First Philippine Holdings Corp. (PSE: FPH), the Lopez Group holding company, will spend up to PHP5bn ($80mn) buying back its own shares over two years, The Philippine Star reported on October 3. The board approved reinstating the common share buyback programme from October 1, 2026 to September 30, 2028.

The renewed programme continues a buyback effort the company has run since 2010. Over that period it has repurchased 185mn shares, equal to 31% of its outstanding shares before the buybacks began, and paid PHP13.1bn to shareholders. Management says the company's stock is undervalued.

At the annual stockholders' meeting on September 25, President and Chief Operating Officer Francis Giles Puno said the company was ready to buy back more shares to lift its stock price.

"Given the undervaluation of FPH shares, we believe that the best way forward is to continue the buyback program. This will benefit loyal shareholders who choose to remain with the company as they will own a larger share of a valuable company," said Puno according to The Philippine Star.

Puno said the company had been actively repurchasing its shares since the programme started. He added that the buyback makes the company a ready buyer for investors who want to sell, giving them an immediate chance to realise the value of their holdings at fair market value.

First Philippine Holdings has investments in power generation, energy solutions, residential and commercial real estate, industrial real estate, and construction and energy services.

The board also approved a cash dividend of PHP1.10 per common share. The record date is November 23, 2026, and the dividend is payable on December 15, 2026.