5/2022
LANDMARK OF CONNECTIVITY OPENS IN CEBU
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2 First Pacific received investment grade credit ratings 4 CCLEX opens as spectacular icon of Cebu 6 PLDT’s landmark tower deal | 10 Indofood launches new product innovations
THE VIEW – MAY 2022
V IS IT THE V IEW ONL IN E
The Cebu-Cordova Link Expressway was opened in a ceremony led by President Rodrigo Duterte on 27 April 2022. The bridge is acknowledged as an engineering marvel and stands as Cebu’s new icon. It is Metro Pacific Tollways Corporation’s first tollway outside of Luzon and the largest infrastructure project in Cebu. The bridge is a symbol of progress, designed to boost economic development in the Southern Philippines, connecting communities and opening up trade and tourism opportunities.
First Pacific Company Limited 24/F, Two Exchange Square 8 Connaught Place Central, Hong Kong SAR Telephone: +852 2842 4388 www.firstpacific.com
PUBLISHER Manuel V Pangilinan EDITOR-IN-CHIEF John Ryan EXECUTIVE EDITORIAL ADVISOR Sara Cheung EDITORIAL AND DESIGN TEAM Editor Julia Brown Production Director Katy Li Creative Director Jan Adams
Welcome to the May edition of The View and visit our online version at www.firstpacific.com/press/theview. It highlights stories from First Pacific and our investee companies with videos to bring the news, innovations and events to life. The digital version can be enjoyed at your desk or on your mobile phones wherever you are. Please click in and let us know your feedback.
CONTENTS 1 A word from the Chief 2 First Pacific received investment grade credit ratings 3 First Pacific 2021 annual results financial highlights 4 CCLEX opens as spectacular icon of Cebu 5 Hope and strength in 2022, MPIC’s uplifting new corporate anthem 6 PLDT’s landmark tower deal 7 Voyager Innovations raises US$210M in new funds 8 Delivering on the demand for digital – PLDT’s 11th data center 10 Indofood launches new product innovations 11 Indofood spices up Indonesia Pavilion at the World Expo Dubai 12 Indofood’s Bogasari celebrates its 50th Anniversary 14 Smarter transport and travel – MPT Mobility 15 PLDT CFO is Philippines’ top finance executive 16 Smart named Philippines’ top workplace by LinkedIn 17 MPIC scores A in ESG transparency in GLIO/GRESB 17 Maynilad’s culture of safety rewarded 18 Google Cloud awards PLDT Enterprise with Premier Partner status 18 PLDT Enterprise honored with Cisco’s Geographical Region award 19 PLDT wins top awards from Comstor Philippines 20 Nature, People and Planet at the heart of business, MPIC joins HRH The Prince of Wales’s A4S Roundtable 22 Group mobilizes for Typhoon Odette disaster 24 IdeaSpace Foundation’s 10th Anniversary, celebrating a decade of igniting innovation 25 Hope springs anew –7th Photo Competition
First Pacific is a Hong Kong-based investment holding company with investments located in Asia-Pacific. The Company’s principal investments are in consumer food products, telecommunications, infrastructure and natural resources. Within these sectors, our mission is to unlock value by: Delivering dividend/distribution returns to shareholders; Delivering share price/value appreciation of First Pacific, and Making further investments in value-enhancing businesses, taking into consideration all relevant criteria, including Environmental, Social and Governance (“ESG”) factors to better manage risk and generate sustainable long-term returns.
A WORD FROM THE CHIEF
A word from the Chief Fellow members of the First Pacific community,
Chua. PLDT has won a host of further awards also detailed in this issue.
It is fitting that the closing of our 40th anniversary celebrations end with First Pacific receiving its firstever credit ratings – investmentgrade ratings from Standard & Poor’s Global and Moody’s. This testifies to the strength of First Pacific during turbulent credit market conditions, we are gratified to have received such recognition from these two leading global rating agencies.
