member of the Asia Business Council, World Presidents Organization, New York Philharmonic International Advisory Board, Chief Executives Organization, ASEAN Business Club, Management Association of the Philippines (“MAP”), 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 in Economics and International Relations, cum laude (1983).

 

Richard B. Tantoco
President & Chief Operating Officer

Mr. Tantoco, Filipino, 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, such as, but not limited to, 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. 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, such as KEITECH Educational Foundation Inc., Business for Sustainable Development, Inc., The Lopez Museum, Stiftung Solarenergie Solar Energy Foundation and Messy Bessy. He has been a director of the International Geothermal Association since 2010. 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).

Victor Emmanuel B. Santos, Jr.
Senior Vice President & Regulatory Compliance Officer

Mr. Santos, Filipino, born on September 7, 1967, has been elected as Senior Vice-President, Regulatory Compliance Officer of Energy Development Corporation on November 22, 2017. Prior to his election as EDC’s Senior Vice-President and Regulatory Compliance Officer, Mr. Santos was a Director of the Corporation from February 28, 2017 to October 3, 2017. He is also the Senior Vice-President of First Gen Corporation and FPHC, both publicly-listed companies of the Lopez Group.

He is currently a Director of the Philippine Independent Power Producers Association (“PIPPA”) since August 2016, and a Director of the Philippine Electricity Market Corporation (“PEMC”) Board since April 2013.

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

Ms. Nasol, Filipino, joined the Company in February 2013 as Vice-President for the Human Resources Management Group (“HRMG”). 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 FPH family, she was the Vice-President for Corporate Human Resource of Roxas Holdings Inc. and all its subsidiaries, and Head of the Center for Excellence of Globe Telecommunications, Inc. She was also the Vice-President and Cluster HR Manager for Corporate Service Unit in San Miguel Corporation where she spent the majority of her professional career.

Ms. Nasol is currently taking her Masteral and Doctorate Degrees in Organization Development in the Southeast Asia Interdisciplinary Development Institute (“SAIDI”). She graduated from the University of Santo Tomas with a Bachelor’s Degree in Psychology, completed the Executive Development Program of INSEAD Singapore in 1992, and finished the Strategic HR Management Program of the University of Michigan in 1995.

Ms. Nasol became a “Certified Total Rewards Fellow” by the Asian Total Rewards Institute (based in Singapore) last 2018. She is 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 its Board of Trustees and was the Head of its Leadership Committee in 2019 (when it was also named the PMAP “Committee of the Year”). She is currently in the Board of Trustees of the PMAP Foundation.

She introduced the EDC Classification and Compensation System and the Performance Management System called Performance, Assessment, Coaching and Evaluation (“PACE”) covering all employees including bargainable employees. CBA negotiations are now done on a Unified and Integrated Approach which won a Lopez Achievement Award for Human Resources in 2015.

Under her leadership in the HRMG, EDC installed the following: Talent Management Program, Performance Management, Job Evaluation, Promotions System, Global Mobility Program, Leaders Coaching Leaders, Executive Coaching, New Retirement Plan based on Defined Contribution, and Flexible Work Arrangements.

Liberato S. Virata
Senior Vice President

Mr. Virata, Filipino, was appointed by the Board in December 2010. 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 Auditor 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
Vice President & Chief Financial Officer/Treasurer and Compliance Officer for SEC

Mr. Avante, Filipino, was appointed by the Board as Chief Finance Officer effective January 1, 2019 and as a Compliance Officer effective on March 1, 2014. He is also a Vice-President in First Gen Corporation and was a member of the Board of Trustees of the CFA Society of the Philippines from 2010 and from 2017 to 2019. 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 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 was appointed as vice president and chief digital transformation officer on 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, Manny was the County 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.

James Arnold D. Villaroman
Vice President

Mr. Villaroman, Filipino, is the vice president and head of Strategy and Long-Term Planning. He has been with the company since 2012. Prior to joining EDC, Mr. Villaroman was an executive of ExxonMobil Corporation in charge of corporate planning and business analytics for Canada. In this position, he handled various strategic initiatives from 2006 to 2012. Mr. Villaroman also held key positions in several financial institutions like the Asian Development Bank, JP Morgan Chase Securities, and BZW Asia Ltd (Investment Banking Subsidiary of Barclays bank, UK).

