The ongoing power struggle within the prominent Lopez family has become a topic of intense scrutiny in Philippine business circles, with observers using financial performance as a key metric to evaluate the competing factions.
On one side stands Federico "Piki" Lopez, who faces removal as president of the family holding company by his cousins. His supporters point to his leadership in building the power generation business that now generates most of the family's profits. First Gen Corp., which went public in 2006, maintains a market capitalization exceeding ₱63 billion despite recent corporate controversies and a challenging stock market environment. At its peak in 2021, the company was valued at over $2 billion.
In contrast, ABS-CBN Broadcasting Corp., previously led by cousin Eugenio "Gabby" Lopez III, has faced significant financial challenges. Even before losing its franchise in 2020, the company reported a net loss of ₱2.64 billion, partly due to impairment losses in telecommunications, theme park, and attractions businesses. While losses decreased by 17% to ₱1.99 billion by September last year, the company continues its path toward profitability.
"Perhaps emotions should be set aside and just let the numbers do the talking," say business insiders discussing the family saga.
Despite the financial arguments, Piki Lopez faces numerical disadvantage within the family structure. His branch—the Oscar wing—represents just one of four family factions, with the Geny, Manuel, and Presy branches aligned against him. The battle for control has now moved to the courts, where the ultimate decision will determine the future leadership of the family's corporate empire.
In a separate development, the Sy family appears to be consolidating its mining interests. SM Investments Corp. plans to transfer its 34% stake in Atlas Consolidated Mining & Development Corp. to another privately held company within the family's control. This move would streamline SMIC's portfolio, which primarily focuses on banking, property, and retail.
The Sy family also controls the Tampakan mine, considered Southeast Asia's largest undeveloped copper-gold project. Industry sources indicate the family may consolidate all mining assets under a single entity, potentially creating the region's largest gold-copper mining company. This strategy mirrors their 2013 consolidation of SM Prime Holdings and SM Development Corp., which created a property industry powerhouse.