A recent survey conducted by French multinational firm Schneider Electric reveals that the vast majority of Philippine firms have adopted sustainability as a key agenda, with 98% setting sustainability targets.
In a report by GMA News Online, Schneider Electric quoted the Green Impact Gap survey, saying that 22% of Filipino businesses plan to invest around USD 1 million or more towards sustainability initiatives over the next two years.
Schneider Electric’s survey gathered insights from 4,500 business leaders across nine Asia Pacific countries, including the Philippines, to understand their views on digitalization and sustainability efforts. The survey was conducted in collaboration with market research firm Milieu Insight.
The primary focus of these investments is digitalization, seen as a crucial driver for achieving sustainability goals.
However, despite the strong commitment to sustainability, only 52% of Philippine companies have implemented comprehensive sustainability strategies.
Businesses cited regulatory and economic uncertainty, as well as internal resource constraints, as major barriers to progress. Additionally, energy supply volatility (56%) and fluctuating energy prices (51%) were identified as the top energy risks facing the country.
To address these challenges, Philippine companies are adopting technologies such as energy and resource efficiency measures (49%) and digitalization of systems and operations (47%) to meet their energy targets.
Schneider Electric Philippines’ country president Ireen Catane emphasized the increasing importance of digitalization for Filipino businesses, saying that while there are challenges with digital infrastructure, significant strides have been made.
To this, Catane urged businesses to accelerate their efforts, stating that there is a significant chance to bridge the divide between intention and execution.
