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Twelve members of the Lopez family have released a statement accusing their cousin Federico “Piki” Lopez of breaching his duties as corporate officer by allegedly inserting contract clauses worth P24 billion that shield him from removal.

The statement released Monday, April 27, titled “A Matter of Trust and Governance,” is the first time the majority shareholders of Lopez Inc. have publicly spoken under their own names rather than through lawyers. It was signed by members from three family branches that together control 71% of the holding company at the apex of the Lopez conglomerate.

“Over time, we’ve lost our trust and confidence in our cousin, Piki Lopez,” the signatories wrote. They added: “This matter should have stayed private. But Piki chose to make it public.”

What the statement says

The 12 family members laid out two central accusations tied to the decisions made by Piki that they say led to a loss of trust.

First, they said Piki excluded them from two major transactions involving First Gen Corp., the family’s power arm where he serves as chairman and CEO.

They said they were not consulted about the P50-billion sale of 60% of First Gen’s natural gas business to Enrique Razon Jr.’s Prime Infrastructure in November. Nor, they said, were they told about First Gen’s acquisition of a 33% stake in Prime Infra’s hydropower business for P62 billion this April.

Being shut out of decisions of that magnitude, they said, amounted to “a clear failure in Piki’s fiduciary responsibility and a circumvention of corporate governance.”

Second, they said they discovered two “poison pill” provisions embedded in those deals. If Piki and his designates are removed from their management roles, the statement said, First Gen would pay Prime P24 billion and allow Prime to buy out First Gen from both the gas and hydropower agreements at a 25-percent discount.

The effect, the signatories wrote, was that Piki “secured his position as chairman and CEO and secured management control of the company, effectively making him indispensable because the cost of removing him, even for non-performance, would be too great.”

“Piki’s fiduciary duty mandated him to place the interests of the beneficial owners above his own. This was not the case. Piki’s interests superseded those of his shareholders,” the statement read.

Piki’s camp has reportedly maintained that the real trigger for his ouster was his refusal to put P2 billion in Lopez Inc. reserve funds to ABS-CBN, the family’s media business, which has struggled financially since losing its broadcast franchise in 2020. The majority has denied this.

First Gen, in earlier statements and stock exchange disclosures, has said all its contracts and agreements are entered into only after review and approval by its board of directors.

Piki filed a complaint with the Mandaluyong Regional Trial Court in March, calling his ouster illegal. The court granted a writ of preliminary injunction on March 16, blocking the board’s Feb. 27 resolution removing him and barring his proposed replacement, Rafael Lopez, from assuming the presidency.

The majority’s lawyers have filed a motion to dissolve that injunction.

Signatories of April 27 joint statement

The signatories include Eugenio L. Lopez III, Rafael L. Lopez, Manuel L. Lopez Jr., Martin L. Lopez, Miguel L. Lopez, Maria Eugenia Psinakis Brown, and Ernesto Miguel L. Lopez.

Also signing were family members Maria Cristina Rosario Lopez Grassi, Roberta Pilar Lopez Feliciano, Maria Margarita Lopez Lichauco, Michael Lopez Psinakis, and Ramon Javier L. Lopez

The statement says they have one concession for Piki: “”To be clear, he will remain a board member – just not as president. Our only motive has been to do the right thing. It has never been to rob any one individual of their future or reputation.”

The Lopez group – whose interests span power generation through First Gen, property through Rockwell Land, and media through ABS-CBN – is one of the Philippines’ oldest business dynasties.

The family rebuilt their empire after the Marcos dictatorship seized their assets in 1972, and ABS-CBN returned after the 1986 People Power Revolution. The network grew into the country’s dominant broadcaster before losing its franchise in 2020 under former President Rodrigo Duterte.

The Philippines remains on track toward securing an ‘A’ credit mark despite Fitch Ratings’ downgrade of its outlook to negative, with the Bangko Sentral ng Pilipinas (BSP) governor saying the country’s fundamentals remain intact and risks are largely external.

‘The Road to A agenda is still very possible. It’s just more difficult right now, but when these things go away, then we should be on that path,’ BSP Governor Eli Remolona Jr. told reporters.

Fitch Ratings recently affirmed the country’s ‘BBB’ investment-grade rating but revised the outlook to negative, citing rising risks from global energy shocks and external pressures.

Remolona emphasized that a negative outlook does not automatically lead to a rating downgrade.

‘Usually, when there’s a negative outlook, the next step would be a rating action, either an upgrade or a downgrade. But in the last year or so, that hasn’t really been the case. There have been instances where the outlook changes but the rating does not follow,’ he said.

