Jose Rene Gregory D. Almendras has withdrawn his nomination as an independent director of First Philippine Holdings Corp., citing personal circumstances that would prevent him from giving the role the attention and commitment it deserves.
Almendras was one of seven nominees for independent director at FPH, a diversified conglomerate primarily invested in power generation, ahead of its Sept. 25, 2026 annual stockholders’ meeting.
His withdrawal was formally conveyed to FPH’s Corporate Governance Committee, which earlier endorsed 18 names to fill the 15 seats for the company’s board.
Almendras brings extensive government and corporate experience to the boardrooms he has served. He was energy secretary, Cabinet secretary, and foreign affairs secretary during the Aquino administration, before returning to the private sector.
He currently serves as an independent director of Emperador Inc. and as a consultant to Ayala Corp.
He spent more than two decades with the Ayala Group, holding senior positions at Ayala Land and Manila Water. He also had an earlier banking career that included Citibank and City Savings Bank, part of the Aboitiz Group.
His decision to withdraw from the FPH race comes as he continues to hold several corporate responsibilities, underscoring the time and attention demanded of independent directors, particularly at a major conglomerate with substantial investments in power generation.
Following his withdrawal, the remaining independent director nominees are Stephen T. Cu-Unjieng, Jaime I. Ayala, Cirilo P. Noel, Cielito F. Habito, Jose Ramon R. Garcia, and Evelyn R. Singson.
The nominees for regular director seats are Federico R. Lopez, Benjamin R. Lopez, Francis Giles B. Puno, Richard B. Tantoco, Emmanuel Antonio P. Singson, Mercedes Lopez-Vargas, Miguel Ernesto L. Lopez, David O. Chua, Roderico V. Puno, Lee Benjamin Z. Lerma, and Commissioner Diana Pardo-Aguilar.
