First Balfour, Inc. (First Balfour) aims to deliver infrastructure that creates resilience and elevates the quality of life of Filipinos. Over the past 55 years, it has taken part in nation building by delivering world-class engineering and construction services for a wide range of projects in energy, water, transport, and specialized building sectors. First Balfour was one of the first construction companies to be accredited by the Philippine Contractors Accreditation Board as a Quadruple A contractor, the highest license given to construction firms in the Philippines.
First Balfour consistently maintained a triple-ISO certification under the standard ISO 9001:2015 for quality, ISO 14001:2015 for environment, and ISO 45001:2018 for safety and occupational health. It also prides itself as the only Filipino construction company to achieve an Investors in People Platinum accreditation, an international benchmark for companies with strong management skills and empowered human resources.
On top of its main construction business, First Balfour has also diversified its businesses to include distinct capabilities in geothermal well drilling and equipment rentals through its wholly owned subsidiary, ThermaPrime Drilling Corporation (ThermaPrime), and its Plant and Equipment Division, T1 Rentals, and its heavy equipment and sustainable people transport subsidiary, T1 Transport.
Financial Highlights
In 2024, First Balfour and Thermaprime reported a consolidated net income of PHP760.7 million, a reversal of the PHP125.7 million consolidated net loss it recorded in the previous year. The successful completion of the Palayan Binary Power Plant of EDC, along with disciplined execution and improved operational efficiencies, provided the main drive for this welcome development.
Key Highlights for 2024
► First Balfour remains a key partner of EDC. Following the successful completion of the 3.6-MW Mindanao 3 Binary Power Plant in 2022, First Balfour turned over another binary power plant project to EDC with the completion of the 28.9-MW Palayan Binary Power Plant in Manito, Albay. Inaugurated on July 5, 2024, it expands the overall power capacity of the existing Bacman Geothermal Plant from 130MW to 158.9MW.
► First Balfour is also advancing EDC’s clean energy initiatives through the engineering, procurement, and construction (EPC) of Balance of Plant (BOP) and Connection Assets for its three standalone battery energy storage systems (BESS), which collectively contribute 40MW. These systems are strategically located at EDC’s geothermal power plants in Sorsogon, Leyte, and Negros Oriental. By optimizing energy use, BESS technologies are crucial in facilitating the transition to clean energy and in realizing FPH’s mission.
► In 2024, First Balfour was awarded the contract to design and build a river water treatment facility for FPIP Utilities, Inc. (FUI), a subsidiary of First Philippine Industrial Park. Once operational, the facility will have the capacity to treat 20 million liters per day (MLD) of water from the San Juan River, significantly bolstering water supply within the industrial park while offering a more sustainable alternative to current groundwater sources. The scope of the project includes the design and build of the intake structure, raw water conveyance system, the main treatment plant, and ancillary buildings, as well as the testing and commissioning of the facility.
► First Balfour is also involved in Package S-03A and Package S-03B of the North-South Commuter Rail (NSCR), a flagship project under the Philippine government’s Build Better More (BBM) program. Package S-03A covers 7.9 kilometers of railway viaduct, an elevated station at Buendia (located at the corner of Buendia Avenue and the South Luzon Expressway in Makati City), and two ground-level stations: one at EDSA (near MRT-3 Magallanes Station) and another at the Senate (near the new Senate Building). Package S-03B involves civil works and tunnel construction, including 4.7 kilometers of underground rail and a 1.4-kilometer elevated segment running parallel to the South Luzon Expressway. This package also includes the construction of FTI Station and tunneling work to connect the project with the Metro Manila Subway’s Senate Station. Once completed, the NSCR will provide a critical mass transport solution for Metro Manila’s growing population, enhancing mobility across the Luzon Economic Corridor.
Newly Awarded Projects
Metro Manila Priority Bridges Seismic Improvement Project (MMPBSIP)
The Department of Public Works and Highways (DPWH) awarded the contract for the MMPBSIP to the joint venture of JFE Engineering Corporation and First Balfour in 2024 . This project aims to enhance the earthquake resilience of two major bridges in Metro Manila (the Lambingan Bridge in Santa Ana, Manila and the Guadalupe Bridge along EDSA) spanning the cities of Mandaluyong and Makati. The contract is funded by the Japan International Cooperation Agency.
EDC Drilling Operations Plan (DOP) Level 3
The DOP intends to address the steam decline in various EDC geothermal plants in Leyte, Bacon-Manito in Bicol, and Mount Apo in Mindanao being brought about by the forces of nature in action and well retirements. The DOP calls for the accomplishment of civil, structural, piping and mechanical works prior to drilling operations.
