First Gen Corporation has defended its governance and disclosure practices after being linked to alleged undisclosed transactions in reports tied to an ongoing dispute within Lopez Inc.

The issue stems from a clarification the company submitted to the Philippine Stock Exchange on April 1, which, in turn, referenced a news report alleging that certain transactions involving First Gen were not disclosed beforehand. These included a reported PHP 50-billion sale of a 60% stake in gas-related subsidiaries and a PHP 75-billion acquisition of a 40% stake in hydropower assets.

First Gen did not confirm the details of these transactions in its disclosure, but addressed the broader situation, noting that the claims were cited in pleadings related to a civil case involving leadership changes within Lopez Inc.

The dispute centers on board resolutions dated February 27, 2026, which sought to remove Federico Lopez as president of Lopez Inc. However, a Temporary Restraining Order and subsequent writ of preliminary injunction issued by the Mandaluyong Regional Trial Court have kept Lopez in his position while the case is ongoing.

“To date, the Writ of Preliminary Injunction is valid and effective, plaintiff Federico Lopez still sits as President of Lopez Inc., and First Gen Corporation continues to operate business as usual, with no disruption,” the company stated in its disclosure. 

Following this, First Gen issued a press statement on April 5 emphasizing that all its contracts and agreements undergo “transparent and rigorous evaluations” and are subject to thorough review and approval by its Board of Directors.

The company also underscored its obligations as a publicly listed firm, stating that it ensures equal access to material information by avoiding premature or selective disclosures, in line with regulatory requirements.

First Gen added that its transactions with the Prime Infra Group were unanimously approved by its board, including Chairman and CEO Federico R. Lopez and Director Manuel L. Lopez, thus reinforcing that proper governance processes were followed.

Beyond addressing the issue, the company also pointed to its financial performance, noting that it has generated roughly USD 2 billion in earnings over the past five years, benefiting its investors.

It further reiterated its long-term direction, including a previously declared commitment to avoid coal investments and transition toward becoming a 100% renewable energy company in the future.

First Gen said it expects its partnership with the Prime Infra Group to support continued growth while maintaining its strategic focus on renewable energy.

As the legal dispute within Lopez Inc. continues, the company maintained that its operations remain stable and compliant with governance standards.

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