First Philippine Holdings | Council for Inclusive Capitalism

First Philippine Holdings (FPH) is a pioneering holding company with principal interests in clean and renewable energy, energy solutions, premium real estate, construction, healthcare, and education. Since 1961, FPH's businesses are leaders and trailblazers in key industries in the Philippines, powering the diverse needs of a rapidly growing economy. With our planet under the threat of climate change, concerted efforts are necessary. FPH‘s businesses all contribute and collaborate with others to heal or restore our damaged planet and promote the well- being of people for a climate resilient and regenerative future for all.

Purpose

Our Mission: Forging collaborative pathways for a decarbonized and regenerative future.

Our Purpose: FPH and its subsidiaries commit to forging collaborative pathways for a decarbonized and regenerative future. We recognize that our planet’s life support systems and social institutions are now at a breaking point. Unbridled consumption and primacy of bottom-line growth are at the root of the climate crisis, our alienation from nature, and the profound social and economic divisions, that have become existential threats to humanity today.

We acknowledge that putting the needs of the environment and our stakeholders at the forefront of our business strategy will elevate the value of our planet and society. Guided by our purpose, our businesses contribute through multiple pathways towards a decarbonized and regenerative future:

a) For our power segment, the low carbon and renewable energy we generate reduce the intensity of the grid at an average of 15% today and electrify other sectors to further bring down our country’s intensity.

b) Our real estate development segment develops communities that are livable due to its amenity offerings and climate resilient designs.

c) Our construction arm which is Quadruple A contractor builds infrastructure that enhance public services in this complex and climate changed world, inclusive of infrastructure that can help in climate adaptation.

d) Our energy solutions segment has evolved to a service provider of smart energy solutions to transform the grid to improve reliability of electricity services.

Transitioning to a decarbonized and regenerative future requires our businesses to be fair and beneficial to stakeholders as this shall provide economic, socio-cultural, and environment justice for all. We’ll ensure to provide a safe, inclusive, and equitable environment for our employees and co-creators, respect the rights of our host communities, and deliver the best products and services to our customers. We commit in shaping a transition strategy that will realize positive socio-economic impacts without exacerbating the challenges experienced by local communities and those in vulnerable sectors.

Federico “Piki” Lopez

Chairman and CEO, First Philippine Holdings

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Alignment with Guiding Principles

At the Council for Inclusive Capitalism, we invite companies of all sizes, industries, and geographies to champion our Guiding Principles for Inclusive Action and demonstrate how they contribute to meaningful change. To ensure alignment with our principles, our members are assessed by at least one reporting body, sustainability-related certificate, benchmark, rating agency or similar organization.

We believe it is vital to state clearly to the world the set of our beliefs about Inclusive Capitalism. As such, we start with our Statement of Guiding Principles for Inclusive Capitalism. Knowing that words alone are not enough, each of us is making a series of commitments about how we will operate our institutions so that they help achieve Inclusive Capitalism. These commitments are forward-looking statements based on current goals, expectations and assumptions, which are not guarantees of future performance. For more information, please refer to our Terms of Use

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Summary

In support of the Philippine government’s commitment to the Paris COP 21 Agreement, FPH and its subsidiaries intend to meet the global goal of net zero carbon by 2050.

Activities & Initiatives

FPH shall meet this commitment by capacitating relevant corporate functions on various climate-related skills (e.g., energy efficiency, waste management, GHG scope 3 study, human rights for climate justice, etc.) and assisting them in crafting their respective decarbonization plans by 2023. We opted to focus initial efforts on capacitating the organization to allow us to design our net zero plan more accurately, which will in turn enable us to implement the plans sustainably in the long term.

Measures & Targets

Below are FPH’s preparatory activities to set our environmental targets:

a) In 2019, we re-stated our mission to focus on decarbonization and regeneration. By 2020, we rolled out our mission and purpose statements across the company and our subsidiaries for a common understanding of what decarbonization and regeneration mean and their nuances. We had deepening and embedding sessions to ensure the alignment of the new corporate purpose with the individual objectives of the employees because the individual is the unit of change.

b) In Jan-Aug. 2022, we are capacitating our relevant departments on environmental skills (e.g., energy efficiency, waste management, etc.). All of these will help us in developing our carbon targets through our decarbonization workshop in late 2022.

c) By 2023 and beyond, we commit to continuously maintain the good condition of habitats in our project sites which we have preserved the past 3 decades. We will do this by promoting the self-reliance of our host communities to minimize pressure on the habitats and by regularly monitoring the forest cover, carbon sequestration, and biodiversity around our project sites to ensure their present good conditions are maintained.

By restoring the environment around our projects and nurturing the host communities therein, we are contributing to the green and blue recovery of our country.

Summary

FPH commits to the full implementation of its Social Safeguard policies to ensure that our stakeholders are protected in our journey to a low-carbon transition.

Activities & Initiatives

Safeguarding and empowering our stakeholders is a critical step in meeting our mission of a decarbonized and regenerative future. With this, we commit to the full implementation of our Social Safeguard policies (Human Rights, Gender Equality and Diversity, Cultural Heritage and Indigenous People’s Rights, and Responsible Asset Management) to ensure that our stakeholders are protected in our journey to a low-carbon transition. FPH and its subsidiaries aim to implement its Social Safeguard policies by capacitating the group on identifying, addressing, and mitigating human rights issues. We also aim to empower our stakeholders by strengthening our subsidiaries’ respective Corporate Social Responsibility strategies and addressing gender and diversity-related gaps.

Measures & Targets

In implementing FPH’s Social Safeguards policies, below are the group’s existing and future activities:

In 2019, we issued four (4) social safeguard policies to complement our new mission. This solidified our commitment to protect the rights of our stakeholders and empower them as we journey to decarbonization. In 2020-2021, we cascaded these policies to key stakeholders to orient them on the topics covered by these policies.
In 2021-2022, we capacitated key corporate functions across the FPH subsidiaries on a deep dive discussion on Human Rights and empower them to follow a Human Rights-based social impact assessment in their business operations and project planning. We also capacitated them to strengthen their respective grievance redress mechanisms to assist them in preventing, monitoring, and properly addressing human rights issues.
In 2022, we also capacitated key corporate functions on Corporate Social Responsibility, to further equip the subsidiaries in strengthening their respective CSR strategies and activities to complement FPH’s mission.
In 2022-2023, we intend to implement and strengthen our Gender Equality and Diversity policy, through partnering with several international institutions to identify and address several gender and diversity-related gaps in our businesses. From 2024 and beyond, we intend to regularly monitor the salient and potential human rights of the subsidiaries and ensure that human rights issues across our value chains are prevented and addressed positively, if transgressed.

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Recognizing it will take alignment of all our organizations to scale impact globally, we invite you to join the movement as a Steward of Inclusive Capitalism. Together, the collective action of Council members will contribute to a fairer, more inclusive and sustainable future for all people and our planet.