He added that the outlook revision was not due to domestic weaknesses. ‘This negative outlook is not really because of us. It’s because of the external environment,’ Remolona said.

The BSP chief pointed to growing investor confidence in Philippine assets as a sign that the country remains on a positive trajectory, citing the planned inclusion of peso-denominated government bonds in a major global index.

‘A good sign of that is JP Morgan has decided to include our peso government bonds in their emerging markets bond index. That may be worth $5 billion to $6 billion in terms of additional inflows into our peso bond market,’ he said.

The Philippines is set to be included in the Government Bond Index-Emerging Markets (GBI-EM) series of JP Morgan Chase and Co. on Jan. 29 next year. The move is expected to further broaden the investor base and support liquidity in the government securities market.

Remolona also noted that while rating upgrades typically follow a positive outlook within a year, such patterns have not always held in recent periods.

‘With SandP, for example, we were already at BBB+ with a positive outlook, and usually that would lead to an upgrade to single A within a year. But that didn’t happen,’ he said.

Asked whether the government could still achieve an ‘A’ rating within the current administration, Remolona said the timeline would depend largely on global conditions.

‘Maybe if the external environment improves. That’s really the problem right now. It’s not us. Our fiscal and monetary policies are in good shape,’ he said.

The BSP has maintained that the Philippine economy remains resilient despite global headwinds, with solid growth prospects, manageable debt levels and a stable financial system supporting its investment-grade status.

After a strong showing of provincial delegates in the recent Cagayan Valley Regional Athletic Association meet, Nueva Vizcaya Gov. Jose Gambito called on the Department of Education to review and improve the DepEd athlete support system.

Gambito said during the 4th regular meeting of the provincial local school board that the strong performance highlights the need to further strengthen DepEd’s support for student-athletes.

He noted that Nueva Vizcaya’s delegation finished as third runner-up with 49 gold, 56 silver and 64 bronze medals in the competitions held in Santiago City, Isabela.

‘It would be better if incentives could be given immediately after events. We just have to ensure compliance with Commission on Audit rules,’ Gambito said.

He noted that releases under the current system might take several weeks after an event, as requests go through standard accounting procedures.

Athletes receive P3,000 for winning a gold medal, P2,000 for silver and P1,000 for bronze.

Gambito proposed reviewing the incentives system to ensure that the rewards are given to athletes in a timely manner.

Fuel prices are expected to decline again this week, though at a smaller scale, as global oil markets remain volatile due to the Middle East conflict ahead of the Tuesday, April 27 pricing adjustment.

Initial estimates from the Department of Energy’s trading monitor showed diesel prices could fall by about P8 to P10 per liter and gasoline by around P0.40/L or even increase b up to P1/L. Kerosene is expected to decrease by P11/L.

Shell also rolled out a temporary P5-per-liter discount on fuel purchases from April 24 to 30, separate from the weekly price adjustment.

The Department of Energy said the adjustments continue to fall under Executive Order 110, which allows the government to set minimum rollbacks and cap increases during the national energy emergency.

Here are the benchmark estimates for Monday, April 27:

Kenneth Llover is a win away from clinching a shot at IBF bantamweight champion Jose Salas of Mexico and the only roadblock is a final eliminator against Michael Angeletti of Texas in a 12-round battle of undefeated contenders at the Aichi Arena, Nagoya on June 8.

Llover’s manager Gerry Peñalosa went through the wringer in negotiating the Angeletti fight which almost came down to a purse bid. Peñalosa is confident Llover will hurdle Angeletti and plans to stage the title fight against Salas here in September.

But it won’t be easy beating Angeletti who at 5-8, is two inches taller and has a seven-inch reach advantage. Five of his last six bouts went the distance and the only exception was a third-round disposal of Filipino Judy Flores in San Antonio, Texas, last year. Angeletti’s record is 14-0, with eight KOs compared to Llover’s 17-0, with 12 KOs. Llover, 23, is the IBF’s highest-ranked contender at No. 3 as No. 1 and No. 2 are vacant. Angeletti, 29, is ranked No. 5.

Llover’s strength and conditioning coach Alex Ariza, who worked with Manny Pacquiao for eight fights from 2008 to 2013, said he’s not worried about Angeletti’s power. ‘Kenneth can take big punches,’ he said. ‘We’ll make it a high-intensity fight with lots of volume punching and pressure. I expect Kenneth to throw 60 to 70 punches per round and should be able to take out Angeletti anywhere between six to eight rounds.’