MPIC is continuing its strong growth as the pullback of pandemic movement restrictions allowed a new surge of toll road traffic supplemented by the official opening of the spectacular icon of Cebu, the Cebu-Cordova Link Expressway, which was carrying as many as 50,000 vehicles by its third day of operations. There are also details about MPIC’s CFO, CRO and CSO Chaye A Cabal-Revilla joined the Accounting for Sustainability Roundtable on sustainability reporting hosted by His Royal Highness The Prince of Wales this March.
First Pacific recorded its strongestever earnings in 2021 with turnover and recurring profit rose to a record high, underscoring the quality of the goods and services provided by the businesses we invest in. In addition, PLDT reached a landmark transaction for the sale and leaseback of nearly 6,000 cell towers for 77 billion, releasing funds for 27.5 billion in debt reduction, 24.5 billion of debt avoidance, and up to 9 billion for special dividend. There are further details in this issue of The View which also records a well-deserved awarding of the ING FINEX CFO of the Year to PLDT CFO Anabelle Lim-
Speaking of anniversaries, Indofood’s Bogasari flour unit celebrates its 50th anniversary last November while elsewhere in Indonesia’s biggest and finest food company we see new product innovations even as Indofood spices up the Indonesia Pavilion at the World Expo in Dubai. And finally, I invite you to peruse the winning selections of our 7th Annual Photo Competition in this issue. MVP
THE VIEW 1
NEWS
FIRST PACIFIC RECEIVED INVESTMENT GRADE CREDIT RATINGS For the first time in four decades, First Pacific received investment-grade credit ratings on 19 April 2022 from two leading global rating agencies.
“Obtaining investment-grade credit ratings testifies to the strength of First Pacific during turbulent credit market conditions,” said First Pacific Managing Director and Chief Executive Officer Manuel V Pangilinan. “Given the operational outlook of the companies we are invested in, it is gratifying to have received such recognition from leading global rating agencies.” A HIGH-QUALITY PORTFOLIO In issuing its rating to First Pacific, S&P said, “We forecast the company will have stable cash returns from its portfolio. First Pacific will likely maintain its clear investment strategy and long investment record.” Moody’s said, “First Pacific’s Baa3 issuer rating reflects the company’s high-quality portfolio with most of the group’s businesses having leading positions in their respective markets,
2 THE VIEW
manageable debt levels and a track record of stable earnings.” Three companies in the First Pacific portfolio of investments, PLDT Inc., PT Indofood CBP Sukses Makmur Tbk, and Manila Electric Company, already have credit ratings – all investment grade. PRUDENT AND STRUCTURED INITIATIVES “Given the prudence of First Pacific’s capital management over the years and the operating outlook of the companies we are invested in, we are confident in our ability to maintain investment-grade credit ratings in the years ahead,” said Associate Director and Head of First Pacific’s Treasury Department Joseph H P Ng. “The prudent and structured liability management initiatives we have implemented since first accessing global debt capital markets in 2010 laid the groundwork ahead of this accomplishment of an investment grade rating milestone. In parallel we have delivered a well-balanced capital allocation plan including a distribution of 25% of recurring profit to shareholders in each of the past 12 years coupled with an ongoing share repurchase plan.” <<
2021
S
tandard & Poor’s Global Ratings (“S&P”) awarded First Pacific a BBB- issuer rating with Stable outlook while Moody’s Investors Service (“Moody’s”) gave First Pacific a rating of Baa3 with Stable outlook.
NEWS
Earnings rise to record, full year distribution up 31% First Pacific recorded its strongest-ever earnings in 2021, underscoring the quality of the goods and services provided by the businesses we invest in. Turnover and recurring profit rose to record levels in 2021, the year of First Pacific’s 40th anniversary.
