Metro Pacific commits to UNGC
Metro Pacific Investments Corporation (MPIC) committed to two sustainability alliances, geared towards perpetuating the global standards of monitoring the sustainability initiatives of corporations.
MPIC has confirmed participation in both the United Nations Global Compact (UNGC), the largest corporate sustainability initiative aimed to align strategies and operations with universal principles on good governance and ethical business practices; and the Sustainable Accounting Board Alliance (SASB), a program for organizations and individuals that support the need for more decision-useful, cost-effective sustainability disclosure.
In a letter signed by its President and Chief Executive Officer Jose Ma. K. Lim, MPIC affirms its responsibility to the UNGC’s ten principles to meet fundamental responsibilities in the four areas: human rights, labour, environment and anti-corruption; and to take strategic actions to advance broader societal goals, such as the UN Sustainable Development Goals (SDGs), with an emphasis on collaboration and innovation.
“MPIC’s commitment to the UNGC further reinforces the responsibilities we have already undertaken in terms of championing a sustainable future and a supportive working environment within our corporation,” says Lim. “We have been operating our businesses, guided by these principles, as they are key elements in ensuring we create the most value for us and our stakeholders.”
Embodying Core Principles
Prior to its participation, MPIC implements the ten core principles, instilled in its existing company policies, sustainability initiatives, and corporate social responsibility programs. Outlined in implementing policies and procedures such as the Policy on the Respect for and Protection of the Rights of the People, Suppliers Assessment Policy, Environmental and Social Impact Assessment Policy, and the Code of Business Conduct and Ethics, this commitment further solidifies the corporation’s dedication to involve these principles in its strategy, corporate culture, and day-to-day operations.
Beyond written policies, MPIC embodies this participation within its company values of Teamwork and Empowerment, Integrity and Transparency, Entrepreneurship, and Financial Discipline and Accountability. Moreover, several of the UN SDGs align closely with the pillars of MPIC’s Sustainable Development Framework: Operational Efficiency, Service Excellence, Engaged and Safe Workforce, Social Responsibility, and Environmental Stewardship.
Supporting the Global Movement
Through MPIC’s commitment to participate in the UNGC, the corporation obliges to disclose any relevant policies, procedures, activities that the company has taken or plans to undertake to implement these principles in each of the four issue areas, as well as provide a measurement of the initiatives’ outcomes.
Primarily, MPIC’s businesses contribute significantly in achieving the Philippines 2030 development targets, being an integral player in the improvement and expansion of the delivery of essential services in power, transport, water, and healthcare. MPIC’s investments and their corresponding programs directly address twelve SDGs, particularly: No Poverty (One Meralco Foundation’s rural electrification program, MPIF’s calamity and other social development programs); Good Health and Well-Being (MPHHI’s provision of best-in-class in-patient and out-patient services and senior wellness program, GBP’s health, scholarships, and social development programs in adopted communities); Quality Education (MPIF’s Mano Amiga Annual Excellence Fund, OMF’s school electrification programs); Clean Water and Sanitation (Light Rail Manila Corp.’s Ginhawash Program, Pag-asa sa Patubig Partnership); Affordable and Clean Energy (MERALCO’s electrification programs for outlying islands, MPTC’s solar panels in major toll plazas, CCTV’s callboxes, and roadway lighting); Decent Work and Economic Growth (Employment, occupational health and safety, compliance with the Labor Code across all businesses; Maynilad’s Kapwa and Sining Ipo, providing livelihood support to the women of STM-Tondo and indigenous craftsmen in Ipo watershed respectively); Industry, Innovation, and Infrastructure (MPTC’s expansion of national road network, LRT-1’s expansion project), Sustainable Cities and Communities (Power sector’s disaster recovery and business continuity plans, Tollroads sector’s disaster relief operations), Responsible Consumption and Production (responsible waste management across all businesses, progressive ban on single use plastics); Climate Action (Meralco’s e-jeepneys, LRMC’s plans to install regenerative technology in its tracks that stores power generated by the LRVs; Life Below Water (MPIF’s Shore It Up! program); and Life on Land (GBP Malubog, Lambunao, and mangrove reforestation projects).
First conglomerate in the world, second SASB global alliance member in the PH
With MPIC’s recent commitment as the first conglomerate in the world and the second global SASB alliance member in the Philippines, the corporation strengthens its goal to build capacity among their staff, identify best practices and explore the use of material sustainability information.
“Metro Pacific’s businesses aim to create shared value between us and our stakeholders, with ESG involvement chiefly becoming a priority,” says MPIC Chairman Manuel V. Pangilinan. “Our commitment to SASB not only reaffirms our intent, but also attributes more credibility to the corporation in the interest of new and existing investors.”
“Through its participation in SASB, MPIC joins the ranks of global companies that support the need for standardized sustainability disclosures that meets the needs of its investors,” says MPIC Chief Finance Officer & Chief Sustainability Officer Chaye Cabal – Revilla.
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