Ariza said he’s bringing in Mexican chef Hector Pavon to prepare Llover’s meals in coordination with Los Angeles nutritionist Teri Tom. ‘I’ve worked with Hector for 15 years,’ noted Ariza, a Colombian who now lives here. ‘Teri and I were on Manny’s team for the Oscar de la Hoya, Ricky Hatton and Miguel Cotto fights. We’ve also worked with other athletes like basketball player Andrew Bynum. Hector will be with us in Manila and Nagoya. Teri will join us for the title fight in September.’

Former Sen. Antonio Trillanes IV said former Vice President Leni Robredo’s decision to stay out of the 2028 presidential race is a ‘welcome development’ that could help the opposition unify behind a single candidate.

‘I think that’s a welcome development, because we would rather push for somebody who is very much willing to take on the burden of leadership in 2028,’ Trillanes said in an interview on ANC’s “Dateline Philippines” on April 24.

He said the opposition needs to rally behind a candidate prepared for what he described as an unusually difficult presidency, while also building a broader coalition to avoid splitting the anti-Duterte vote.

‘Whoever becomes president in 2028 will face a wartime presidency. This will not be peacetime, business-as-usual stuff,’ he said.

Trillanes said Robredo’s decision not to run allows her to take on a different role in shaping the 2028 race.

‘The good thing about Mayor Leni’s withdrawal is that she can now shift roles and become a kingmaker or queenmaker,’ he said.

He endorsed Sen. Risa Hontiveros as his preferred standard-bearer, citing her character and record.

‘Yes. We have profiled the possible candidates, and aside from qualifications, which many of them have, what matters is heart, strength of character, and conviction. Risa has those,’ Trillanes said.

‘Her temperament is also more balanced than mine. She is ideal for a president. She will fight for you,’ he added.

Coalition vs three-way race

Trillanes, who initially filed the crimes against humanity case against former president Rodrigo Duterte, said he is pushing for a coalition that could include Marcos administration allies to avoid a three-way contest that could benefit Vice President Sara Duterte.

‘In fact, what I am pushing is this: Sen. Risa as the presidential candidate, endorsed by Mayor Leni, and then a coalition with the administration where the vice president comes from their side,’ he said.

He warned that without such an arrangement, the race could splinter.

‘That becomes a three-way race, and that would favor Sara Duterte,’ he said.

Personal plans. Trillanes also said he is removing himself from contention in 2028, rejecting speculation that he may run for higher office.

‘No. I’m also taking myself out of the picture. Wala na. I know and I accept that I’m not the ideal candidate,’ he said.

Rep. Leandro Legarda Leviste (Batangas 1st District) called for a congressional inquiry into what he described as possible discrimination in the distribution of P200,000 assistance to barangays under a government program.

In a statement Monday, April 27, Leviste said 84 barangay captains from Batangas are prepared to testify before Congress after they were allegedly excluded from receiving the funds under the ‘Bawat Barangay Makikinabang’ program on April 24.

‘Until it is explained why the 84 barangays were excluded, we cannot ensure that the politicization of aid distribution will not happen again,’ Leviste said.

‘That is why I am calling on Congress or the Senate to conduct an investigation to ensure that this kind of discrimination in aid distribution will never happen again,’ he added.

In the same statement, the group said the affected barangays had completed all requirements and were not told to skip the aid distribution. They were not invited, however, by the Vilma Santos Recto-led provincial government, despite earlier announcements that all barangays were expected to attend, they said.

Lamberto Marcellana, president of the Taal Association of Barangay Captains (ABC), said provincial board member Fernando Rocafort, told him their municipalities were excluded.

‘Nang ulitin ko po sa kanya nitong 24, sinabi niya sakin, ‘ABC pasensya ka na, hindi kasama ang Taal tsaka ang Nasugbu, dahil nagtampururot raw ang governor sa inyo’,’ Marcellana was quoted as saying. (When I repeated to him on April 24, he said, ‘ABC, sorry about this, that Taal and Nasugbu are not included because the governor has resentment against you.)

Marcellana’s counterpart in Nasugbu, Emerito Herrera, similarly relayed what he heard from Rocafort.

‘Nung 24 ng umaga, tinawagan ako ng Bokal Fernan, ang sabi sa akin, ABC, pasensya ka na, hindi kami ang nag-ayos niyan,’ Herrera said. (In the morning of the 24th, Bokan Fernan called me and told me, ‘ABC, sorry about this, we were not the ones who organized it.)

The barangay officials denied claims that Leviste had blocked their attendance.