[
[
[
[
350
Contribution from operations rose 24% to US$506.4 million vs. US$409.7 million on improved performances by all investee companies
250
Sharply lower interest expense improved Head Office costs by US$8.7 million, resulting in a 33% improvement in recurring profit to record high US$426.5 million vs. US$321.2 million – eclipsing previous high set in 2011 First Pacific recorded net profit of US$333.3 million vs. US$201.6 million as non-recurring losses fell 54% to US$70.8 million Full-year distribution raised 31% to 19.0 HK cents/share vs. 14.5 HK cents/share a year earlier on continuing distribution of a quarter of recurring profit to shareholders US$100 million three-year share repurchase program well under way to enhance returns to shareholders Investee companies forecast higher earnings over the medium term on the strength of increasing consumer purchase power
24.3
1.0 426.5
FPNR
PacificLight Power makes first positive contribution on higher demand and prices
42.6
4.2
PLDT
400
8.6 13.3 11.3
321.2
2021
Philex
200
MPIC
300
Head Office
[
450
PLP
[
Recurring profit (US$ million)
Indofood
[
Indofood and PLDT delivered their highestever revenues on lockdown-induced increases in demand for both companies and, for Indofood, contribution of Pinehill businesses
2020
[
Profit contribution from operations
US$
506.4
By Country
49% 47% 4%
million
By Sector
45% 27% 24% 4%
Philippines
Consumer food products
Indonesia
Telecommunications
Singapore
Infrastructure
Natural resources
THE VIEW 3
NEWS
CCLEX opens as spectacular icon of Cebu
Watch at www.firstpacific.com/press/theview.php
“A bridge is more than just a crossing across an obstacle. It connects communities, it connects cultures, it connects people.”
P
resident Rodrigo Duterte led the opening ceremony on 27 April this year of the CebuCordova Link Expressway (“CCLEX”), the engineering marvel that has become Cebu’s newest icon. The opening took place on a historic date: the 501st commemoration of the Victory in Mactan, which marks the victorious battle of the warriors of Mactan over the Spanish armada, led by Portuguese explorer Ferdinand Magellan. A BEAUTIFUL STRUCTURE “We are happy and honored to have come to this point, opening the biggest infrastructure project in this part of the country,” said Metro Pacific Tollways Corporation (“MPTC”) Chairman Manuel V Pangilinan.
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NEWS
Hope and strength in 2022 MPIC’s uplifting new corporate anthem
M
etro Pacific Investments Corporation (“MPIC”) launched its new corporate anthem in January 2022, entitled “Bayan Sulong Na” (Let’s Move Forward, Philippines). It is a rallying call for the country to face the coming years with hope and affirmation that there is strength in facing challenges together.
Communications Melody del Rosario. “As we move forward this 2022, we introduced this anthem to solidify our dedication to the progress and change we envision for us all.”
Featuring some of MPIC’s top executives, as well as a call to action from Pangilinan, the anthem signifies the coming together of all its employees towards a shared goal. <<
MPIC President and CEO Manuel V Pangilinan noted, “The resilience of Filipinos has always been unmatched. Our ability to get back on our feet after the unimaginable is something we are truly known for. However, our message moving forward goes beyond recovery and focuses on rebuilding and resurgence.” “Prior to the challenges posed by the past couple of years, we at MPIC have always been committed to becoming reliable partners in development, for both the country and its people,” said MPIC VP for PR and Corporate
“We thank President Duterte for honoring us by being part of this historic event.” “Not far from here 501 years ago, Cebuanos celebrated a victory in a pitched battle against a superior force. Today, we mark a different milestone, a modern victory not of arms but of engineering and construction that gave us such a beautiful structure that has now become an icon of Cebu,” Pangilinan added. MPTC is the largest toll road concessionaire and operator in the Philippines. Work on the CCLEX started in July 2018 and it was MPTC’s first toll road project outside Luzon. The 8.9-kilometer CCLEX has a design speed of 60 to 80 kilometers per hour
Watch at www.firstpacific.com/press/theview.php
(kph) and a navigational clearance or height of 52 meters to allow large vessels to pass beneath the bridge. CCLEX will use an all-electronic toll collection system from June 2022. ACCESSIBLE TO MOTORCYCLISTS, CYCLISTS AND PEDESTRIANS Motorcycles with engine displacement below 400cc will be allowed to access the expressway by July this year. Sidewalks for pedestrians and bikers will also open in July to allow accessibility for all. “Our company is happy to complete this project and contribute to the economic
