Management

Our management team is comprised of highly competent individuals who embody EDC’s ideals of a global, diversified, renewable power company that is is sustained by people who are powered by good. 

Oscar M. Lopez

Mr. Lopez, Filipino, is the Chairman Emeritus of both the Lopez Holdings Corporation (formerly Benpres Holdings Corporation), the holding company for major investments in broadcast, telecoms and cable, power generation and distribution; and First Philippine Holdings Corporation (FPH), the specific associate holding company for power generation and distribution, property, and manufacturing. He has been a member of the EDC Board of Directors since the Company’s full privatization in 2007 until October 3, 2017.

He was conferred Honorary Degree Doctor of Laws, honoris causa by the Philippine Women’s University in April 2009; conferred Honorary Degree of Humanities, honoris causa by De La Salle University in Oct. 2010 and by the Ateneo de Manila University in Nov. 2010. He was the 2011 Ramon del Rosario, Sr. Awardee for Nation Building. He was conferred Honorary Degree of Doctor of Laws, honoris causa by the University of the Philippines in March 2012.

He has a Master’s degree in Public Administration from the Littauer School of Public Administration in Harvard University (1955), where he also earned his Bachelor of Arts degree, cum laude (1951).

Mr. Lopez has been granted a permanent exemption from the CG Training requirement by the SEC in its en banc meeting on December 6, 2016.

Frederico R. Lopez

Mr. Lopez, Filipino, is Chairman and Chief Executive Officer (CEO) of EDC and has been a member of its Board of Directors since the company’s full privatization in 2007. He is the Chairman and CEO of EDC since his election to the position in July 2010. He is also the Chairman and CEO of all of EDC’s domestic subsidiaries. He is also the Chairman and CEO of First Philippine Holdings Corporation, First Gen Corporation, FG Hydro Corporation, First Gas Power Corporation, FGP Corp., First Gen Energy Solutions, Green Core Geothermal Inc., First Gen Renewable Inc., and FG Bukidnon Power Corp. He is Chairman of First Philippine Industrial Corp., First Philippine Electric Corp., First Philippine Realty Corp., and First Balfour Inc., and is Treasurer of Lopez Holdings, Inc. He also sits on the board of ABS-CBN Corporation. A staunch environmentalist, he is the Chairman of the Philippine Solar Car Challenge Society and is a member of the Board of Trustees of the Philippine Business for Social Progress and the Philippine Tropical Forest Conservation Foundation. He is also a member of the World Presidents’ Organization.

Mr. Lopez is a graduate of the University of Pennsylvania with a bachelor of arts degree in economics and international relations, cum laude (1983).

Richard B. Tantoco

Mr. Tantoco, Filipino, is the President and Chief Operating Officer (COO) of EDC and has been a Director of the Company since November 2007. He is also a Director and Executive Vice President of First Gen Corp., First Gen Luzon Power Corp., First Gen Hydro Power Corp., First Gen Geothermal Power Corporation, First Gen Visayas Hydro Power Corporation, First Gen Mindanao Hydro Power Corporation, First Gen Energy Solutions, Inc., First Gen Premier Energy Corp., Red Vulcan Holdings Corp., First Gen Visayas Energy Inc., First Gen Prime Energy Corporation, and Executive Vice President of FGRI, First Gen Bukidnon Power Corporation, Unified Holdings Corp., and First Philippine Holdings. He is the Chief Operating Officer and Executive Vice President of First Gen Northern Energy Corp. He is the Director, President and COO of First Gas Holdings Corporation, First Gas Power Corp., FGP Corp., First Gas Pipeline Corp., First NatGas Power Corp., and FGLand Corp. He has been Director of the International Geothermal Association since 2010. He worked previously with management consulting firm Booz, Allen and Hamilton, Inc. in New York and London where he specialized in mergers and acquisition advisory, turnaround strategy advisory, and growth strategy formulation for media and manufacturing companies.

Mr. Tantoco has an MBA in finance from the Wharton School of Business of the University of Pennsylvania (1993) and a bachelor of science degree in business management from the Ateneo de Manila University where he graduated with honors (1988).

Erwin O. Avante

Mr. Avante, Filipino, is the Corporate Treasurer and Chief Financial Officer of Energy Development Corporation effective January 1, 2019. He is also the Vice-President of Corporate Finance and the Compliance Officer of the Corporation.

He is also a Vice-President in First Gen Corporation and has been a member of the Board of Trustees of the CFA Society of the Philippines since 2010. Prior to joining the Lopez Group in 1998, Mr. Avante worked as Senior Audit In-charge at SyCip, Gorres, Velayo &. Co.

Mr. Avante has Masters in Business Administration (2000) and Masters of Science in Computational Finance (2003), both obtained from the Graduate School of Business – De La Salle University, and a Bachelor of Science in Accountancy degree from De La Salle University (1994). Mr. Avante placed 1st in the May 1995 Certified Public Accountants board examination. He is also a CFA charterholder since 2005.

Ma. Elizabeth D. Nasol

Beth was promoted as Senior Vice-President of the Corporation during the May 8, 2017 Organizational Board Meeting. Before becoming Senior Vice-President, Beth served as Vice President for Human Resources Management Group since her appointment in February 2013. She introduced the EDC Classification and Compensation System and the Performance Management System called PACE (Performance, Assessment, Coaching and Evaluation) covering all employees including bargainable employees. CBA negotiations are now done on a Unified and Integrated Approach which won a Lopez Achievement Award for Human Resources in 2015.

Under Beth’s leadership of the HRMG, EDC installed the following systems: Talent Management Reviews Job Evaluation Review Promotions Review Global Mobility Program

Victor Emmanuel B. Santos, Jr.

Mr. Santos, Filipino, born on September 7, 1967, has been elected as Senior Vice-President, Regulatory Compliance Officer of Energy Development Corporation on November 22, 2017. Prior to his election as EDC SVP-RCO, Mr. Santos was a Director of the Corporation from February 28, 2017 to October 3, 2017. He is also the Senior Vice-President of First Gen Corporation and FPHC, both publicly-listed companies of the Lopez Group.

He is currently a Director of the Philippine Independent Power Producers Association (PIPPA) since August 2016, and a Director of the Philippine Electricity Market Corporation (PEMC) Board since April 2013.

