Lopez Inc. has issued another statement amid escalating internal tensions, urging company president Federico “Piki” Lopez to voluntarily relinquish his post as the leadership dispute deepens.
In its statement, the Lopez Group board said it no longer has confidence in Lopez, accusing him of using ABS-CBN Corporation’s financial challenges as a diversion from what it described as an internal power struggle within the company.
“Piki has been using ABS-CBN issues as a diversion to block his removal, arguing that his removal stemmed from his vote not to fund the network, which is not true,” the statement read.
The group further alleged that Lopez had previously proposed shutting down ABS-CBN by 2025 and liquidating its assets—an idea strongly opposed by the majority.
“He showed no concern for the nearly 4,000 employees who would lose their jobs, how creditors would be repaid, and how the public would continue to be served. The majority, in a gesture akin to their parents’ commitment to serve, voted against his proposal and instead contributed hundreds of millions of pesos—both personally and through their family corporation—to keep the network operating. While challenges remain, there are encouraging signs of a potential turnaround,” the statement added.
Reaffirming its support for ABS-CBN, the company declared:
“ABS-CBN is an institution that serves the public and the country. It will survive and grow once more. The majority will make sure of that.”
The leadership dispute comes as the Lopez Group continues to hold stakes in major Philippine firms, including First Gen, First Philippine Holdings Corporation, and Rockwell Land Corporation.