development of the southern Philippines,” said MPTC President and CEO Rodrigo Franco. << THE VIEW 5
NEWS
PLDT’s landmark tower deal PLDT Group pioneers tower sharing in the Philippines
O
n 19 April 2022, PLDT reached a milestone 77 billion sale and leaseback towers deal – the largest-ever acquisition of assets in the Philippines by international investors. The landmark transaction is expected to have far-reaching benefits for PLDT, its customers and for all Filipinos. PLDT’s subsidiaries, Smart Communications, Inc. (“Smart”) and Digitel Mobile Philippines, Inc., signed Sale and Purchase Agreements regarding the sale of 5,907 telecom towers and related passive telecom infrastructure. In addition to the intrinsic value of the towers, the transaction price reflects the attractive business opportunities that the assets will provide to the owners, including a ten-year leaseback arrangement with Smart. The winning bidders, a subsidiary of edotco Group and a subsidiary of
EdgePoint (the “TowerCos”), are backed by international groups with extensive experience in the telecom tower space. They will become the largest common tower operators in the Philippines, once the transaction is completed by Q4 2022. A GOLDEN MILESTONE PLDT Chairman Manuel V Pangilinan commented, “This partnership with experienced international tower companies represents another milestone in PLDT’s strategic transformation. We expect to reap benefits in terms of a valuation uplift and capital reallocation with PLDT applying the proceeds to deleverage, further invest in the network, and return cash to shareholders via a special dividend.”
The TowerCos will be responsible for providing operations and maintenance services as well as power to the sites. Smart has secured competitive terms as the anchor tenant on the towers and expects to benefit from operational and capital expenditure savings. The deal will be complemented by a commitment to build an additional 1,500 new towers over the next few years which will further solidify Smart’s superior network quality and enhance the best customer experience. POSITIONED FOR EXCELLENCE PLDT and Smart President and CEO Alfredo S Panlilio added “Our TowerCo partners, selected after a thorough process, will provide the Group with the infusion of global best practices and innovative solutions. PLDT is now even better positioned to continue our journey towards service excellence and best-in-class customer experience, making us the telco of choice in the Philippines.”
This pioneer undertaking supports the Philippine Department of Information and Communications Technology’s goal of improving tower density which
edotco Group owns and manages over 54,000 towers across Malaysia, Indonesia, Bangladesh, Cambodia, Sri Lanka, Pakistan, Philippines, Myanmar, and Laos. EdgePoint owns approximately 10,000 towers across Indonesia and Malaysia .
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will lead to significant efficiencies and improved connectivity across the Philippines.
edotco Group CEO Adlan Tajudin said, “With an established platform in the Philippines, edotco can play an instrumental role in developing the nation’s digital economy infrastructure while accelerating its organic and inorganic growth strategy.” EdgePoint CEO Suresh Sidhu added, “We are committed to building a world class operation to expand next-generation connectivity solutions, bridging the digital divide in the Philippines and creating new job opportunities in the sector. The Philippines telecoms sector has tremendous potential, and we look forward to being part of its future.” <<
NEWS
Voyager Innovations raises US$210M in new funds Funds to expand the financial services of PayMaya and Maya Bank
V
oyager Innovations (“Voyager”), the leading technology company in the Philippines behind the end-to-end money platform PayMaya and neobank Maya Bank, raised US$210 million in new funds in April 2022, propelling Voyager’s valuation to unicorn plus status, at nearly US$1.4 billion. SIG Venture Capital, the Asian venture capital arm of Susquehanna International Group (“SIG”), led the investment round. It is a new investor in Voyager, with other new investors including Singapore-based global investor EDBI and Hong Kong-based First Pacific, together with existing
shareholders PLDT, KKR, Tencent, International Finance Corporation (“IFC”); and IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund, two funds managed by the IFC Asset Management Company (“IFC AMC”). UNLOCKING THE DIGITAL ECONOMY The fresh funds will support the launch and acceleration of digital banking services powered by Maya Bank and other new products such as cryptocurrency, to be seamlessly integrated and offered across PayMaya’s consumer and enterprise platforms.