Mr. Villaroman earned his MBA – Finance General Management from the Richard Ivey School of Business, University of Ontario, London, Ontario, Canada (2006) and his Bachelor’s Degree in Industrial Engineering from the Ateneo de Manila University (1995). He completed his training in the Six-Sigma Black Belt in 2010 and received ExxonMobil designation as a Continuous Improvement Specialist.

Jay Joel L. Soriano
Vice President

Mr. Soriano, Filipino, was appointed by the board in May 2019 as vice president and head of the Integrated Planning Group. 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 BacMan before assuming the role of strategic business unit head of the 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

Mr. Alcober, Filipino, was appointed by the board as vice president in May 2019 and was head of Geothermal Resources 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 and his diploma in Geothermal Energy Technology from the University of Auckland, New Zealand in 1998.

James E. Jumawan
Vice President

Mr. Jumawan, Filipino, 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 in 1986 and his diploma in Geothermal Energy Technology from the University of Auckland, New Zealand in 2000.

Emeterio T. Busmeon
Vice President

Mr. Busmeon, Filipino, was appointed by the board in December 2019 as vice president and head of Facility Operations. 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 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.

Ferdinand B. Poblete
Vice President

Mr. Poblete, Filipino, was appointed by the board in April 2019. He is a global information technology (IT) executive with over thirty (30) years of diverse experience in cross-cultural markets across Asia, Europe, Middle East, Africa, Latin America, and North America. He has held various leadership positions with responsibilities covering IT infrastructure, manufacturing, sales, logistics systems, people management, strategic business planning and management, and business development. He was formerly the senior vice president and director for the Strategic Initiatives Office of Philamlife Insurance Co. He was also with Procter & Gamble (P&G) for eighteen (18) years, holding various positions such as country IT manager of Korea, associate director for worldwide distribution systems, and associate director for Business Information Solutions for Asia Regional Operations.

Mr. Poblete graduated with a B. S. in Electrical Engineering degree from the University of the Philippines in Diliman and is an alumnus of the Philippine Science High School.

Reman A. Chua
Vice President

Mr. Chua, Filipino, has been with EDC from 2007 to the present, leading business development projects for solar and wind, most notable of which is the company’s 150 MW Burgos Wind Project. He 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 (AIM).

Ariel Arman V. Lapuz
Vice President

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

Prior to this, Mr. Lapus was vice-president of First Gen, overseeing the power marketing and trading operations of First Gen and EDC. He has more than twenty (20) years of experience in the power industry, handling business development, M&A, power marketing and trading, plant operations, and corporate services. He has occupied senior management roles in Mirant Philippines Corporation, Global Business Power Corporation, First Gen, and EDC.

Mr. Lapus is also chief operating officer of pi energy inc., and FP Island Energy Corporation (both subsidiaries of First Philippine Holdings Corp.). He also sits in the board of Sikat Foundation.

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

Glenn L. Tee
Assistant Vice President & Chief Audit Executive

Mr. Tee, Filipino, was appointed by the board in October 2010. Prior to his appointment at EDC, he was internal audit head of First Gen Corp. for two years. He has been with the Lopez Group since 1994 and has held key positions in the internal audit and accounting departments of First Philippine Holdings Corp. and First Philippine Infrastructure and Development Corp.

Mr. Tee graduated from San Beda College (1992) and is both a certified public accountant and certified internal auditor. He completed the academic requirements of the Executive Masters in Business Administration from the AIM (2009).

Ryan Z. Velasco
Assistant Vice President & Corporate Information Officer

Mr. Velasco, Filipino, 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 Busines Development – Financial Markets, and with Citigroup in London, UK as a vice president covering its Europe, Middle East, and Africa market.

