COUNTRY IN FOCUS: PHILIPPINES

Similarly, top executives of the Philippines recognize the concepts of sustainability in their businesses. In a report by PwC in collaboration with the Management Association of the Philippines

In Southeast Asia, strengthening environmental protection and combating climate change are recognized as among the most important gaps which need to be closed by 2030.

In the 2019 Asia and the Pacific SDG Progress Report by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), environmental targets in the Asia Pacific Region would require a complete turnaround in order to meet the SDGs. Specifically, one quarter of targets in the Asia Pacific Region that have worsened are linked to natural resource management — including sustainable food production, populations suffering from water scarcity, renewable energy, management of chemicals and wastes, and the loss of biodiversity.

SUSTAINABILITY AS A CHALLENGE AND OPPORTUNITY

High transition costs, absence of adequate policy frameworks, inadequate technology and economic viability are some of the main factors which prevent businesses from fully adopting sustainable practices.

However, the rewards of the said shift far outweigh the challenges. Embedded sustainability efforts clearly result in a positive impact on business performance. In a report by the Harvard Business Review, businesses which “proactively make sustainability core to business strategy will drive innovation and engender enthusiasm and loyalty from employees, customers, suppliers, communities and investors.”

Due to the increasing awareness of benefits of companies to pursue a larger and societal purpose, it seems that sustainability is the new reality for businesses.

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