PAYMAYA BY THE NUMBERS*
Over
47 million registered users
Over
630,000
online and face-to-face touchpoints to accept digital payments from e-wallets and QR to any credit, debit, and prepaid card
This integrated ecosystem approach uniquely positions PayMaya among e-wallets, banks, and fintech players in the Philippines. It is the only fintech serving all segments of consumers and enterprises with a widely used consumer e-wallet app, the leading enterprise payment processing business, and the most extensive on-ground agent network, Smart Padala. Voyager and PayMaya CEO-Founder Orlando B Vea said, “Our strong record of execution and innovation is a testament to our world-class team’s hard work and talent. With this milestone, we are excited to leap forward and bring the best of PayMaya and Maya Bank to help unlock the digital economy for the underserved and unbanked Filipinos.”
Over
63,000 Smart Padala agent touchpoints
Voyager and PayMaya President Shailesh Baidwan added, “We are excited to bring more game-changing innovations to millions of consumers and MSMEs with our integrated ecosystem as we address the pent-up demand for financial services.” << THE VIEW 7
NEWS
Delivering on the demand for digital PLDT leads the way in positioning the Philippines as the premier digital hub in Asia Pacific
When PLDT broke the ground on the VITRO Sta. Rosa data center site in Laguna in March 2022, it marked a new step in its remarkable journey in cloud and data services leadership in the Philippines.
P
LDT has positioned itself to serve enterprises and hyperscalers in a historic sweet spot of opportunity. It has built the 5G network, the data centers and IT infrastructure and invested in emerging cloud, security, and AI technology. Its people
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have deep expertise with over 20 years of experience and industryrecognized certifications. PLDT has further worked with the Philippine government in its mission to make the country a global hyperscaler hub with advanced privacy and security regulations.
MAKING IT HAPPEN FOR A NEW INDUSTRY In 2021, PLDT collaborated with key government agencies to lay down the groundwork and make hyperscalers one of the new priority sectors of the Philippines. The Department of Trade and Industry announced the official launch of the Hyperscale Industry last September under its ‘Make It Happen’ campaign. With Meralco as its energy partner, PLDT has made sustainability a pillar
NEWS
“
THE DEMAND FOR DIGITAL JUST KEEPS GROWING. WE HAVE THE READY FACILITIES AND WE CONTINUE TO EXPAND OUR DATA CENTERS TO ACCOMMODATE THAT DEMAND TO ENSURE THAT WE ARE ABLE TO KEEP UP AND DELIVER FUTURE REQUIREMENTS.