FPIP Plaza in Santo Tomas City, Batangas
This project, which First Balfour is undertaking for the First Philippine Industrial Park is a three-level structure with a 15,000-square meter commercial space that will be developed to transform the frontage of the industrial park into an integrated nano-township. The FPIP Plaza has three major components: a retail complex with a transport terminal, a multi-building dormitory complex, as well as a mixed-use commercial hub.
River Water Treatment Facility
A 20 MLD river water treatment facility was awarded to First Balfour by FUI.
T1 Rentals and T1 Transport
► In 2024, T1 Rentals made a significant investment of PHP 162.5 million in new equipment, expanding its fleet to 891 units with an average fleet age of 60 months. Operating under the sharing economy model, T1 Rentals achieved an impressive fleet utilization rate of 72%, effectively minimizing idle time when equipment is available but not in use.
► The company also partnered with the Association of Carriers and Equipment Lessors (ACEL) to assess equipment operators at PhilConstruct 2024 for TESDA NCII certification in truck-mounted cranes and hydraulic excavators. T1 Rentals has been recognized by TESDA as an early adopter of Extended Reality (XR) technology in technical vocational education and training (TVET). Since November 2023, T1 Rentals has been using XR simulators to conduct competency assessments. This innovative approach has resulted in 66 operators earning their TESDA NCII certificates through these advanced, technology-assisted evaluations.
► In November 2024, T1 Transport introduced three brand-new, fully electric 16-seater vans to First Philec (FPIP). With these additions, T1 Transport now operates a total of five electric vehicle (EV) units at the FPIP site, reinforcing its commitment to sustainability.
► In addition to its investments in electric vehicles, T1 Transport also acquired four brand-new Dongfeng tractor heads. These units meet the stringent Euro V emissions standards, marking the first Euro V units in T1 Transport’s fleet.
Strategy to Implement the Mission
► First Balfour has long been an advocate for sustainable construction practices, with its head office in Sucat, Paranaque being the first to receive a BERDE certification from the Philippine Green Building Council (PHILGBC). This commitment to sustainability has only deepened with the adoption of FPH’s mission to forge collaborative pathways for a decarbonized and regenerative future. First Balfour continues to collaborate with like-minded organizations, including the PHILGBC, where one of its executives serves on the board of trustees, and the Net Zero Carbon Alliance, where it is a founding member.
► In 2024, both T1 Rentals and T1 Transport took significant steps to reduce emissions across their rental and transport fleets in alignment with FPH’s sustainability goals. These efforts included acquiring equipment and vehicles that meet stricter emissions standards than those being replaced. First Balfour also expanded its fleet by increasing the number of trucks and vehicles with Euro V emission ratings. Additionally, the company invested in heavy machinery and equipment with the highest available emission ratings in the Asian market—primarily US Environmental Protection Agency Tier III ratings or their Euro V counterparts.
► To further enhance fleet efficiency, both T1 Rentals and T1 Transport have implemented telematics technology to monitor equipment usage and track fuel consumption, ensuring better performance while reducing emissions.
► As part of their broader commitment to sustainability, T1 Rentals and T1 Transport are also integrating Heavy Equipment Simulators and Heavy Goods Vehicle (HGV) Simulators into their training and certification programs. These simulators significantly reduce the environmental impact of traditional operator training by cutting fuel consumption, lowering carbon emissions, and decreasing wear and tear on equipment. Furthermore, they provide a controlled, safe environment for skill development, enhancing safety and reducing workplace accidents. By adopting this technology, T1 Rentals and T1 Transport ensure that their training programs are not only cost-effective and eco-friendly but also equip operators with the highest industry standards, aligning with their sustainability goals.
Looking Forward
► On infrastructure development, First Balfour is focusing on four key infrastructure areas: transport, power and energy, water, and specialized buildings such as data centers and hospitals. Since 2023, its order backlog has doubled to PHP30 billion by taking part in several major private and government infrastructure projects, including those of EDC, ST Telemedia Global Data Centres, FPIP, the Department of Transportation, and the DPWH. First Balfour may also venture into residential and commercial construction in the near future as it seeks to deliver better value to its customers.
► In 2025, First Balfour is launching its Best in Sustainability Awards for its ongoing projects, aimed at increasing awareness and interest among its project teams on the importance of sustainability and decarbonization
► First Balfour launched its multi-year, digital transformation program, called Project UNLAD (Unleashing Next-Level Automation & Digitalization), which it will implement from 2025 to 2027 as an additional avenue for technological adoption.
► To respond to the ongoing labor shortage, First Balfour has expanded its recruitment hubs and increased its training programs both for skilled and project management level personnel. In addition, First Balfour started scholarship program tie-ups with a number of educational institutions in 2024, with the Mariano Marcos State University in North Luzon and Keitech Educational Foundation in the Visayas.