Mr. Santos has a master’s degree in Business Administration from Fordham University (1995) and a Bachelor of Science degree in Management of Financial Institutions from De La Salle University (1989).

Ariel Arman V. Lapus

Mr. Lapus is EDC’s Vice-President and Managing Director for Latin America, overseeing the company’s expansion efforts in the region. He is based in Santiago, Chile.

Prior to this, Mr. Lapus was Vice-President of First Gen Corporation overseeing the power marketing and trading operations of the First Gen / EDC group. He has 18 years of experience in the power industry handling business development and M&A, power marketing, and operations. He has occupied senior management roles in Mirant Corporation, Global Business Power Corporation, and First Gen / EDC group.

Ferdinand B. Poblete
image

Mr. Poblete, Filipino, was appointed by the Board in September 2011. He is a global information technology (IT) executive with over 30 years of diverse experience in cross-cultural markets across Asia, Europe, Middle East, Africa, Latin America and North America. He has held various leadership positions with responsibilities covering IT infrastructure, manufacturing, sales, logistics systems, people management, strategic business planning and management, and business development. He was formerly the Senior Vice President and Director for the Strategic Initiatives Office of Philamlife Insurance Co. He was also with Procter & Gamble (P&G) for 18 years, holding various positions such as Country IT Manager of Korea, Associate Director for Worldwide Distribution Systems and Associate Director for Business Information Solutions for Asia Regional Operations.

Mr. Poblete graduated with a B. S. in Electrical Engineering degree from the University of the Philippines in Diliman, and is an alumnus of the Philippine Science High School.

Liberato S. Virata
image

Mr. Virata, Filipino, was appointed by the Board in December 2010. He started working for EDC in 1982 and held various positions including Field Maintenance Manager for LGPF, Production Manager and Resident Manager for BGPF prior to his current position.

Mr. Virata graduated with a B. S. in Mechanical Engineering degree from the Mapua Institute of Technology in Manila (1981). He became a Registered Mechanical Engineer in 1982 and a Professional Mechanical Engineer in 2006. He completed the Management Development Program of AIM (1993), Refinery Operations Course at Shell Refinery Clyde, Sydney New South Wales, Australia (1988), and Diploma Course in Maintenance Management System (JICA) at Kitakyushu, Japan (2003).

Ramon A. Carandang
image
Mr.  Carandang is the Vice President and Head of Corporate Communications of the Energy Development Corporation. He is concurrently also a Vice-President of First Philippine Holdings Corp. and First Gen Corporation. He also serves as the Chief Executive Officer of Ronin Consultancy Services, and an independent director at Unicapital Securities.
 
 
Prior to joining EDC, he was Secretary for Presidential Communications under the administration of President Benigno Aquino III, where he also served as a member of the cabinet level clusters on economic policy and national security. 
 
Before joining the Aquino government, he was a news anchor and reporter for ABS-CBN News from 2000-2010.
Mr. Carandang obtained his Bachelor of Arts degree in Management Economics at the Ateneo de Manila University .
Reman A. Chua

Mr. Reman Chua, Filipino, has been with the Energy Development Corporation from  2007 to the present, leading business development projects for solar and wind, most notable of which is the company’s 150 MW Burgos Wind Project.

Before his assignment to EDC, Reman began his career with the Lopez Group in 2002 as a Manager for Business Development under FGP Corporation. For a time, he was studying natural gas power vehicles as an extension business for the group and as an entry to non-power market for natural gas in the Philippines.  He was assigned to the Manila North Tollways Corporation as manager for marketing, compliance and Business Development from 2002 up to 2005, during which the rehabilitation and expansion of the North Luzon Expressway (NLEX) was undertaken and successfully completed in 2005.  He led the marketing communications efforts that managed the increase of the toll rates in NLEX.   Thereafter, he returned to First Gen Corporation and led various acquisition projects in the power sector.

Reman graduated with a Bachelor of Arts degree in Economics from Ateneo de Manila University, and holds a Masters in Business Management degree from the Asian Institute of Management (AIM).

Ryan Z. Velasco

Mr. Velasco, Filipino, has been with the Company since 2013.  He initially joined as part of EDC’s International Business Development team covering Latin America, before moving to Finance to assist with the Company’s Investor Relations, Special Projects and other activities.  Prior to joining the Company, he worked for Indra Philippines, Inc. as its Managing Consultant and Head of Business Development – Financial Markets, and with Citigroup in London, UK as a Vice President covering its Europe, Middle East and Africa (EMEA) market.

Mr. Velasco obtained his MBA degree at IESE Business School in Barcelona, Spain, and had attended an MBA International Exchange Program at Tuck School of Business (Dartmouth) in Hanover, New Hampshire, USA.  He graduated from Ateneo de Manila University with a Bachelor of Science Degree in Business Management, Honors Program.

James Arnold D. Villaroman

Jimmy joined the company in 2013 as Mount Apo Geothermal Business Unit Head. He concurrently assumed the role of Business Unit Head for Negros Island 2014 to 2016. He systematically undertook initiatives to improve the performance and profitability of both business units, including the crucial planning and execution functions. He was also head of the Leyte Geothermal Business Unit, our biggest geothermal facility. He is now the head for Strategy and Long Term Planning.

He also identified O&M opportunities, and continues to lead the Energy Recovery Program for the enterprise in collaboration with the various Business Unit Heads. Jimmy has helped identify future opportunities for drilling capex reduction, by pursuing steam decline improvement projects, well bore solutions, and other non-drilling initiatives.

Jay Joel L. Soriano

Jay is the Head of the Integrated Planning Group. With experience in strategic planning, business development, and other commercial functions, he is leading major organizational changes and multiple growth initiatives. He joined EDC in 2014 as Deputy Strategic Business Unit Head of BacMan before assuming the role of Strategic Business Unit Head of Negros Island Business Unit from 2016 to 2018.

He obtained his bachelor’s degree in Management Engineering from the Ateneo de Manila University. He also holds a Master’s Degree in Business Administration (MBA) from Harvard University.

Grace Stephanie L. Marcelo

Ms. Marcelo first joined EDC in 2009, and in November 2017, she was elected Vice-President for Treasury and Supply Chain Management.