Mr. Velasco obtained his MBA degree at IESE Business School in Barcelona, Spain and had 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 and Corporate Secretary

Atty. Policarpio, Filipino, was appointed as Assistant Corporate Secretary of EDC on September 7, 2016 and then as Corporate Secretary on October 3, 2017. Beth is also Vice President and Senior Counsel at First Gen Corporation (“First Gen”). She joined EDC in August 2015, when she was seconded from First Gen to head the Legal Services Division of EDC.

Prior to joining the Lopez Group, Beth 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 inhouse, Beth 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, Beth 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
Assistant Corporate Secretary

Atty. Katigbak-Lim, Filipino, was appointed by the Board in January 2007 as Assistance 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 Bachelor of Science degree. 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. Her practice areas are corporate law, securities and litigation. She was admitted to the Philippine Bar in 1995.

Ramon A. Carandang

Vice President

Mr. Carandang, Filipino, is a vice president of the company and is concurrently a vice president of First Gen and First Philippine Holdings Corporation. He also serves as a director Board of Unicapital Securities and Ronin Consultants.

Prior to joining EDC, Mr. Carandang was Secretary for Presidential Communications under the administration of President Benigno Aquino III, where he also served as a member of the cabinet level clusters on economic policy and national security.

Before joining the Aquino government, he was a news anchor and reporter for ABS-CBN News from 2000 to 2010.

Mr. Carandang obtained his Bachelor of Arts degree in Management Economics at the Ateneo de Manila University.

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Maribel A. Manlapaz

Assistant Vice President & Corporate Information Officer

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

Ms. Manlapaz started her career in 1987 with SGV& Co (EY Affiliate) as an auditor. 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 certified public accountant and holds a Masters Degree in Business Administration – Top Executive Program from Pamantasan ng Lungsod ng Maynila (1996). She finished her undergraduate with cum laude distinction from Philippines School of Business Administration in 1986 and was awarded most outstanding graduate of the year.

Nominations and Compensation Committee
Federico R. Lopez (Chairman)
Francis Giles B. Puno
Manuel I. Ayala (Independent Director)
David Andrew Baldwin
Joaquin E. Quintos IV

Audit and Governance Committee
Edgar O. Chua (Chairman; Independent Director)
Francisco Ed. Lim (Independent Director)
Manuel I. Ayala (Independent Director)
Francis Giles B. Puno
Jonathan C. Russell
Joaquin E. Quintos IV
David Andrew Baldwin

Risk Management Committee
Francis Giles B. Puno (Chairman)
Jonathan C. Russell
David Andrew Baldwin
Joaquin E. Quintos IV

Corporate Social Responsibility (CSR) Committee
Federico R. Lopez (Chairman)
Edgar O. Chua (Independent Director)
Richard B. Tantoco
Joaquin E. Quintos IV
David Andrew Baldwin

Related Party Transactions Committee
Manuel I. Ayala (Chairman; Independent Director)
Edgar O. Chua (Independent Director)
Francisco Ed. Lim (Independent Director)
Federico R. Lopez
Richard B. Tantoco
Francis Giles B. Puno
Jonathan C. Russell
Joaquin E. Quintos IV
David Andrew Baldwin

Operations Committee
Federico R. Lopez
Richard B. Tantoco
Francis Giles B. Puno
Jonathan C. Russell
Joaquin E. Quintos IV
David Andrew Baldwin

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, Filipino, is the Chairman Emeritus of both the Lopez Holdings Corporation (formerly, Benpres Holdings Corporation), the holding company for major investments in broadcast, telecoms and cable, power generation and distribution; and 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 its 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 (“TOFIL”) 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, 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; conferred Honorary Degree of Humanities, honoris causa by De La Salle University in Oct. 2010 and by the Ateneo de Manila University in Nov. 2010. He was the 2011 Ramon del Rosario, Sr. Awardee for Nation Building. He was conferred Honorary Degree of Doctor of Laws, honoris causa by the University of the Philippines in March 2012.

