Filinvest Development Corporation
Climate Impact & Sustainability Data (2022, 2023)
Reporting Period: 2022
Environmental Metrics
Total Carbon Emissions:1,560,877 tCO2e (Scope 1 & 2)
Scope 1 Emissions:1,432,998 tCO2e
Scope 2 Emissions:127,158 tCO2e
Renewable Energy Share:38% (total area in property mgt + projects)
Water Consumption:413,126,419 m3
Waste Generated:311,644 tons (non-hazardous); 182,558 tons (hazardous)
ESG Focus Areas
- Green
- Inclusive
- Resilient
Environmental Achievements
- Filinvest City is the first CBD in the Philippines to be dual green certified, having received a LEED v4 Gold Certification for Neighborhood Development and a 3-star rating in the pilot version of BERDE Districts from the Philippine Green Building Council.
- There are 12 buildings in the Filinvest group that have secured a green building certification or pre-certification from LEED, WELL or IFC’s EDGE.
- Reduced single-use plastics in hospitality operations.
- Reused over 58,000 cubic meters of treated wastewater.
- Used 239,881 tons of bagasse to generate almost 18,700 MWH of biomass energy.
- Sent more than 41,000 tons of fly ash and bottom ash as clinker substitute to a cement manufacturing company.
- Adopted 205 hectares of carbon forests.
Social Achievements
- Completed and delivered 1,200 units of affordable housing.
- Launched seven affordable housing projects with a total of 3,617 units.
- Supported more than 125 SMEs through crowdsourced bridge financing.
- Provided financing support to 1,127 sugarcane planters.
- Established the Xavier University’s Andrew L. Gotianun Sr. Center for Integrated Technologies (ALGCIT), providing scholarships for youths from Mindanao.
- Filinvest Hospitality’s ‘Live, Love, Local’ program featured over 30 local partners.
Governance Achievements
- Complied with PSE and SEC regulatory requirements.
- Adherence to the Integrated ASEAN Corporate Governance Report (I-ACGR).
- Conduct of annual corporate governance seminar to its directors and senior management officers.
- Launch of a self-assessment survey to the Board of Directors.
Climate Goals & Targets
Long-term Goals:
- Net zero emissions in our value chain
Environmental Challenges
- Philippine macroeconomic growth or contraction.
- Compliance and regulatory risks.
- Talent risks.
- Environmental and climate change risks (including transition risks).
- Cybersecurity risks.
- Related party transactions.
- Financial risks (including inflation and securing financing for coal-related businesses).
Mitigation Strategies
- Strategic plans to strengthen and diversify the portfolio.
- Full and consistent compliance with regulations and covenants.
- Succession planning and employee engagement programs.
- Minimum compliance with environmental laws, energy efficiency initiatives, and strengthening asset and operational resiliency.
- Adoption of tools and processes to minimize data system vulnerability and employee cybersecurity education.
- Corporate governance provisions and related party transactions policy.
- Optimization of operating costs, compliance with loan covenants, and development of renewable power projects.
Supply Chain Management
Responsible Procurement
- 98.11% of procurement budget spent on local suppliers (2022)
Climate-Related Risks & Opportunities
Physical Risks
- Floods
- Droughts
Transition Risks
- Potential climate change policies (carbon tax)
Opportunities
- Development of renewable energy projects
Reporting Standards
Frameworks Used: SEC MC 4, Series of 2019, SEC ESG Guidelines, GRI Standards
Sustainable Products & Innovation
- Green designs for buildings and townships
- Digital banking services
- Affordable housing
Awards & Recognition
- Golden Arrow Awards (ICD)
- Real Estate Personality award (Property Guru’s Philippines Property Awards)
- Property Woman of the Year (FIABCI)
- Best for Families category of the 2023 Condé Nast Johansens Awards for Excellence (Crimson Resort and Spa Boracay)
- Most Resilient Hospitality Group at the Virtus Awards (Chroma Hospitality)
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:2,043,994 tonnes CO2e (total Scope 1 & 2)
Scope 1 Emissions:1,763,672 tonnes CO2e
Scope 2 Emissions:279,321 tonnes CO2e
Scope 3 Emissions:Not disclosed
Renewable Energy Share:Not disclosed
Total Energy Consumption:1,568,694 GJ (total RE & non-RE)
Water Consumption:472,561,847 m3
Waste Generated:256,355 tonnes (total non-hazardous)
Carbon Intensity:Not disclosed
ESG Focus Areas
- Green
- Inclusive
- Resilient
Environmental Achievements
- Filinvest City is the first and only green-certified central business district (CBD) in the Philippines, awarded a LEED Gold Certification for Neighborhood Development.