Prior to her work in EDC, she joined the Lopez Group in 2002, and was assigned to the Manila North Tollways Corporation.  After a year and half she moved to First Gas Power Corp., working first in Finance  and then in Business Development.

Prior to joining the Lopez Group, Ms. Marcelo worked for several banks, the last of which was with JP Morgan Chase.  She is a certified public accountant and holds undergraduate degrees in English and Accountancy.

Edwin H. Alcober

Edwin became the Head of Geothermal Resource in 2018. He began his career in EDC more than 24 years ago as a Drilling Engineer. He, then, became a Process Geochemist before heading the Leyte Resource Management Department. He was also previously the Geosciences and Reservoir Engineering Group Head.

He obtained his Bachelor of Science degree in Chemical Engineering from the University of the Philippines Diliman in 1994 and his diploma in Geothermal Energy Technology from the University of Auckland, New Zealand in 1998.

Glenn L. Tee

Mr. Tee, Filipino, was appointed by the Board in October 2010. Prior to his appointment at EDC, he was Internal Audit Head of First Gen for two years. He has been with the Lopez Group since 1994 and has held key positions in the internal audit and accounting departments of First Philippine Holdings Corp. and First Philippine Infrastructure and Development Corp.

Mr. Tee graduated from San Beda College (1992), and is both a Certified Public Accountant and Certified Internal Auditor. He completed the academic requirements of the Executive Masters in Business Administration from the AIM (2009).

James E. Jumawan

James has been leading the drilling engineering activities of EDC since 2015 as head of the Drilling Group, which is now referred to as the Well Services Group. He has more than two decades of drilling expertise with EDC, joining the company in 1988 as a Drilling Engineer.

He obtained his Bachelor of Science degree in Electrical Engineering from Silliman University in 1985 and a diploma in Geothermal Energy Technology from the University of Auckland, New Zealand in 2000.

Glenn L.Tee

Mr. Tee, Filipino, was appointed by the Board in October 2010. Prior to his appointment at EDC, he was Internal Audit Head of First Gen for two years. He has been with the Lopez Group since 1994 and has held key positions in the internal audit and accounting departments of First Philippine Holdings Corp. and First Philippine Infrastructure and Development Corp.

Mr. Tee graduated from San Beda College (1992), and is both a Certified Public Accountant and Certified Internal Auditor. He completed the academic requirements of the Executive Masters in Business Administration from the AIM (2009).

Bernadette Ann V. Policarpio

 

Beth, Filipino, was appointed as Assistant Corporate Secretary of EDC on September 7, 2016 and then as Corporate Secretary on October 3, 2017. She is also the Corporate Secretary of Bac-Man Geothermal, Inc., Green Core Geothermal, Inc., and several other subsidiaries of EDC. Beth is also Assistant Vice President and Senior Counsel at First Gen Corporation (FG). She joined EDC in August 2015, when she was seconded from FG to head the Legal Services Department under the Legal and Regulatory Group.

Prior to joining the Lopez Group, Beth was Assistant Vice President for Legal Services at Global Business Power Corporation (Global Power), where she also served as the Head of the Legal Department and Assistant Corporate Secretary of the Global Power subsidiaries. Before moving in-house, Beth built her legal experience first as litigation associate at Villaraza & Angangco, later joining the government as Court Attorney in the Office of then Chief Justice Hilario G. Davide, Jr. in the Philippine Supreme Court. Thereafter, she pursued and completed her Master of Laws degree at the University of Michigan in Ann Arbor, Michigan, U.S.A., which was followed by a fellowship stint at the Center for International Environmental Law in Geneva, Switzerland. Upon her return to the Philippines, she transitioned into commercial law practice as an associate at Romulo Law Office.

Beth obtained a Bachelor of Science degree in Management, Major in Legal Management in 1996 from the Ateneo de Manila University, where she also earned her Juris Doctor degree (with Second Honors Silver Medal Award) in 2000. She was admitted to the Philippine Bar in 2001. In 2006, Beth received her Master of Laws degree from the University of Michigan in Ann Arbor, Michigan, U.S.A., as a Michigan Grotius Fellow.

Ana Maria A. Katigbak-Lim

Atty. Katigbak-Lim, Filipino, was elected by the Board of Directors as Corporate Secretary on September 7, 2016. She was fist appointed by the Board as Assistant Corporate Secretary of the Corporation in January 2007. She is a member of the Castillo Laman Tan Pantaleon & San Jose Law Firm.

Atty. Katigbak-Lim graduated cum laude at the University of the Philippines with an A. B. degree. She is a graduate of the University of the Philippines College of Law (1994) and a member of the Phi Kappa Phi international honor society. Her practice areas are corporate law, securities and litigation. She was admitted to the Philippine Bar in 1995.

Our management team is comprised of highly competent individuals who embody EDC’s ideals of a global, diversified, renewable power company that is is sustained by people who are powered by good. 

Oscar M. Lopez

 

Mr. Lopez, Filipino, is the Chairman Emeritus of both the Lopez Holdings Corporation (formerly Benpres Holdings Corporation), the holding company for major investments in broadcast, telecoms and cable, power generation and distribution; and First Philippine Holdings Corporation (FPH), the specific associate holding company for power generation and distribution, property, and manufacturing. He has been a member of the EDC Board of Directors since the Company’s full privatization in 2007 until October 3, 2017.

He was conferred Honorary Degree Doctor of Laws, honoris causa by the Philippine Women’s University in April 2009; conferred Honorary Degree of Humanities, honoris causa by De La Salle University in Oct. 2010 and by the Ateneo de Manila University in Nov. 2010. He was the 2011 Ramon del Rosario, Sr. Awardee for Nation Building. He was conferred Honorary Degree of Doctor of Laws, honoris causa by the University of the Philippines in March 2012.

He has a Master’s degree in Public Administration from the Littauer School of Public Administration in Harvard University (1955), where he also earned his Bachelor of Arts degree, cum laude (1951).

Mr. Lopez has been granted a permanent exemption from the CG Training requirement by the SEC in its en banc meeting on December 6, 2016.