Mr. Lopez was born on April 19, 1930. 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 & Chief Executive Officer

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

A staunch environmentalist, he is the Chairman of the Sikat Solar Car Challenge Society and is a member of the Board of Trustees of the Philippine Disaster Resilience Foundation and Forest Foundation Philippines.

Mr. Lopez is a member of the Asia Business Council, World Presidents Organization, New York Philharmonic International Advisory Board, Chief Executives Organization, ASEAN Business Club, Management Association of the Philippines (“MAP”), 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 in Economics and International Relations, cum laude (1983).

Richard B. Tantoco

 

President & Chief Operating Officer

Mr. Tantoco, Filipino, 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, such as, but not limited to, 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. 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, such as KEITECH Educational Foundation Inc., Business for Sustainable Development, Inc., The Lopez Museum, Stiftung Solarenergie Solar Energy Foundation and Messy Bessy. He has been a director of the International Geothermal Association since 2010. 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).

Victor Emmanuel B. Santos, Jr.

 

Senior Vice President & Regulatory Compliance Officer

Mr. Santos, Filipino, born on September 7, 1967, has been elected as Senior Vice-President, Regulatory Compliance Officer of Energy Development Corporation on November 22, 2017. Prior to his election as EDC’s Senior Vice-President and Regulatory Compliance Officer, Mr. Santos was a Director of the Corporation from February 28, 2017 to October 3, 2017. He is also the Senior Vice-President of First Gen Corporation and FPHC, both publicly-listed companies of the Lopez Group.

He is currently a Director of the Philippine Independent Power Producers Association (“PIPPA”) since August 2016, and a Director of the Philippine Electricity Market Corporation (“PEMC”) Board since April 2013.

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

Ms. Nasol, Filipino, joined the Company in February 2013 as Vice-President for the Human Resources Management Group (“HRMG”). 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 FPH family, she was the Vice-President for Corporate Human Resource of Roxas Holdings Inc. and all its subsidiaries, and Head of the Center for Excellence of Globe Telecommunications, Inc. She was also the Vice-President and Cluster HR Manager for Corporate Service Unit in San Miguel Corporation where she spent the majority of her professional career.

Ms. Nasol is currently taking her Masteral and Doctorate Degrees in Organization Development in the Southeast Asia Interdisciplinary Development Institute (“SAIDI”). She graduated from the University of Santo Tomas with a Bachelor’s Degree in Psychology, completed the Executive Development Program of INSEAD Singapore in 1992, and finished the Strategic HR Management Program of the University of Michigan in 1995.

Ms. Nasol became a “Certified Total Rewards Fellow” by the Asian Total Rewards Institute (based in Singapore) last 2018. She is 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 its Board of Trustees and was the Head of its Leadership Committee in 2019 (when it was also named the PMAP “Committee of the Year”). She is currently in the Board of Trustees of the PMAP Foundation.

She introduced the EDC Classification and Compensation System and the Performance Management System called Performance, Assessment, Coaching and Evaluation (“PACE”) covering all employees including bargainable employees. CBA negotiations are now done on a Unified and Integrated Approach which won a Lopez Achievement Award for Human Resources in 2015.

Under her leadership in the HRMG, EDC installed the following: Talent Management Program, Performance Management, Job Evaluation, Promotions System, Global Mobility Program, Leaders Coaching Leaders, Executive Coaching, New Retirement Plan based on Defined Contribution, and Flexible Work Arrangements.

Liberato S. Virata

Senior Vice President

Mr. Virata, Filipino, was appointed by the Board in December 2010. 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 Auditor 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

 

Vice President & Chief Financial Officer/Treasurer and Compliance Officer for SEC

Mr. Avante, Filipino, was appointed by the Board as Chief Finance Officer effective January 1, 2019 and as a Compliance Officer effective on March 1, 2014. He is also a Vice-President in First Gen Corporation and was a member of the Board of Trustees of the CFA Society of the Philippines from 2010 and from 2017 to 2019. 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 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 was appointed as Vice President and Chief Digital Transformation Officer beginning 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, VMware. Prior to EDC, Manny was the County 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.