”
PLDT and Smart President and CEO Alfredo S Panlilio
of its development. It can provide the certified sustainable data center services and infrastructure that global enterprises demand. UNPRECEDENTED GROWTH PLDT Enterprise VP and Sector Head for Strategic Business Development Gary Ignacio noted, “The digital economy in the Southeast Asian region is clearly at the cusp of unprecedented growth, and the Philippines is leading the way and growing the fastest. As such, the PLDT Group continues to invest heavily on network and IT infrastructure, as we anticipate the hyperscalers’ momentum to further build up in this part of the world. We’re beefing up our international capacities for full hyperscale readiness, with our investments on new cable systems such as Jupiter, APRICOT and the Asia Direct Cable. The 100-megawatt VITRO Sta. Rosa is PLDT’s 11th data center and the country’s largest. The facility will have the densest interconnectivity to PLDT Group’s own internet exchanges as well as the richest ecosystem in the
country, enabling content providers and cloud customers to provide the best experience for their end-users. The hyperscale facility is designed to be Tier-3 Certified and Tier-4 Ready, assuring clients of the highest reliability and efficiency as it includes the construction of an on-site Meralco power substation. PLDT recognizes the environmental impact of operating a data center of this capacity and has integrated sustainability into its design and operations. PLDT has partnered with RED Engineering, a leading provider
in green infrastructure design and engineering, to co-develop the facility based on global LEED standards and the PLDT Group’s UN Sustainable Development Goals. PLDT and Smart President and CEO Alfredo S Panlilio affirmed, “The PLDT Group is one with the nation in building a digitally advanced Philippines and making our country the next hyperscaler destination in Asia Pacific. With VITRO Sta. Rosa, we aim to set the benchmark in infrastructure resilience, operational excellence, global competitiveness and world-class sustainability.” << THE VIEW 9
NEWS
INDOFOOD LAUNCHES NEW PRODUCT INNOVATIONS Indomie Goreng Ayam Pop noodle and Indomilk Kids with 25% Less Sugar
I
ndofood’s Indomie is a beloved Indonesian instant noodle brand that has continuously innovated over 50 years.
Its latest addition to the Indomie Kuliner Nusantara noodle collection from Sumatra is Indomie Goreng Ayam Pop. Ayam Pop is an original and authentic Sumatran chicken dish marinated in coconut water and spices, served with sambal (chili sauce). The sambal is made from several kinds of chili, combined with fragrant spices to achieve a rich taste profile. With a round and chewy noodle texture, combined with ten original spices and dressed in sambal, the new noodle dish is a bold, authentic taste of Indonesia.
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HEALTHY MILK FORMULATED TO PLEASE PARENTS AND CHILDREN Indofood has launched a nutritious Indomilk product - UHT Indomilk Kids with 25% Less Sugar - the first healthy milk in Indonesia for three to five yearold children. It offers a convenient way for parents to limit their children’s daily sugar consumption, while providing vital nutrients. Indomilk Kids 25% Less Sugar delivers the delicious taste that kids want along with the optimum nutrition to support children’s growth’s development. The healthy milk beverage includes high vitamin D, phosphorus, calcium, Vitamin A, B1 and B6. <<
NEWS
Indofood spices up Indonesia Pavilion at the World Expo Dubai Indofood is a long-term supporter of its government’s nation-branding and participates in the Indonesian Pavilion at World Expos. World Expo 2020 Dubai, running from 1 October 2021 – 31 March 2022, was the first and largest physical global event held post-pandemic. 192 countries came together to celebrate their national diversity.
I
ndonesia’s theme was “Creating the Future from Indonesia to the World”. As a country with around 270 million population spread over 17,000 islands, with 1,340 ethnic groups and 801 different languages, Indonesia has tremendous beauty and diversity. Indofood is engaged with a national project, launched at the Indonesian Pavilion, called Indonesia Spice Up the World. This aims to extend 4,000 Indonesian restaurants internationally and achieve US$2 billion in exports of spices and seasonings by 2024. SHARING INDONESIAN FLAVORS WITH THE WORLD Indofood supports the program through authentic Indonesia culinary products such as recipe mixes of
soto ayam (yellow clear chicken soup) and rendang (beef in coconut and spices), as well as kecap manis (sweet soy sauce). The fresh spices are locally sourced from farmer partners and processed into fragrant culinary products for millions of consumers in Indonesia and more than 100 countries worldwide. Indofood strives to produce and deliver food in a sustainable manner for its consumers with its objectives aligned with the Sustainable Development Goals (“SDGs”). It aims to create a brighter future for Indonesia and its people through vital social and community development programs. <<
THE VIEW 11
BOGASARI 50TH ANNIVERSARY
Indofood’s Bogasari celebrates its 50th Anniversary On 29 November 2021, Indofood’s Bogasari Group marked its 50th Anniversary as the first integrated and largest flour producer in Indonesia. Bogasari has grown from generation to generation, providing high quality wheat flour and pasta products.