Frederico R. Lopez

 

Mr. Lopez, Filipino, is Chairman and Chief Executive Officer (CEO) of EDC and has been a member of its Board of Directors since the company’s full privatization in 2007. He is the Chairman and CEO of EDC since his election to the position in July 2010. He is also the Chairman and CEO of all of EDC’s domestic subsidiaries. He is also the Chairman and CEO of First Philippine Holdings Corporation, First Gen Corporation, FG Hydro Corporation, First Gas Power Corporation, FGP Corp., First Gen Energy Solutions, Green Core Geothermal Inc., First Gen Renewable Inc., and FG Bukidnon Power Corp. He is Chairman of First Philippine Industrial Corp., First Philippine Electric Corp., First Philippine Realty Corp., and First Balfour Inc., and is Treasurer of Lopez Holdings, Inc. He also sits on the board of ABS-CBN Corporation. A staunch environmentalist, he is the Chairman of the Philippine Solar Car Challenge Society and is a member of the Board of Trustees of the Philippine Business for Social Progress and the Philippine Tropical Forest Conservation Foundation. He is also a member of the World Presidents’ Organization.

Mr. Lopez is a graduate of the University of Pennsylvania with a bachelor of arts degree in economics and international relations, cum laude (1983).

Richard B. Tantoco

 

Mr. Tantoco, Filipino, is the President and Chief Operating Officer (COO) of EDC and has been a Director of the Company since November 2007. He is also a Director and Executive Vice President of First Gen Corp., First Gen Luzon Power Corp., First Gen Hydro Power Corp., First Gen Geothermal Power Corporation, First Gen Visayas Hydro Power Corporation, First Gen Mindanao Hydro Power Corporation, First Gen Energy Solutions, Inc., First Gen Premier Energy Corp., Red Vulcan Holdings Corp., First Gen Visayas Energy Inc., First Gen Prime Energy Corporation, and Executive Vice President of FGRI, First Gen Bukidnon Power Corporation, Unified Holdings Corp., and First Philippine Holdings. He is the Chief Operating Officer and Executive Vice President of First Gen Northern Energy Corp. He is the Director, President and COO of First Gas Holdings Corporation, First Gas Power Corp., FGP Corp., First Gas Pipeline Corp., First NatGas Power Corp., and FGLand Corp. He has been Director of the International Geothermal Association since 2010. He worked previously with management consulting firm Booz, Allen and Hamilton, Inc. in New York and London where he specialized in mergers and acquisition advisory, turnaround strategy advisory, and growth strategy formulation for media and manufacturing companies.

Mr. Tantoco has an MBA in finance from the Wharton School of Business of the University of Pennsylvania (1993) and a bachelor of science degree in business management from the Ateneo de Manila University where he graduated with honors (1988).

Erwin O. Avante

 

Mr. Avante, Filipino, is the Corporate Treasurer and Chief Financial Officer of Energy Development Corporation effective January 1, 2019. He is also the Vice-President of Corporate Finance and the Compliance Officer of the Corporation.

He is also a Vice-President in First Gen Corporation and has been a member of the Board of Trustees of the CFA Society of the Philippines since 2010. Prior to joining the Lopez Group in 1998, Mr. Avante worked as Senior Audit In-charge at SyCip, Gorres, Velayo &. Co.

Mr. Avante has Masters in Business Administration (2000) and Masters of Science in Computational Finance (2003), both obtained from the Graduate School of Business – De La Salle University, and a Bachelor of Science in Accountancy degree from De La Salle University (1994). Mr. Avante placed 1st in the May 1995 Certified Public Accountants board examination. He is also a CFA charterholder since 2005.

Ma. Elizabeth D. Nasol

 

Beth was promoted as Senior Vice-President of the Corporation during the May 8, 2017 Organizational Board Meeting. Before becoming Senior Vice-President, Beth served as Vice President for Human Resources Management Group since her appointment in February 2013. She introduced the EDC Classification and Compensation System and the Performance Management System called PACE (Performance, Assessment, Coaching and Evaluation) covering all employees including bargainable employees. CBA negotiations are now done on a Unified and Integrated Approach which won a Lopez Achievement Award for Human Resources in 2015.

Under Beth’s leadership of the HRMG, EDC installed the following systems: Talent Management Reviews Job Evaluation Review Promotions Review Global Mobility Program

Victor Emmanuel B. Santos, Jr.

 

Mr. Santos, Filipino, born on September 7, 1967, has been elected as Senior Vice-President, Regulatory Compliance Officer of Energy Development Corporation on November 22, 2017. Prior to his election as EDC SVP-RCO, Mr. Santos was a Director of the Corporation from February 28, 2017 to October 3, 2017. He is also the Senior Vice-President of First Gen Corporation and FPHC, both publicly-listed companies of the Lopez Group.

He is currently a Director of the Philippine Independent Power Producers Association (PIPPA) since August 2016, and a Director of the Philippine Electricity Market Corporation (PEMC) Board since April 2013.

Mr. Santos has a master’s degree in Business Administration from Fordham University (1995) and a Bachelor of Science degree in Management of Financial Institutions from De La Salle University (1989).

Ariel Arman V. Lapus

 

Mr. Lapus is EDC’s Vice-President and Managing Director for Latin America, overseeing the company’s expansion efforts in the region. He is based in Santiago, Chile.

Prior to this, Mr. Lapus was Vice-President of First Gen Corporation overseeing the power marketing and trading operations of the First Gen / EDC group. He has 18 years of experience in the power industry handling business development and M&A, power marketing, and operations. He has occupied senior management roles in Mirant Corporation, Global Business Power Corporation, and First Gen / EDC group.

Ferdinand B. Poblete

Mr. Poblete, Filipino, was appointed by the Board in September 2011. He is a global information technology (IT) executive with over 30 years of diverse experience in cross-cultural markets across Asia, Europe, Middle East, Africa, Latin America and North America. He has held various leadership positions with responsibilities covering IT infrastructure, manufacturing, sales, logistics systems, people management, strategic business planning and management, and business development. He was formerly the Senior Vice President and Director for the Strategic Initiatives Office of Philamlife Insurance Co. He was also with Procter & Gamble (P&G) for 18 years, holding various positions such as Country IT Manager of Korea, Associate Director for Worldwide Distribution Systems and Associate Director for Business Information Solutions for Asia Regional Operations.

Mr. Poblete graduated with a B. S. in Electrical Engineering degree from the University of the Philippines in Diliman, and is an alumnus of the Philippine Science High School.