- Filinvest REIT has secured seven green building certifications under the EDGE standards.
- Mimosa golf course received a certification from the GEO Foundation for Sustainable Golf.
- Significant strides in energy efficiency and renewable energy use in real estate and hospitality operations.
- 215 hectares of carbon forests adopted.
Social Achievements
- Delivery of 1,716 low-cost housing units.
- Launch of eleven affordable housing projects with 1,278 units.
- 80% of East West Bank’s loan portfolio consisted of home loans, auto loans, and salary loans.
- Gender-blind organization with half of the Group’s top executives being women.
- Comprehensive human capital readiness program.
Governance Achievements
- Compliance with PSE and SEC regulatory requirements.
- Compliance with its Revised Manual for Corporate Governance (RMCG).
- Election of three independent directors to the Board.
- Annual corporate governance seminar for directors and senior management officers.
- Launch of a self-assessment survey to the Board of Directors.
Climate Goals & Targets
Long-term Goals:
- 100% renewables in energy portfolio by 2041.
- Net Zero emissions.
Medium-term Goals:
- 50:50 ratio between traditional and renewable energy generation capacity by 2033.
- Launch of Grafik hotels.
Short-term Goals:
- Grow earnings by an average of at least 20 percent annually in the next five years.
Environmental Challenges
- High inflation and high interest rates.
- Impact of hybrid work setup on office leasing.
- Climate change risks (typhoons, floods, droughts).
- Transition risks associated with shift to decarbonized economy.
- Cybersecurity disruptions.
Mitigation Strategies
- Renewed focus on business fundamentals and key strategies.
- Structural improvements and transformation towards a cluster-focused organization.
- Accelerated construction and product delivery, improvements in customer service.
- Asset optimization, broadening tenant base, harnessing potential of new businesses.
- Assessment of climate risks and transition risks.
- Application solutions to minimize vulnerability of data systems, employee training on cyber risk awareness.
Supply Chain Management
Supplier Audits: Not disclosed
Responsible Procurement
- Devolvement of some procurement processes to local operations
Climate-Related Risks & Opportunities
Physical Risks
- Typhoons
- Floods
- Storm surges
- Droughts
Transition Risks
- Policy changes affecting operating models, particularly in the power sector.
Opportunities
- Development of renewable energy projects.
Reporting Standards
Frameworks Used: SEC MC 4, Series of 2019, SEC ESG Guidelines, GRI Standards
Certifications: LEED Gold, EDGE, BERDE, GEO Foundation for Sustainable Golf
Third-party Assurance: Not disclosed
Sustainable Products & Innovation
- Green designs for buildings and townships
- District cooling system
- Rooftop solar installation
Awards & Recognition
- Two Golden Arrows Award (FDC)
- Best Private Bank 2024 (EastWest Priority)
- Best Priority Banking Experience (EastWest Priority)
- Best Foreign Exchange Broker (EastWest)
- Most Innovative Smart Banking Services Provider (EastWest)
- One Golden Arrow Award (EastWest)
- Best Credit Card Philippines (EastWest JCB)
- Best CSR Initiative (EastWest)
- Numerous awards for Filinvest Land, Filinvest Alabang, Filinvest REIT, and Filinvest Hospitality