‘Sana maimbitahan sa Kongreso itong 84 kapitan upang patunayan na ang ating Congressman ay walang sinasabi na huwag pumunta sa Batangas para huwag kunin ang ayuda,’ Barangay Captain June Manimtim said. (We hope these 84 barangay captains would be invited to Congress to prove that our congressman did not tell them not to go to Batangas to claim their aid.)

They also alleged that the staff of Gov. Vilma Santos created a separate group chat that excluded the affected barangays.

Assistance to be advanced. Leviste said he would advance the P200,000 assistance for each of the affected barangays while awaiting the official release of funds.

He added that the barangay captains are now submitting their documents directly to Malacañang after earlier filing requirements with the provincial government.

Provincial government’s side

In a statement issued hours before Leviste’s remarks, Provincial Administrator Joel Montealto rejected allegations that politics influenced the distribution of P200,000 aid to barangays.

The Socio-Civic Projects Fund under the Marcos administration’s barangay support program, he said is based on compliance and completed requirements ‘not on political affiliation, favoritism, or personal preference.’

He added that Gov. Santos Recto’s office ‘is not part of the process, evaluation, or approval’ of the fund and only assists in implementation based on directives from the Office of the President.

Montealto said 980 out of 1,078 barangays in Batangas have already received support, with remaining releases pending completion of requirements or affected by non-attendance during scheduled distribution.

‘For this reason, any allegation that barangays were denied assistance due to politics is baseless,’ the statement read.

The Commission on Higher Education (CHED), through its Unified Student Financial Assistance System for Tertiary Education (UniFast), has approved the inclusion of Mandaue City College (MCC) in the Free Higher Education (FHE) program, with billing set to begin in the second semester of School Year 2026-2027.

The development is expected to significantly ease the financial burden on the Mandaue City Government, as the national government will begin covering tuition and other school fees for qualified MCC students.

City Administrator Atty. Gonzalo ‘Sally’ Malig-on Jr. confirmed in an interview that Mayor Thadeo Jovito ‘Jonkie’ Ouano had received official communication dated April 7, 2026 from CHED-UniFast approving MCC’s application.

‘At least dali ra kaayo,’ Malig-on said, noting the swift approval of the application after it officially received institutional recognition (IR) last March 27.

According to the communication, MCC may begin billing tuition and other fees under the FHE program starting the second semester of the current school year, which will fall in early 2027.

For the first semester, however, the city government will continue to shoulder the expenses.

Malig-on said this transition would reduce the city’s financial exposure to MCC’s operational needs.

‘Ang tuition, maka-bill naman sa national government through UniFast,’ he explained.

Meanwhile, the Local School Board has convened and conducted a study to determine how much the city can bill under the program. Currently, the city allocates around P40 million annually for MCC.

Once the study is completed, the city government expects to have a clearer estimate of the amount that will be covered by UniFast. Any savings from reduced education spending may then be redirected to other social services.

As of now, Malig-on said no final figures are available.

He added that the student population at MCC will remain steady for the current school year due to space limitations, pending the construction of a new campus building at the Norkis Park in Barangay Looc.

‘Same-same lang sa kay di man gihapon ma-accommodate sa atong space,’ he said.

The city government envisions a significant increase in enrollment once the new facility is completed. Malig-on said Mayor Ouano aims to double the student population to around 4,000 to 5,000

Following the confirmation of charges against former president Rodrigo Duterte, the International Criminal Court (ICC) is expected to resume assessment of applications of victims who wish to participate in the proceedings.

Those falling within the scope of the case will be transmitted for consideration of the Trial Chamber, which will soon be constituted for Duterte’s trial.

‘New deadlines for victim applications at the trial stage will be announced as applicable,’ the ICC said.

The ICC Pre-Trial Chamber I earlier authorized 539 victims to participate in proceedings. Victims participating in the case will not necessarily mean that they will testify as witnesses.

There are two classifications: direct victims, who personally and directly suffered harm as a result of the alleged crimes, and indirect victims, who suffered personal harm as a result of a crime committed against another person.

Family members of victims may apply as indirect victims.

‘Victims whose interests are affected have several rights before the ICC: the right to participate in judicial proceedings, to request reparations, to have their identity protected (for example, through the redaction of their identifying information), to be informed about developments in the proceedings, and to choose their lawyer,’ read an ICC briefer containing information for victims.

‘Victims may share their views and concerns with the Judges through the lawyer(s) appointed to represent them in the proceedings. The Judges decide how victims will be able to exercise these rights, while ensuring that the victims’ participation will not interfere with the rights of the suspect for a fair and impartial trial,’ it added.

Victims who participate in the proceedings may also be eligible for reparations if an accused is convicted.