James Arnold D. Villaroman

Vice President

Mr. Villaroman, Filipino, is the Vice President and Head of Strategy and Long-Term Planning. He has been with the Company since 2012. Prior to joining EDC, Mr. Villaroman was an Executive of ExxonMobil Corporation in charge of corporate planning and business analytics for Canada. In this position, he handled various strategic initiatives from 2006-2012. Mr. Villaroman also held key positions in several financial institutions like the Asian Development Bank, JP Morgan Chase Securities, and BZW Asia Ltd (Investment Banking Subsidiary of Barclays bank, UK).

Mr. Villaroman earned his MBA – Finance General Management from the Richard Ivey School of Business, University of Ontario, London, Ontario, Canada (2006), and his Bachelor’s Degree in Industrial Engineering from the Ateneo de Manila University (1995). He completed his training in the Six-Sigma Black Belt in 2010 and received ExxonMobil designation as a Continuous Improvement Specialist.

Jay Joel L. Soriano

 

Vice President

Mr. Soriano, Filipino, was appointed by the Board in May 2019 as Vice President and Head of the Integrated Planning Group. 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 BacMan 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

Mr. Alcober, Filipino, was appointed by the Board as Vice President in May 2019 and was Head of Geothermal Resources 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 and his diploma in Geothermal Energy Technology from the University of Auckland, New Zealand in 1998.

James E. Jumawan

 

Vice President

Mr. Jumawan, Filipino, 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 in 1986 and a diploma in Geothermal Energy Technology from the University of Auckland, New Zealand in 2000.

Emeterio T. Busmeon

 

Vice President

Mr. Busmeon, Filipino, was appointed by the Board in December 2019 as Vice President and Head of Facility Operations. 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.

Ferdinand B. Poblete

 

Vice President

Mr. Poblete, Filipino, was appointed by the Board in April 2019. He is a global information technology (“IT”) executive with over thirty (30) years of diverse experience in cross-cultural markets across Asia, Europe, Middle East, Africa, Latin America and North America. He has held various leadership positions with responsibilities covering IT infrastructure, manufacturing, sales, logistics systems, people management, strategic business planning and management, and business development. He was formerly the Senior Vice President and Director for the Strategic Initiatives Office of Philamlife Insurance Co. He was also with Procter & Gamble (“P&G”) for eighteen (18) years, holding various positions such as Country IT Manager of Korea, Associate Director for Worldwide Distribution Systems and Associate Director for Business Information Solutions for Asia Regional Operations.

Mr. Poblete graduated with a B. S. in Electrical Engineering degree from the University of the Philippines in Diliman, and is an alumnus of the Philippine Science High School.

Reman A. Chua

Vice President

Mr. Chua, Filipino, has been with EDC from 2007 to the present, leading business development projects for solar and wind, most notable of which is the Company’s 150 MW Burgos Wind Project. He 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 (“AIM”).

Ariel Arman V. Lapus

 

Vice President

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

Prior to this, Mr. Lapus was Vice-President of First Gen, overseeing the power marketing and trading operations of First Gen and EDC. He has more than twenty (20) years of experience in the power industry handling business development, M&A, power marketing and trading, plant operations and corporate services. He has occupied senior management roles in Mirant Philippines Corporation, Global Business Power Corporation, First Gen, and EDC.

Mr. Lapus is also Chief Operating Officer of pi energy inc., and FP Island Energy Corporation (both subsidiaries of First Philippine Holdings Corp.). He also sits in the board of Sikat Foundation.

Mr. Lapus graduated with a Bachelor of Science degree in Business Management from the Ateneo de Manila University (1990). He has a Masters in Business Management (“MBM”) degree from the Asian Institute of Management (1997) and a Masters in Leadership and Strategy (Sloan Programme) at the London Business School (2017).

Glenn L. Tee

 

Assistant Vice President & Chief Audit Executive

Mr. Tee, Filipino, was appointed by the Board in October 2010. Prior to his appointment at EDC, he was Internal Audit Head of First Gen Corp. for two years. He has been with the Lopez Group since 1994 and has held key positions in the internal audit and accounting departments of First Philippine Holdings Corp. and First Philippine Infrastructure and Development Corp.

