BIZ BUZZ: As Lopez feud heats up, First Gen keeps the lights on

MANILA, Philippines — Amid the intensifying boardroom drama at Lopez Inc., one key unit is making it clear: Business goes on.

Lopez-led First Gen Corp. has stepped in—not to take sides—but to calm nerves. 

Its message? Operations remain steady despite the family feud now spilling into courtrooms.

The company issued a clarification after being dragged into the narrative, particularly over alleged multibillion-peso transactions tied to its assets. 

But First Gen was quick to draw a line: Those claims, it said, had come from a legal pleading—not from the company itself.

Translation: Don’t shoot the messenger, or in this case, don’t pin the allegations on the operating unit.

Still, the bigger signal here is stability. First Gen underscored that it continues to run “business as usual, with no disruption,” even as the legal battle heats up at the top of the Lopez empire.

READ: Lopez Inc. family feud explodes into leadership battle

That reassurance matters. After all, First Gen sits at the heart of the group’s energy portfolio, alongside Energy Development Corp. and under the broader umbrella of First Philippine Holdings Corp.

For investors, the takeaway is simple: While the battle between Federico “Piki” Lopez and Eugenio “Gabby” Lopez III continues, the group’s operating arms appear determined to keep the lights on—literally and figuratively.

READ: Lopez Inc. board voted 5-2 to oust ‘Piki’ over ‘loss of trust’

In high-stakes family feuds, silence is often the norm. 

This time, First Gen chose to speak—just aiming to steady the ship and not to rock it further. —Emmanuel John B. Abris

READ: BIZ BUZZ: Panicking lenders call Lopez execs

How far can SMAC points go?

If loyalty is the new battlefield, the SM Investments Corp. just packed its bags.

The retail giant’s rewards arm, SM advantage card (SMAC), has teamed up with global travel platform Trip.com, giving members a new way to earn points—this time from flights and hotel stays.

On paper, it’s simple: Spend on bookings via Trip.com and rack up SMAC points. But behind the fine print is a bigger play—keeping customers within SM’s ever-expanding ecosystem, from shopping bags to boarding gates.

It’s a familiar script. Conglomerates are no longer just selling products; they’re building “closed loops” where every swipe, stay, or spend feeds back into their universe.

For SM, that means linking retail, banking property—and now travel—into one sticky experience.

The timing isn’t random either. Travel demand is rebounding, and loyalty programs are fast becoming a quiet currency. The more touch points, the harder it is for customers to leave.

SMAC already has tie-ups with airlines and hotels. Adding Trip.com—an international platform with a wide network—signals a push beyond local borders and deeper into the global travel wallet.

The real question: How far can points go?

Because in today’s economy, rewards aren’t just perks—they’re persuasion. —Emmanuel John B. Abris INQ