MANILA, Philippines — Lopez Holdings Corp. is embarking on group-wide push for digitalization to support growth in the coming years.
Federico Lopez, chairman of Lopez Holdings, said the group is seeking to secure a transition to a digital future.
“This means using available technologies to improve decision making at all levels of the organization,” Lopez said.
“Digital also allows us to efficiently deliver on our commitments to customers by enhancing efficiency and availability, while reducing risk,” he said.
Lopez said First Philippine Holdings Corp. (FPH) and its subsidiaries are undergoing wide-scale data management improvements to support decarbonization and energy security.
He said ABS-CBN, meanwhile, has accumulated thousands of hours of news and entertainment video and audio recordings in its digital library, making them accessible on a wide variety of advertising- and subscription-based platforms.
As a multimedia content provider, ABS-CBN has made its offerings available on a wider array of platforms since losing its broadcast license in 2020.
“As the needs of the sectors we serve evolve, digitalization capacitates our teams to respond to our customers’ changing requirements, while upholding our values amid a dynamic business environment,” Lopez said.
In the first quarter, Lopez Holdings saw its consolidated net income decline by 12 percent to P7.01 billion from the P7.95 billion in the same quarter in 2023.
The drop was primarily due to the lower revenues and margins from business operations of the FPH Group and lower equity share in the net losses of ABS-CBN through the Lopez Philippine Depositary Receipts.
Net income attributable to equity holders of the parent amounted to P1.75 billion during the three-month period, up five percent year-on-year.