news/updates
Lopezes organize biofuels outfit
By Ruby Anne M. Rubio
BusinessWorld
March 27, 2008
LOPEZ-LED FIRST Philippine Holdings Corp. is preparing to enter the emerging biofuels business, with subsidiary First Philippine Properties, Inc. forming a new vehicle for plantations and forestry.
FWV Biofields Corp. has an authorized capital of only P5 million, with Rafael M. Alunan III, Rafael M. Abello, Jr., Rodolfo R. Waga, Jr., Agnes Le Casabar Oxales and Esmeraldo C. Amistad as incorporators.
Benjamin Lopez, vice-president of First Philippine Holdings Corp., told BusinessWorld FWV Biofields is being positioned for possible biofuels projects.
"First Philippine Properties... owns some agricultural lands. We are just keeping track of the developments in this industry for future opportunities," he said.
The biofuels industry has boomed with the passage of the Biofuels Act, which mandates the use of gasoline blended with bioethanol, or alcohol produced from fermented sugar or starch.
FWV Biofields will also carry on agribusiness activities such as nursery operations for plant seedlings and the cultivation of aquatic resources and mangroves.
First Holdings has investments in power generation and distribution, toll roads, manufacturing, and in support industries such as oil pipeline services, construction and engineering services as, well as property development.
It plans to raise between P2.94 billion and P4.91 billion from the sale of 50 million preferred shares. Proceeds will be used to repay or refinance debt.
