BusinessWorld, The Freeman hold forum on enhancing the country’s SDG investments

By Bjorn Biel M. Beltran, Special Features and Content Assistant Editor

As the years pass, the pressure for sustainability becomes ever more pressing. The climate crisis, resource scarcity, and social inequality are all complicated issues that demand immediate and innovative solutions, and as a result the need for sustainable development has become an imperative.

As such, BusinessWorld and The Freeman, two leading news and media platforms of the PhilSTAR Media Group, conceived the “Investing for Sustainable Development from Cebu and Beyond” forum, to serve as a clarion call for transformative action, and encourage stakeholders to redefine what progress means in this increasingly complex world.

Held on Oct. 18, at the NUSTAR Ballroom, NUSTAR Resort & Casino, the forum was a one-of-a-kind gathering of leaders, policy makers, corporate executives, and advocates united by a shared vision: to accelerate the Philippines’ progress toward the United Nations Sustainable Development Goals (SDGs).

Presented in partnership with Robinsons Land Corp. (RLC), the event highlighted the role Cebu might play in pursuit of this goal, as it continues to become a bustling economic hub and a model for sustainable practices for the Philippines. It invited key players from various industries to discuss not only the ‘why’ but, more importantly, the ‘how’ of sustainable investment — a focus critical for regions like Cebu, which are rich in resources yet vulnerable to ecological strain.

In his keynote address “Reviewing the Philippines’ Progress in Achieving SDGs,” Edwine Carrie, deputy resident representative of the United Nations Development Programme Philippines, provided an analysis of the nation’s journey toward achieving its sustainable goals, balancing optimism with a sobering look at the gaps that persist globally.

Acknowledging that the world is “severely off-track” in achieving the 2030 SDG targets, he noted that progress worldwide is estimated to be over 30 years behind schedule. This reality, he explained, is exacerbated by climate-related challenges, especially in vulnerable regions like the Asia-Pacific.

“Climate has been a thorn on the side for many Asia-Pacific countries, because of the recurrence of natural disasters. Climate inaction is threatening to derail the progress of the SDGs in the region,” he said.

Despite these challenges, Mr. Carrie pointed out that the Philippines has made notable strides in some SDG areas, particularly those aligned with poverty reduction and social inclusion, facilitated by the country’s resilient economic foundations. Moreover, the Philippines has integrated SDG indicators into its Philippine Development Plan, demonstrating a commitment to monitoring and advancing these goals.

Complementing this, Maria Veronica Magsino, deputy director-general for finance and administration at the Philippine Economic Zone Authority (PEZA), delved into the investment climate, highlighting progress in policies and the creation of support structures to attract responsible investments that align with sustainable development.

In her keynote titled “Assessing the Philippine Investment Climate for SDGs,” Ms. Magsino emphasized that creating a sustainable investment environment in the Philippines requires more than just tax breaks or incentives. “It requires collective strategic effort,” she said, alluding to the necessity for government agencies, private sector partners, and the international community to work in concert towards accelerating these goals.

Ms. Magsino also echoed Mr. Carrie in identifying climate change as a central concern for the Philippines, particularly given the country’s high vulnerability to natural disasters.

She argued that the Philippines could gain significant benefits from initiatives focused on climate adaptation and resilience, which not only address immediate environmental concerns but also create sustainable economic opportunities. In line with this, she stressed that innovation and development “need not come at the expense of the environment.”

Looking ahead, Ms. Magsino expressed optimism about the growth of sustainable investments in the Philippines, underscoring PEZA’s commitment to positioning the country as an attractive destination for businesses that align with the SDGs.

“Together with partners like the SEC, the DTI, and others, we are laying the groundwork for a more responsible and more sustainably managed business environment,” she said. “PEZA is optimistic at the growth of sustainable investments in the Philippines. Cebu, in particular, has the potential to be a hub for sustainable innovation.”

Opportunities and challenges

To discuss “Unlocking Doors to a Sustained Nation: Investment Opportunity Areas Supporting SDGs,” Vera Alejandria, AVP for Sustainability and CSR at Cebu Landmasters, Inc., emphasized the role private companies like theirs could play to further the SDGs.