T
he first Bogasari mill was opened in Tanjung Priok in 1971, followed by Tanjung Perak Surabaya (1972), Tangerang (2015) and Cibitung (2016). Bogasari has successfully supported the Indonesian flour market by engaging Indonesian families, aspiring bakers and chefs, the culinary industry and food-preneurs. ENCOURAGE CREATIVITY, INSPIRING ENTREPRENEURSHIP Director of Indofood and Head of Bogasari Group, Franciscus Welirang said, “We invite practitioners of SMEs, culinary industry, Indonesian families and young generations to #BikinSemuaBisa (#MakeEverythingPossible) together and move forward facing futures that filled with new opportunities. We see
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BOGASARI 50TH ANNIVERSARY
Bogasari’s commitment to sustainability was rewarded in 2021 as the first flour mill company in Indonesia to achieve the Green Industry Award. It also received Top Brand Awards for 15 consecutive years. that the flour-based food business is growing rapidly, fueled by digital transformation and massive potential from the young generation. Let’s use this moment to learn, improve skills, expand our potential and prepare ourselves to be a generation that can advance our culinary industry.” Bogasari used the Anniversary occasion to show appreciation to loyal customers, while continuously improving its services. Through the #BikinSemuaBisa campaign, Bogasari shared culinary creativity through cooking classes and other activities, and inspired customers to create exciting recipes using Bogasari products. A revamped Bogasari website and mobile app for Bogasari Mitra Card
- a loyalty program - were launched with improved user experiences. THE ICING ON THE CAKE The Group staged a Bogasari Expo, held virtually from November 2021 to March 2022 through social media, with activities, including baking/cooking classes, panel talks, and culinary and art competitions attracted around 100,000 participants. Bogasari’s showstopping 5-meter birthday cake was displayed surrounded by 500 culinary creations. During the event, 50 top SMEs were awarded Bogasari SME Awards as recognition for their business excellence and social contributions. <<
THE VIEW 13
NEWS
MPT Mobility’s mission is to provide efficient, effective, and modern mobility solutions. Its vision is to be the recognized leader in providing smart and sustainable mobility services in the ASEAN region.
SMARTER TRANSPORT AND TRAVEL MPT Mobility offers travelers new digital services and products
A
new, digitally-driven business arm was launched by Metro Pacific Tollways Corporation (“MPTC”) in January this year. MPTC President and CEO Rodrigo Franco told Business World that the new business, MPT Mobility, will “play a key role in the sustainability of businesses associated with transport and travel infrastructure and digitalization.” MPTC is the largest tollway builder and operator in the Philippines. SOLUTIONS AT YOUR FINGERTIPS MPT Mobility is designed to greatly improve customers’ travelling experience, by offering a suite of solutions via its smart interface, MPT DriveHub. Customers
Southbend Express for roadside assistance and general services
14 THE VIEW
Easytrip For RFID account management and electronic toll collection
can access real-time travel information, plan journeys, pay tolls, find parking spaces and much more, for easy, convenient travel. MPT Mobility is steered by a strong and solid management team composed of driven and engaged people who have vast experience, tremendous creative insight, and an insatiable appetite to move the company to innovative new levels of technology-driven discovery. MPT DriveHub is the digital face of the MPTC Group and is powered by specialized business units that continue to develop and roll out smart solutions. These business units include:
DibzTech for digital parking solutions
Drive & Dine for highway hospitality, retail and fuel stops
AWARDS
PLDT CFO IS PHILIPPINES’ TOP FINANCE EXECUTIVE PLDT Chief Financial Officer Anabelle Lim-Chua has been recognized as 2021’s recipient of the prestigious ING FINEX CFO of the Year Award. She is only the third woman to have received this accolade.
