MPIC, Meralco intensify sustainability programs

MANILA, Philippines — Metro Pacific Investments Corp. (MPIC) and Manila Electric Co. (Meralco) are expanding the targets in their sustainability program as they integrate environment, social and governance (ESG) principles for green economic recovery.

In a recent virtual forum organized by local think tank Stratbase Albert del Rosario Institute (ADRi) in partnership with the Philippine Business for Environmental Stewardship (PBEST), Meralco VP and chief sustainability officer Raymond Ravelo said the company is starting to gain momentum in its shift toward cleaner and greener energy.

“In the next five years we look to ‘greenify’ our supply portfolio by securing 1,500 megawatts (MW) of clean energy contracts. Through our company MGreen, which is our platform for investments in the renewable energy space, we will build 1,500 MW also in renewable energy projects through 2027,” he said.

June Cheryl Cabal-Revilla, CFO and chief sustainability officer of MPIC, added that in terms of carbon footprint, the company has stayed flat at 460 metric tons.

“For PLDT, we’ve done marine protection, mango preservation, and reforestation as nature is the foundation for economic growth. It is our responsibility to restore and manage the natural resources that we have,” she said.

The two publicly listed firms under the MVP Group of Companies participated in the online event, which brought together environment advocates from government, business groups and civil society clamoring for stronger collaboration between the public and private sectors in addressing climate change and urgent environment issues.

PBEST convenor Carlos Primo David strongly encouraged the private sector to expand their sustainability efforts, work with the government, and directly address the sustainability of the country as well as the entire planet.

“The largest sustainability issues we currently face are COVID-19 and climate change. During these highly unusual times, the role of business and CSOs (civil society organizations) are most needed,” he said.

ADRi president Dindo Manhit also stressed that government, with the help of civil society, should set the much-needed responsive policies and frameworks that are conducive to doing business while ensuring compliance with ESG principles.

“We believe that the private sector, through ESG, plays a vital role in advancing the country’s sustainable development. The interconnected challenges in public health, the economy, and the environment cannot be ignored,” Manhit said.