First Philippine Holdings secures P10-billion loan for geothermal

First Philippine Holdings Corp. (FPH) has received a loan of P10 billion from BDO Unibank Inc., the largest bank in the Philippines. This loan is part of FPH's strategy to enhance its geothermal assets this year. The company announced this development in a filing with the stock exchange on Tuesday. The loan is structured as a 10-year term agreement. FPH plans to use the funds for general corporate purposes and working capital. They have a year’s time to access the loan amount. FPH's energy subsidiary, First Gen Corp., is responsible for providing about 20% of the country’s electricity through its natural gas plants. Earlier, First Gen announced a budget of P35 billion for capital expenditures in 2025. Most of this budget will be designated for drilling and growth projects by their geothermal arm, Energy Development Corp. (EDC). EDC previously announced plans to invest P25 billion to enhance its 282.5-megawatt Southern Negros geothermal project. This project will involve drilling new wells and constructing additional infrastructure to boost capacity. EDC also aims to expand the project area, increasing it from 151.5 hectares to 400 hectares. Currently, EDC operates 13 geothermal power stations across various regions in the Philippines, with an installed capacity of 1,189.34 megawatts. This capacity represents about 80% of the country's total geothermal energy production. In addition to energy, FPH is also involved in property development through Rockwell Land Corp. and the First Philippine Industrial Park. They operate a construction business under First Balfour Inc.