Liberato S. Virata

Mr. Virata, Filipino, was appointed by the Board in December 2010. He started working for EDC in 1982 and held various positions including Field Maintenance Manager for LGPF, Production Manager and Resident Manager for BGPF prior to his current position.

Mr. Virata graduated with a B. S. in Mechanical Engineering degree from the Mapua Institute of Technology in Manila (1981). He became a Registered Mechanical Engineer in 1982 and a Professional Mechanical Engineer in 2006. He completed the Management Development Program of AIM (1993), Refinery Operations Course at Shell Refinery Clyde, Sydney New South Wales, Australia (1988), and Diploma Course in Maintenance Management System (JICA) at Kitakyushu, Japan (2003).

Ramon A. Carandang
Mr.  Carandang is the Vice President and Head of Corporate Communications of the Energy Development Corporation. He is concurrently also a Vice-President of First Philippine Holdings Corp. and First Gen Corporation. He also serves as the Chief Executive Officer of Ronin Consultancy Services, and an independent director at Unicapital Securities.
 
 
Prior to joining EDC, he was Secretary for Presidential Communications under the administration of President Benigno Aquino III, where he also served as a member of the cabinet level clusters on economic policy and national security.
 
Before joining the Aquino government, he was a news anchor and reporter for ABS-CBN News from 2000-2010.
Mr. Carandang obtained his Bachelor of Arts degree in Management Economics at the Ateneo de Manila University .
Reman A. Chua

Mr. Reman Chua, Filipino, has been with the Energy Development Corporation from  2007 to the present, leading business development projects for solar and wind, most notable of which is the company’s 150 MW Burgos Wind Project.

Before his assignment to EDC, Reman began his career with the Lopez Group in 2002 as a Manager for Business Development under FGP Corporation. For a time, he was studying natural gas power vehicles as an extension business for the group and as an entry to non-power market for natural gas in the Philippines.  He was assigned to the Manila North Tollways Corporation as manager for marketing, compliance and Business Development from 2002 up to 2005, during which the rehabilitation and expansion of the North Luzon Expressway (NLEX) was undertaken and successfully completed in 2005.  He led the marketing communications efforts that managed the increase of the toll rates in NLEX.   Thereafter, he returned to First Gen Corporation and led various acquisition projects in the power sector.

Reman graduated with a Bachelor of Arts degree in Economics from Ateneo de Manila University, and holds a Masters in Business Management degree from the Asian Institute of Management (AIM).

Ryan Z. Velasco

 

Mr. Velasco, Filipino, has been with the Company since 2013.  He initially joined as part of EDC’s International Business Development team covering Latin America, before moving to Finance to assist with the Company’s Investor Relations, Special Projects and other activities.  Prior to joining the Company, he worked for Indra Philippines, Inc. as its Managing Consultant and Head of Business Development – Financial Markets, and with Citigroup in London, UK as a Vice President covering its Europe, Middle East and Africa (EMEA) market.

Mr. Velasco obtained his MBA degree at IESE Business School in Barcelona, Spain, and had attended an MBA International Exchange Program at Tuck School of Business (Dartmouth) in Hanover, New Hampshire, USA.  He graduated from Ateneo de Manila University with a Bachelor of Science Degree in Business Management, Honors Program.

James Arnold D. Villaroman

Jimmy joined the company in 2013 as Mount Apo Geothermal Business Unit Head. He concurrently assumed the role of Business Unit Head for Negros Island 2014 to 2016. He systematically undertook initiatives to improve the performance and profitability of both business units, including the crucial planning and execution functions. He was also head of the Leyte Geothermal Business Unit, our biggest geothermal facility. He is now the head for Strategy and Long Term Planning.

He also identified O&M opportunities, and continues to lead the Energy Recovery Program for the enterprise in collaboration with the various Business Unit Heads. Jimmy has helped identify future opportunities for drilling capex reduction, by pursuing steam decline improvement projects, well bore solutions, and other non-drilling initiatives.

Jay Joel L. Soriano

 

Jay is the Head of the Integrated Planning Group. With experience in strategic planning, business development, and other commercial functions, he is leading major organizational changes and multiple growth initiatives. He joined EDC in 2014 as Deputy Strategic Business Unit Head of BacMan before assuming the role of Strategic Business Unit Head of Negros Island Business Unit from 2016 to 2018.

He obtained his bachelor’s degree in Management Engineering from the Ateneo de Manila University. He also holds a Master’s Degree in Business Administration (MBA) from Harvard University.

Grace Stephanie L. Marcelo

 

Ms. Marcelo first joined EDC in 2009, and in November 2017, she was elected Vice-President for Treasury and Supply Chain Management.

Prior to her work in EDC, she joined the Lopez Group in 2002, and was assigned to the Manila North Tollways Corporation.  After a year and half she moved to First Gas Power Corp., working first in Finance  and then in Business Development.

Prior to joining the Lopez Group, Ms. Marcelo worked for several banks, the last of which was with JP Morgan Chase.  She is a certified public accountant and holds undergraduate degrees in English and Accountancy.

Edwin H. Alcober

 

Edwin became the Head of Geothermal Resource in 2018. He began his career in EDC more than 24 years ago as a Drilling Engineer. He, then, became a Process Geochemist before heading the Leyte Resource Management Department. He was also previously the Geosciences and Reservoir Engineering Group Head.

He obtained his Bachelor of Science degree in Chemical Engineering from the University of the Philippines Diliman in 1994 and his diploma in Geothermal Energy Technology from the University of Auckland, New Zealand in 1998.

Glenn L. Tee

 

Mr. Tee, Filipino, was appointed by the Board in October 2010. Prior to his appointment at EDC, he was Internal Audit Head of First Gen for two years. He has been with the Lopez Group since 1994 and has held key positions in the internal audit and accounting departments of First Philippine Holdings Corp. and First Philippine Infrastructure and Development Corp.

Mr. Tee graduated from San Beda College (1992), and is both a Certified Public Accountant and Certified Internal Auditor. He completed the academic requirements of the Executive Masters in Business Administration from the AIM (2009).

James E. Jumawan

 

James has been leading the drilling engineering activities of EDC since 2015 as head of the Drilling Group, which is now referred to as the Well Services Group. He has more than two decades of drilling expertise with EDC, joining the company in 1988 as a Drilling Engineer.

