A bitter rift has emerged within the influential Lopez family following allegations that ABS-CBN Broadcasting Corp. paid out P2.56 billion in executive bonuses and allowances to unidentified individuals.
The dispute reached the Mandaluyong Regional Trial Court after Lopez Inc. director Federico Lopez filed a complaint seeking reinstatement as president of the family’s ultimate holding company.
Federico Lopez alleged his cousins ousted him in retaliation for his refusal to authorize another P2-billion capital infusion from Lopez Inc. into the struggling media giant.
Court documents filed by Federico Lopez reveal that a special audit of the broadcasting firm discovered 68 unidentified individuals received nearly P1 billion in retirement payments.
The audit further claimed one undisclosed individual received P70 million as part of a larger P2.56 billion pool of bonuses and allowances.
ABS-CBN’s 25-year franchise renewal was denied by Congress in July 2020. Since that time, the company has accumulated losses exceeding P43 billion, despite the sale of key assets and previous capital infusions through the third quarter of 2025.
Federico Lopez, chairman and chief executive of First Philippine Holdings Corp., voted against the P2-billion infusion, citing “unresolved audit findings.” Following this dissent, the Lopez Inc. board removed him as president, citing a “loss of trust and confidence.”
In his legal filing, Federico Lopez claimed the audit found P1.1 billion of the requested P2 billion capital would not fund company projects but would instead go to 68 undisclosed individuals.
The respondents named in the case include Lopez Inc. chairman Rafael Lopez, ABS-CBN chairman Martin Lopez, Miguel Ernesto Lopez and Maria Eugenia Brown. All four board members voted for the ouster of Federico Lopez.
Federico Lopez remains the head of the family’s profitable subsidiaries, including First Gen Corp. and Lopez Holdings Corp.