Mr. Tee graduated from San Beda College (1992), and is both a Certified Public Accountant and Certified Internal Auditor. He completed the academic requirements of the Executive Masters in Business Administration from the AIM (2009).

Ryan Z. Velasco

 

Assistant Vice President & Corporate Information Officer

Mr. Velasco, Filipino, 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 Busines Development – Financial Markets, and with Citigroup in London, UK as a Vice President covering its Europe, Middle East and Africa market.

Mr. Velasco obtained his MBA degree at IESE Business School in Barcelona, Spain, and had 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 and Corporate Secretary

Atty. Policarpio, Filipino, was appointed as Assistant Corporate Secretary of EDC on September 7, 2016 and then as Corporate Secretary on October 3, 2017. Beth is also Vice President and Senior Counsel at First Gen Corporation (“First Gen”). She joined EDC in August 2015, when she was seconded from First Gen to head the Legal Services Division of EDC.

Prior to joining the Lopez Group, Beth 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 inhouse, Beth 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, Beth 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

 

Assistant Corporate Secretary

Atty. Katigbak-Lim, Filipino, was appointed by the Board in January 2007 as Assistance 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 Bachelor of Science degree. 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. Her practice areas are corporate law, securities and litigation. She was admitted to the Philippine Bar in 1995.

Ramon A. Carandang

 

Mr. Carandang, Filipino, is a Vice President of the Company and is concurrently a Vice President of First Gen and First Philippine Holdings Corporation. He also serves as a director Board of Unicapital Securities and Ronin Consultants.

Prior to joining EDC, Mr. Carandang was Secretary for Presidential Communications under the administration of President Benigno Aquino III, where he also served as a member of the cabinet level clusters on economic policy and national security.

Before joining the Aquino government, he was a news anchor and reporter for ABS-CBN News from 2000-2010.

Mr. Carandang obtained his Bachelor of Arts degree in Management Economics at the Ateneo de Manila University.

Maribel A. Manlapaz

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

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

Ms. Manlapaz is Certified Public Accountant and holds a Masters Degree in Business Administration – Top Executive Program from Pamantasan ng Lungsod ng Maynila (1996). She finished her undergraduate with cum-laude distinction from Philippines School of Business Administration in 1986 and awarded most Outstanding graduate of the year.

Nominations and Compensation Committee
Federico R. Lopez (Chairman)
Francis Giles B. Puno
Manuel I. Ayala (Independent Director)
David Andrew Baldwin
Joaquin E. Quintos IV

Audit and Governance Committee
Edgar O. Chua (Chairman; Independent Director)
Francisco Ed. Lim (Independent Director)
Manuel I. Ayala (Independent Director)
Francis Giles B. Puno
Jonathan C. Russell
Joaquin E. Quintos IV
David Andrew Baldwin

Risk Management Committee
Francis Giles B. Puno (Chairman)
Jonathan C. Russell
David Andrew Baldwin
Joaquin E. Quintos IV

Corporate Social Responsibility (CSR) Committee
Federico R. Lopez (Chairman)
Edgar O. Chua (Independent Director)
Richard B. Tantoco
Joaquin E. Quintos IV
David Andrew Baldwin

Related Party Transactions Committee
Manuel I. Ayala (Chairman; Independent Director)
Edgar O. Chua (Independent Director)
Francisco Ed. Lim (Independent Director)
Federico R. Lopez
Richard B. Tantoco
Francis Giles B. Puno
Jonathan C. Russell
Joaquin E. Quintos IV
David Andrew Baldwin

Operations Committee
Federico R. Lopez
Richard B. Tantoco
Francis Giles B. Puno
Jonathan C. Russell
Joaquin E. Quintos IV
David Andrew Baldwin

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By opting for clean sources of energy like geothermal, we’re sparing the planet from tons of carbon dioxide emissions!

Be part of the change! Your choice matters. Make the shift now: www.energy.com.ph/shift-to-renewable-energy/

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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