He obtained his Bachelor of Science degree in Electrical Engineering from Silliman University in 1985 and a diploma in Geothermal Energy Technology from the University of Auckland, New Zealand in 2000.

Bernadette Ann V. Policarpio

 

Beth, Filipino, was appointed as Assistant Corporate Secretary of EDC on September 7, 2016 and then as Corporate Secretary on October 3, 2017. She is also the Corporate Secretary of Bac-Man Geothermal, Inc., Green Core Geothermal, Inc., and several other subsidiaries of EDC. Beth is also Assistant Vice President and Senior Counsel at First Gen Corporation (FG). She joined EDC in August 2015, when she was seconded from FG to head the Legal Services Department under the Legal and Regulatory Group.

Prior to joining the Lopez Group, Beth was Assistant Vice President for Legal Services at Global Business Power Corporation (Global Power), where she also served as the Head of the Legal Department and Assistant Corporate Secretary of the Global Power subsidiaries. Before moving in-house, Beth built her legal experience first as litigation associate at Villaraza & Angangco, later joining the government as Court Attorney in the Office of then Chief Justice Hilario G. Davide, Jr. in the Philippine Supreme Court. Thereafter, she pursued and completed her Master of Laws degree at the University of Michigan in Ann Arbor, Michigan, U.S.A., which was followed by a fellowship stint at the Center for International Environmental Law in Geneva, Switzerland. Upon her return to the Philippines, she transitioned into commercial law practice as an associate at Romulo Law Office.

Beth obtained a Bachelor of Science degree in Management, Major in Legal Management in 1996 from the Ateneo de Manila University, where she also earned her Juris Doctor degree (with Second Honors Silver Medal Award) in 2000. She was admitted to the Philippine Bar in 2001. In 2006, Beth received her Master of Laws degree from the University of Michigan in Ann Arbor, Michigan, U.S.A., as a Michigan Grotius Fellow.

Ana Maria A. Katigbak-Lim

 

Atty. Katigbak-Lim, Filipino, was elected by the Board of Directors as Corporate Secretary on September 7, 2016. She was fist appointed by the Board as Assistant Corporate Secretary of the Corporation in January 2007. She is a member of the Castillo Laman Tan Pantaleon & San Jose Law Firm.

Atty. Katigbak-Lim graduated cum laude at the University of the Philippines with an A. B. degree. She is a graduate of the University of the Philippines College of Law (1994) and a member of the Phi Kappa Phi international honor society. Her practice areas are corporate law, securities and litigation. She was admitted to the Philippine Bar in 1995.

Facebook

6 hours ago

Geo 24/7

As our planet faces a difficult challenge with the COVID-19 pandemic, this should not stop us to show our love and support for our common home.

WWF–Philippines is encouraging everyone to continue helping our planet heal as the annual observance of #EarthHour goes digital.

Let us express solidarity with our fellow living beings in allowing Mother Nature to recuperate by staying at home.

Read here: news.mb.com.ph/2020/03/24/earth-hour-goes-online-this-year/

#EarthHour #FutureNow
... See MoreSee Less

View on Facebook

One of the most powerful cartoons I’ve come across in a while is one by To New Yorker
Magazine which shows a man in a tattered business suit and around a campfire amidst a
future wasteland telling three children, “Yes they destroyed but for a beautiful moment in
time we created a lot of value for. Funny, but tragically so true of how the world works today.

We urgently need to overhaul how we relate with the Earth
if we want to keep it habitable for humans in the decades
to come. We don't have a choice.

The way we measure progress and success in our world is severely broken. Countries are
judged by how fast gross domestic product (GDP) grows, and corporate stocks are deemed
good investments also by how fast they can advance their net incomes regardless of how
it’s achieved. Most successful business models are racing to spur consumption of their
products beyond what consumers really need. As a result, carbon emission trajectories are
leading us toward a catastrophic world that’s 3-6 degrees warmer. Human activity is warming
the Earth 5,000 times faster than the most rapid natural warming occurrence in our planet’s
past, and species are going extinct faster than at any period in geologic history. Microplastics
are already being found in dwelling in the deepest reaches of the Marianas trench as well as
the pristine Pyrenees mountains of France and Spain. These are but a few examples of the
widescale destruction humans are wreaking on our only home. The international no
organization (NGO) Global Footprint Network estimates that we already use up 1.5 Earths
each year just feeding our current level of wants and needs; that’s 50% more than our planet’s
ability to replenish 3the resources used up!

Dear Stakeholders,

Message from the EDC
Chairman and CEO

With every passing year, it becomes increasingly tougher to deny that our climate
is changing faster than previously imagined due to human activity. A large and growing
number of the world’s largest corporations participating in the Carbon Disclosure Project,
more than 75% as opposed to only 10% in 2010, now incorporate climate change into
their business strategies. I believe that today, we are living through one of history's great
paradigm shifts. An age wherein we’re only just beginning to realize the immense impact
we’ve had on the planet and that we urgently need to overhaul how we relate with the
Earth if we want to keep it habitable for humans in the decades to come. We don't have
a choice. There is no Plan B or planet B, as some would say.

Real and lasting shareholder value can only be had when we place the
interests of all our stakeholders, our customers, the planet, and humanity
at the center of everything we do.

Of course paradigm shifts are never easy. They never have been throughout history. But
as the environmentalist and author Bill McKibben rightly puts it: “the math is hard to
argue with; business as usual and growth as usual spell an end to the world as usual.
This is the one overwhelming fact of our lifetimes.” PricewaterhouseCoopers or PWC
quantifies what the world needs to do to keep global temperature rise to less than 2
degrees Celsius. They emphasize that we must reduce the carbon intensity of the
economy—the amount of carbon emitted per dollar of GDP—by 6% each year until 2100.
Although this number looks modest, it is nine times the current rate of important
being experienced in the world today; this only underscores the magnitude of the
transformation needed. At Energy Development Corporation and parent company,
First Gen Corportion, we believe our platform of businesses and our way-to-play are all
geared toward this goal.