Cebu Landmasters, in particular, she said was committed to pushing forward Sustainable Development Goals 9 and 11, to create more sustainable infrastructure and cities. She also expressed optimism for the impact of discussions about SDGs, saying, “Hopefully, through these forums, we will also bring out opportunities for more sustainable investments to accelerate our progress on the SDGs.”

Jay Yuvallos, president of the Cebu Chamber of Commerce and Industry, added that constant discourse in the business community is needed for any meaningful change to happen. He pointed out, “A challenge is people refusing to take responsibility. If plastic waste remains in the rivers and oceans, it’s no one’s responsibility. But once we have that conversation, then we can start doing something.”

Mr. Yuvallos added that these sorts of conversations also highlight the need for strong leadership to guide smaller businesses toward sustainable practices. “We need leadership to achieve anything in this world.”

Speaking on the government’s side, Evelyn Nacario-Castro, assistant regional director for Region VII at the National Economic and Development Authority, outlined strategic paths that businesses in Central Visayas could pursue to contribute to the SDGs.

Advocating for inclusive growth, she stated, “We hope that all of us enablers, government and private sector, can bring that rising tide that will lift all boats, so those who have the least will not be left behind. Not just survive, but thrive.”

In a subsequent fireside chat, Barun Jolly, president and general manager of Robinsons Hotels and Resorts (RHR), discussed “Planting the Seeds of Sustainable Tourism for a Greener Future.”

Acknowledging that tourism as an industry is inherently carbon-intensive because of its reliance on air travel, Mr. Jolly noted some cost-effective initiatives, such as tree planting, replacing single-use plastic bottles, and waste segregation, that could help the industry lower their carbon footprint.

“I won’t lie, greener initiatives are more expensive. A few years ago, if you asked me what the biggest challenge was, it was changing mindsets. But now we’re past that. Now we need to think about the costs, incentives, and returns,” he said.

The next panel on “Better Facilitation Towards Expanded Sustainable Investments” featured discussions on how to drive inclusive growth and attract sustainable investments to keep the country’s economic momentum going.

Roderick Danao, chairman and senior partner at PwC Philippines, stressed the need for inclusive economic growth, critiquing the current model as disproportionately benefiting the wealthy. “When we talk about growing 5%-6%, we’re only talking about the rich getting richer,” he said.

Mr. Danao also noted that manufacturing investments could be a game-changer, suggesting the nation should make a transition from a consumer-led to an industry-led economy for more inclusive growth.

Engr. April Joy Medico, deputy zone administrator at the Mactan Economic Zone, offered his insights on sustainability from the perspective of PEZA. “We want to build more ecozones that are not just sustainable but inclusive,” Mr. Medico said, highlighting PEZA’s standardized processes across all economic zones, which provide coherence and reliability to investors nationwide.

Luis “Louie” Cruz, senior vice-president and group head of commercial banking at Bank of the Philippine Islands (BPI), said that he sees a lot of opportunity in places like Cebu to become a hub for sustainable development. “We’re very excited with Cebu. We have a huge team in Cebu because we really want to support this region moving forward,” he said.

Mr. Cruz said that BPI, for their part, is ready to fund any manufacturing initiatives, with access to capital markets if necessary. However, he emphasized that the country must create an environment attractive to investors to make this vision viable.

Alongside RLC as co-presentor, the “Investing for Sustainable Development from Cebu and Beyond” forum was made possible by sponsors Prime Integrated Waste Solutions, Shang Properties, Inc., Aboitiz InfraCapital Economic Estates, Primeworld Landholdings, Inc., Cebu Landmasters, Inc. and Cebu-Cordova Link Expressway Corp.; with official venue partner NUSTAR Resort and Casino.

The event was also supported by partners Cebu Chamber of Commerce and Industry, Asian Consulting Group, the American Chamber of Commerce of the Philippines, the British Chamber of Commerce of the Philippines, Bank Marketing Association of the Philippines, Management Association of the Philippines, Philippine Chamber of Commerce and Industry, the Philippine Franchise Association, the Philippine Retailers Association, and media partner The Philippine STAR.