Lopez Patriarch Oscar M. Lopez Passes Away at 93
Oscar M. Lopez, chairman emeritus, chairman, and chief executive officer of Lopez Holdings Corporation and patriarch of the Lopez family, passed away on Saturday, April 22, 2023. He was 93 years old. The news was confirmed by various media outlets, including the Lopez-owned ABS-CBN News.
His passing comes just three months after his brother, Manolo Lopez's death in January.
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The Harvard-educated Lopez moved back to the Philippines after the family recovered their assets after the People Power Revolution. From there, he would become First Philippine Holdings Corporation (FPHC) CEO. He is credited as the man who stirred it from bankruptcy. FPHC would turn P2-billion worth of liabilities into profitability in just four years.
He also facilitated the corporation's expansion to power, distribution, infrastructure, telecom, and property development. The Lopez patriarch ultimately stepped down in 2010 and would first relinquish his title to his brother, Manalo. He would be named chairman emeritus soon after. His son, Federico, would eventually take over the corporation.
Throughout his life, he held various positions within the Board of Lopez, Inc., First Generation Corporation, First Balfour, Inc., First Philippine Electric Corporation, First Philec Solar Corporation, First Philippine Industrial Corporation, and First Sumiden Circuits, Inc., to name a few. The patriarch also served as the Director of ABS-CBN Broadcasting Corporation and as Vice Chairman of Rockwell Land Corporation.
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Lopez was also admired for his philanthropic work, which focused on education, child welfare, and environmental protection. He was the chairman of the Lopez Group Foundation and the Eugenio Lopez Foundation.
The tycoon established First Philippine Conservation, Inc. in 1999, which aided the preservation of the world's most endangered biodiverse regions. The Oscar M. Lopez Center for Climate Change Adaptation and Disaster Risk Management Foundation, Inc. was established in 2012.
Lopez was honored with multiple awards in his lifetime, including Management Man of the Year by the Management Association of the Philippines in 2001; the first Filipino businessman to receive the Officer’s Cross of the Order of Merit of the Federal Republic of Germany in 2005; the first Philippine Military Academy Distinguished Citizen Award in 2008; and Ramon V. del Rosario, Sr. Award for Nation Building in 2011.
He was one of the most successful and distinguished business leaders in the country. In 2022, Forbes estimated his net worth to be $245 million (approximately P13.7 billion). Lopez is survived by eight children and more than 27 grandchildren.