Message from the EDC
Chairman and CEO

Our Geothermal plants are today the only large scale 24/7 sources of renewable energy
The relatively fixed pricing we are able to offer our electricity customers is a massive
advantage and gives them certainty at a time when our coal-based competitors cannot. In
addition, the massive transformation taking place in the company is exciting and promises
to transform us into a leaner but more robust and resilient player and competitor.
Our Natural Gas plants at First Gen are key to bringing down the carbon intensity
of the economy as they emit less than half of the carbon and only a fraction of the other
pollutants per kilowatt-hour relative to an equivalent-sized coal plant. This is key to
keeping the economy humming and our lights on, even as we transition to a decarbonized
world. Today, these plants run on the country’s only indigenous gas field
Camago-Malampaya, but we are currently preparing for the day these fields no longer
have indigenous gas through the development of what could be the country's first
Liquefied Natural Gas (LNG) import terminal. In December 2018, First Gen signed a joint
Development Agreement (JDA) with Tokyo Gas Co., Ltd. to push this forward. It's an
exciting time to be doing this as LNG suppliers worldwide are only just beginning to
innovate and show flexibility on gas contracts never before seen in the world of LNG
contracting. Just this April 2019, Shell and Tokyo Gas signed the world’s first coal-indexed
LNG contract. This signals that gas producers are now willing to fight head against
coal plants in competitive power markets, if they aren’t cheaper already. Our decision
several years ago to slam the door on developing any coal-fired power for ourselves
was prescient. Even as more coal- fired capacity comes on line globally, their utilization
and capacity factors are falling. International Energy Agency (IEA) figures for 2017 show
the average capacity factor of coal plants globally has fallen even more to 52.8%, down
from 59.3% in 2013. This is alarming for a technology whose economics only makes sense
when run at baseload rates of 70-80%. The implication is that many coal plants today are
being run sub-optimally and expensively. The fact that they are required to ramp up and
down frequently causes thermal fatigue of components, of materials, and corrosion that
negatively impact efficiency and emissions even more. Aside from the fact that coal-fired
power no longer has a place in a world that needs to decarbonize rapidly, its economics
are being rendered uncompetitive in grids increasingly being penetrated by more
intermittent renewable energy sources. Its days are numbered.

Message from the EDC
Chairman and CEO

Our world today teems with change and disruption. At EDC, we’re all incessantly
and purposefully “sensing the wind” and “reading the tea leaves”. And in such a
world marked by so much complexity, we must also keep our organizations alert,
as well as agile. But let me just say that real and lasting shareholder value can only
be had when we place the interests of all our stakeholders, our customers, the
planet, and humanity at the center of everything we do. The world’s paradigms are
shifting yet again and, as a company, we intend to help that shift in the best way
we can. It is amongst these great challenges where we intend to build the many
great opportunities that will foster true shareholder value.

Thank you for your continued trust and unwavering support.

Federico R. Lopez
Chairman and CEO

Message from the EDC
Chairman and CEO

Due to climate change, only hell is hotter than summer.

We now live in a world that has increased its temperature by 1.5°C from pre-industrial times
and at these levels 14% of the world’s population will experience intense heat waves at least
once in five years. Should things deteriorate further by half a degree, at a 2°C increase from
pre-industrial times, the effect will be 2.7 times worse: 37% of the world’s population will
experience severe heat waves at least once in five years. In 2018, Australia revised their
temperature charts and increased the upper limit to 55 degrees Celsius, or over 135 degrees
Fahrenheit, given what was experienced for a sustained period in the south-central part of
the country in 2018.

Hotter temperatures mean hotter oceans, because water absorbs an estimated 90% of the
heat in the atmosphere and radiant heat from the sun. The “hydrogen bond" between water
molecules is what allows water to absorb a significant amount of energy in the form of heat
before turning to vapor. However, once in vapor form, water rises into the atmosphere, and
the very same life-sustaining water becomes fuel for deadly typhoons and hurricanes that
bring with them torrential rains.

If the earth did not have water and was dry like Mars, our average temperature would be
negative 16°C. Because of the presence of water, the year-round average temparature of
the Earth is now 14°C. Averages have a way of lulling us into complacency until we are shaken
or impacted by terrible horrors, like Typhoon Yolanda in the Philippines, Hurricane Sandy in
New York, Hurricane Maria in Puerto Rico, Harvey in Houston (the costliest hurricane on
earth at USD125B in damage). The common thread among these events? They are all the
worst in either the history of those areas or the worst in centuries. And they all occurred in the
last 6 years.

The diametric opposite of typhoons, drought, is the other side of the same coin. From
California to Cape Town in South Africa, to Greece and Australia, drought has affected millions
of people. Closer to home, Manila is experiencing drought in this summer of 2019.

Dear Stakeholders,

Message from the EDC
President and COO

Our 2018 cover follows the expressive and visceral nature of the images we have chosen in
the past two years. It shows a striking image of what the future holds for us, if we do not
heed the call of the planet to pivot. The harsh reality of climate change is already felt, and
sadly, it is the most vulnerable members of society who bear the brunt of it.

We know the pivot will not be easy, especially in the face of significant vested interests.

The Intergovernmental Panel on Climate Change’s findings say that we may only have
until 2030 to avert “catastrophic climate change.” Despite the warnings however, action
has been slow. And in 2018, carbon emissions increased by another 2% from the previous
year. Scientists remain optimistic and cite the growth of renewable energy as a reason to
believe that the world can achieve the necessary reductions.

This continues to motivate us to do things better, to make a difference toward turning the
tide. Over the past five years, the Energy Development Corporation (EDC) and the rest of
the Lopez group of companies have decided to be the leaders in the business sector of
the Philippines in sounding the warning about the worsening effects of climate change
and the need for decisive action and enlightened choices. We know the pivot will not be
easy, especially in the face of significant vested interests.

Our Performance Report tells the story of EDC’s work-in-progress this year: our efforts to
achieve our business objectives, hand-in-hand with our sustainability aspirations. As
always, we keep track of the metrics that matter most to our stakeholders in alignment
with the framework of the Global Reporting Initiative (GRI) Standards.

Message from the EDC
President and COO

Bouncing back from a tough year

We tempered our expectations for 2018, given that we began the year with damage to
our facilities as a result of Typhoon Urduja, in December of 2017. Despite this setback, the
concerted efforts of our operational units, and inspired action from our employees,
helped us return our assets to service ahead of schedule. As a result of this, we ended
the year with a recurring income attributable (RNIA) of PhP9 billion, slightly ahead of our
2017 numbers.

