P25-B BDO backing hinges on ‘Piki’ staying in control, says First Gen

MANILA, Philippines — BDO Unibank has issued standby letters of credit totaling P24.75 billion to support First Gen Corp.’s acquisition of a 33-percent stake in Prime Hydropower Energy Inc. In a disclosure on Friday, First Gen said the bank’s support comes with strict covenants requiring leadership continuity across the First Philippine Holdings (FPH) group. This