The Philippine Stock Exchange (PSE) has now put its own language on the Lopez cousins’ war. In a Publication of Penalties notice dated July 9, 2026, the exchange sanctioned First Gen Corporation for breaking the rules that govern what a listed company must tell the investing public, and when. Eight separate provisions, by the exchange’s own count. What began as a fight over power and loyalty inside one of the country’s most storied business families has produced a formal penalty against a listed company for falling short of rules designed to protect investors, not cousins.
At the heart of the controversy the PSE sanction now touches is a 3-part structure that First Gen, under chairman and CEO Federico “Piki” Lopez, built with the country’ richest man, Enrique Razon, and its biggest bank, BDO Unibank: the sale of a 60% stake in its gas business to Razon-led Prime Infrastructure for an agreed P50 billion (adjusted to P48.8 billion at closing); an investment in Prime’s pumped-storage hydropower projects, announced on February 13 as roughly P75 billion for a 40% interest and signed in March as a 33% interest worth about P62 billion; and P24.75 billion in committed BDO financing supporting the hydro acquisition.