We continued to execute our strategy with excellent results. We ended the year above our
target for generation. Our Nasulo and Palinpinon II power plants were also re-certified
for the 40 megawatt (MW) (+10MW) Ancillary Services Procurement Agreement (ASPA),
while our BacMan geothermal facility was fully contracted.

We adopted new ways of working and better practices in our operations with promising
results. For instance, majority of our planned maintenance activities were completed in
60% of the time, versus the previous 5-year averages. Fundamental changes have taken
place, such as the safety and medical clearances of contractors prepared a full month
ahead of the start of the activities, versus the old practice of doing this just prior to day
zero. We have also enhanced our reinjection management strategies to support our
efforts to reduce wasted heat and to ensure the recharge of our geothermal reservoirs.

Message from the EDC
President and COO

Taking the long view on sustainability and profitability

We are aware that challenges to the business will arise from time to time, such as natural
calamities or extreme weather. In response to these threats, we made smart investments
in resilience projects. Rather than implement risk reduction and resilience in potentially
hazardous areas, such as the steepest slopes most prone to landslides, we looked instead
at this through the necessary lens of high hazard against the potential value at risk from
the infrastructure in the area. From there, we have now prioritized those works which
mitigate the value at risk (VAR) of our assets relative to the hazard present. This way, we
are sure that we are investing in the right places where we can have the greatest risk
reduction. Using this VAR strategy, we completed 31 landslide mitigation projects in
BacMan, Negros, and Leyte in 2018. This crucial investment in resiliency is being
accelerated in 2019.

We are also investing in the growth and development of our people. People seek
opportunities to work for us because they appreciate EDC’s strategy. We have found that
EDC’s renewable energy focus has made us an employer of choice. Improvements in our
ways of working have given our employees greater flexibility to participate in and
contribute to over 100 simultaneous special projects, resulting in disperse decision-making
and improved accountability.

Our business also faces systemic and market-driven challenges. For example, the energy
sector will have to confront regulatory shifts and changes in tax regimes. This is par for
the course. We will also experience market shifts, which can be disruptive, both from
operational and pricing standpoints. An example would be the influx of non-
conventional, non-base load (intermittent) energy, like solor and wind. These energy
sources have significant impact on the grid, but do not have to shoulder the cost of
ancillary services.

EDC is prepared to face these changes by maximazing the cash generation of our assets.
We upgraded the capability of our plants in order to provide services that support grid
stability. These plans have been implemented, with investments in ancillary services
capability completed. Expanding our services offering has generated economic returns:
revenue from the sale of electricity as contingency and dispatchable reserves increased
143.5% from 2017, to P970 million in 2018.

Message from the EDC
President and COO

Making the shift to low carbon energy

While renewable energy is often seen as an alternative, EDC believes it is necessary and
timely to mainstream clean energy. Renewable energy is not only the environmentally-
responsible choice, but a wise business decision as well. EDC’s experience demonstrates
this, and we hope to convince even the doubters that the future of energy is in renewable
This commitment to clean energy is growing. In the United States, the mood on low-
carbon energy is changing. So much so, that one of the major US energy utilities has
pledged to go carbon free by 2050, and 80% carbon-free by 2030. This is only one utility,
in a wave of energy providers that have announced carbon-reduction goals.

A common theme across those committing to renewable energy is that their customers
are demanding low-carbon energy. And the energy providers, even mining companies are
listening. Renewable energy is not only the environmentally-responsible choice, but a
wise business decision as well. EDC’s experience demonstrates this, and we
hope to convince even the doubters that the future of energy is in
renewable.

In the capital markets, many large financial institutions have announced they will no
longer finance coal fired power plants. It is their belief that the assets will neither have the
capability to compete nor “the right to operate” based on the preferences of their
customers and other stakeholders such as local communities. For this reason, providing
financing for such assets are seen to be a poor medium- to long-term risk.

Increasingly, our customers are looking for cleaner energy choices, and we are happy to
oblige. Our role is not only to advocate for, but to convert consumers to, renewable
energy. More customers are signing up with EDC, with some choosing us because they
want to be powered by a pure RE company. Companies that have chosen to make the
switch believe it is a critical advantage: in fact, one customer that makes industrial
building materials told us that they want to be known as the first company in their
industry to be 100% powered by RE. We are encouraged by the small, but growing,
population of enlightened consumers that are demanding that the businesses and brands
they support show greater climate responsibility.

Message from the EDC
President and COO

EDC is proud and happy to partner with businesses that want to make positive
environmental change. Together, we will be part of a virtuous cycle that will contribute to
positive climate action.

Staying committed to our sustainability journey

In the last quarter of 2018, EDC completed the process of its voluntary delisting from the
Philippine Stock Exchange. Our delisting was a considered decision and part of an overall
strategy to support EDC’s long-term growth. The move to delist allows us greater flexibilty
over factors like leverage and dividend policies, without the need to excessively focus on
short-term results.
Our shareholders share this long-term focus with us. There is less attention given to
quarterly earnings, in favor of deliberate growth. This gives us the latitude and support to
explore investments in new CAPEX, to test new technologies that alter our future
prospects, without the expectation of immediate results or instant returns.

While the Philippine Stock Exchange and the SEC have established guidelines for
mandatory sustainability reporting beginning in 2020, EDC voluntarily reported on
sustainability for the past nine years. We will continue this practice because we believe
that this is how we can best create and share value with society, and care for the
environment upon which we depend, and the we all share.

Message from the EDC
President and COO

Our clear path ahead

The strong beam from a beacon serves to shine a light on the way ahead, and while we
made some gains in 2018, our journey is far from over. One the business side, we are
confident in the path we are taking to grow and develop our portfolio, invest in our
facilities and our PEOPLE, and continue to support our host communities.

Strategy is fundamentally a choice that is executed well. EDC is committed to our choice
for renewable enrgy and we intend to deliver on our plans to optimuze our assets,
mitigate our risks and grow the business and our talent pool. It is our hope that we can
serve as a role model for the energy sector, our host communities, the local government,
energy are bright, and by all indications, are getting better with each passing day.

Richard B. Tantoco
President and COO

Message from the EDC
President and COO