Filipino lawyers Joel Butuyan and Gilbert Andres were appointed as common legal representatives of the victims, along with Paolina Massidda of the ICC’s Office of Public Counsel for Victims.

Following the confirmation of charges against Duterte, the Rise Up for Life and for Rights urged other families to come forward and participate in the proceedings.

Amnesty International said the ICC must ensure the victims’ rights to participate and guarantee the protection of witnesses.

‘For the survivors and victims’ families who have carried their grief in silence, today affirms that their voices have been heard and their persistence is not in vain,’ Amnesty International Philippines director Ritz Lee Santos III said.

The husband of Vice President Sara Duterte filed criminal complaints on Monday, April 27, against several lawmakers and Bangko Sentral ng Pilipinas Gov. Eli Remolona Jr. over the disclosure of bank records during House proceedings.

Lawyer Mans Carpio filed the complaint before the Quezon City Prosecutor’s Office against Remolona, Anti-Money Laundering Council Executive Director Ronel Buenaventura, and members of the House Committee on Justice.

Those named in the complaint include Reps. Gerville Luistro (Batangas), Percival Cendaña (Akbayan party-list) and Chel Diokno (Akbayan party-list), and Leila de Lima (Mamamayang Liberal party-list).

The complaint stems from the disclosure of bank transaction records involving Carpio and the vice president during House Committee on Justice hearings on the impeachment complaint against Duterte on April 14 and 22.

Carpio is accusing the respondents of violating laws on bank secrecy, anti-money laundering and data privacy, based on the disclosures made during the hearings.

The complaint

Carpio alleged that the respondents conspired to publicly disclose and unravel bank transaction reports, account balances, and records belonging to him and Duterte spanning a 20-year period from 2006 to 2025.

This disclosure, Carpio contends, occurred without his prior notice or written consent and proceeded despite a “cautionary letter” he sent to the AMLC on April 15, 2026, objecting to any release of his private financial information.

“Neither I nor my wife VP Sara has ever consented to the AMLC or any of its officers and staff to make public any transaction reports in relation to our bank accounts,” Capio’s complaint read.

Carpio also described the move of the House Committee on Justice as a “scripted” effort by lawmakers to weaponize the AMLC for “political black propaganda” and harassment against the Duterte family.

He said the committee facilitated the illegal move by issuing the subpoena and allowing the public disclosure during a “widely publicized hearing.”

Carpio cited Section 8(a) of Republic Act 9160 or the Anti-Money Laundering Act, which states that the AMLC and its Secretariat “shall not reveal, in any manner, any information known to them by reason of their office.”

“The phrases “SHALL” and “IN ANY MANNER” are self explanatory. The prohibition is ABSOLUTE, and mandatory. There is no possible exception provided by the law for disclosure of bank transactions and reports to the AMLC. Not even a supposed Subpoena Duces Tecum from the HCOJ (House Committee on Justice) can amend, much less circumvent, this absolute prohibition and restriction. Absent any amendatory law, the prohibition must hold. It sticks,” the complaint read.

Counter-arguments. Rep. Gerville “Jinky” Luistro (Batangas), chair of the House panel, said Monday she has anticipated Carpio’s complaint as an option of the defense.

“These are all attempts to suppress the disclosure of this information,” Luistro said in a radio interview.

Luistro also contended that it was not the bank and records from it that were issued a subpoena. “Instead we opted to subpoena the AMLC with its report of covered and suspicious transactions.”

Other assertions

Carpio’s complaint also alleges a breach of the Bank Secrecy Law. The law mandates bank deposits to be of an “absolutely confidential nature,” and the Data Privacy Act, which protects “sensitive personal information” from unauthorized disclosure.

During the House Committee on Justice’s impeachment hearing on April 22, the AMLC disclosed that accounts linked to Duterte and her husband were involved in aggregate transactions totaling P6.77 billion from 2006 to 2025.

Among the P6.77 billion, P3.77 billion came from Duterte’s accounts, while P2.99 billion came from Carpio’s.

None of these transactions, however, appeared in Duterte’s Statements of Assets, Liabilities, and Net Worth (SALN).

The Office of the Ombudsman, which submitted her SALN filings from 2007 to 2024, confirmed that Duterte declared zero cash on hand and zero bank deposits for six straight years starting in 2019, even as her net worth climbed from P55.6 million to P88.5 million over the same period.

For Luistro, the House committee was within its rights as the Bank Secrecy Law itself lists impeachment as an exception to its confidentiality provisions, tied with the AMLC’s own rules for secrecy.