This section presents the performance of our businesses for 2023, categorized according to the six capitals of the
ESG Data Management Platform
A major development in 2023 was the organization’s transition to using a formal ESG Data Management system to house, calculate, and analyze our ESG data. This new ESG Data Management Platform will aid FPH and our businesses in streamlining ESG data collection and monitoring, better managing data accuracy and standardization across business segments, better understanding our GHG inventory, and keeping up with the evolving ESG landscape and reporting needs.
FPH began this project in May 2023 and the project is still ongoing as of the writing of this report. Milestones accomplished in 2023 include:
- Development of hierarchies for the collection and consolidation of data across
- FPH business segments
- Adjusting the system’s methodologies as required by FPH
- Begin uploading historical data
- On-boarding of designated data owners into the system
- Trial for users to input 2023 ESG data into the system
For this 2023 Integrated Report, the new ESG Data Management Platform was successfully used to consolidate a significant volume of the data required. More work, however, still lies ahead with regard to completing processes. Upcoming activities in 2024 on this front include:
- Continue to upload historical data
- Completing certain data input processes
- Due diligence review for changes in data due to differences in the system’s methodologies with that of FPH
- Reconciliation of methodologies, including recalculation of past data, as is required by the GHG Protocol
The last item in particular includes a recalculation of the whole organizational GHG inventory as we update to new methodologies, more recent emission factors, and a general review of the GHG scope and boundaries of the organization.
FINANCIAL CAPITAL
Our financial capital are the sources of funds we draw on to maintain and grow our businesses. Through this, we are able to conduct our business activities that generate value for our customers, communities, investors, and other stakeholders. Our approach to managing our financial capital adopts strategies that increase financial returns and avoid, mitigate, or remediate risks.
Manufactured CAPITAL
Our manufactured capital comprises the physical assets, infrastructure, and equipment that our business segments use for their products and services to create value for their customers. In this section, we discuss performance updates of our business segments in these areas, notably in the production of their goods and services, asset performance, and upcoming projects to build up manufactured capital.
NATURAL CAPITAL
Our natural capital comprises the material resources and utilities we use to develop our products and services and, in general, use to run our businesses. As all of the resources we use ultimately come from the environment, we seek to manage them well, use them efficiently, and conduct activities that give back to our natural environment.
HUMAN CAPITAL
Our human capital is collectively our workforce and the efforts, capabilities, skills, and dedication they bring into the organization. Enabling our employees and workers to bring their authentic and best selves to work allows us to meet our business objectives and contribute exponential value to our stakeholders. We foster them by endowing relevant resources and tools, celebrating their diversity, safeguarding their rights, and ensuring their safety at work.
INTELLECTUAL CAPITAL
Our intellectual capital is composed of organizational and knowledge-based intangibles such as intellectual property rights, patents, licenses, organizational knowledge, systems, procedures, and protocols. Maximizing our intellectual capital allows us to deliver value to all our stakeholders to meet our business objectives and attain our mission of a decarbonized and regenerative future.
SOCIAL AND RELATIONSHIP CAPITAL
Our social capital consists of the relations and partnerships we have fostered with our stakeholders in executing our business objectives and corporate mission. Guided by the Pentad Stakeholder Framework of Carol Sanford, we enrich our relationships with our customers, co-creators (employees, suppliers, and business partners), earth, communities, and investors. Through their support, we are able to continuously improve the value we provide to society. As a corporate citizen, we ensure our compliance with local and national laws and regulations. These ultimately grant our businesses the social license to operate in various parts of the Philippines.
CONTRIBUTION TO THE SDGs
In striving towards a decarbonized and regenerative future, we are proactive in addressing the challenges faced by both our planet and society. Doing business as usual is not enough; thus, we are committed to operating in a manner that fosters positive impacts within the intricate systems in which our stakeholders and the environment coexist. We are guided by the UN Sustainable Development Goals (SDGs) and the Philippine Development Plan (PDP) in this pursuit.
PROGRESS ON OUR MISSION
Despite the country’s recovery from the COVID-19 pandemic and the opening up of the economy in 2023, we took the stance of cautious optimism due to geopolitical tensions such as continuing wars in Ukraine and Gaza. At the same time, amidst the relentless assaults of climate change on our country, we continuously work to improve the resilience of our operations and conscientiously design our decarbonization and regeneration plans.