N
ow in its 15th edition, the Search was launched through a permanent partnership between Financial Executives Institute of the Philippines (FINEX) and Dutch financial giant ING Bank, N.V., one of the world’s largest banks. Chairman of PLDT Manuel V Pangilinan said, “Anabelle played a key role throughout this crisis. At the outset, we determined it best to turn to PLDT’s innate strengths - to our fundamentals, to those principles that are proven and basic and battle tested - and to trust our people, the bedrock of our businesses.” A GAME-CHANGING CFO “I am immensely honored and grateful to be recognized by FINEX and ING as the 2021 outstanding CFO of the year. It is particularly gratifying to be commended as a Game-Changing CFO during this time. The pandemic and its far-reaching impact altered the rules not only in the way we do business but in the way we live. So to adapt to this new way of life, we have to become game changers,” said Lim-Chua. She hopes that her achievement can inspire the Philippines’ next generation of financial officers. PLDT and Smart President and CEO Alfredo S Panlilio commended Lim-Chua, “Congratulations on this well-deserved
award! For me, it’s been a long-delayed recognition for all the work that Anabelle has done through the years. Her passion and hard work push us all up and our company’s financial performance to greater heights. I thank her for her invaluable contributions and leadership to the PLDT Group. Cheers to Anabelle, the CFO of the Year.” Faced with the disruptions brought about by the global health crisis, PLDT was able to sustain its growth momentum. Leaning on its fastest and most reliable network, PLDT continued to draw in customers providing them with world-class connectivity that enabled them to survive and thrive amidst the global health crisis. <<
THE VIEW 15
AWARDS
SMART NAMED PHILIPPINES’ TOP WORKPLACE BY LINKEDIN Smart Communications, Inc. (“Smart”), has been recognized anew for being the best workplace to grow one’s career.
L
inkedIn’s Top Companies list recognizes organizations that enable employees to achieve success within the company and beyond. Smart ranked first and was the only telco in LinkedIn’s Top Companies 2022 among 15 Philippine firms. Companies are analyzed based on seven key pillars: ability to advance, skills growth, company stability, external opportunity, company affinity, gender diversity and educational background. “We are happy and honored to be recognized once again as LinkedIn’s top workplace in the Philippines. This highlights that our programs on employee growth and development, career advancement and success, diversity and inclusion in the workplace, are effective, relevant, and world-class,” said PLDT and Smart President and CEO Alfredo S Panlilio.
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“I am truly grateful to our Smart workforce who, despite current circumstances, have gone above and beyond, to deliver meaningful connections to our customers and the communities we serve,” said Chief People Officer of PLDT and Smart Gina P Ordonez. <<
AWARDS
MPIC scores A in ESG transparency impacts we make, are testaments to that. It is essential for us to provide transparent, accurate, and sufficient information for all our stakeholders, so they are aware of the impact of the decisions we make in operating our businesses.”
MPIC achieved the highest level ‘A’ rating in the Global Listed Infrastructure Organization/Global Real Estate Sustainability Benchmark (“GLIO/GRESB”) ESG Index for Infrastructure, in November 2021.
O
nly 19 companies from the 160 in the Index scored the top A rating.
MPIC’s Chief Finance, Sustainability, and Risk Officer Chaye A Cabal-Revilla responded to this honor, saying “The work that we have done and continue to do has been a progressive contributor to national development – the figures we disclose, the stories we tell, and the
FANTASTIC ACHIEVEMENT The scores evaluate the development and formalization of policies and objectives for each ESG pillar, and their consistent long-term implementation and monitoring. GLIO CEO Fraser Hughes said, “Metro Pacific can be proud it finds itself in this top group for ESG transparency – it’s a fantastic achievement”.
“This ranking manifests the MPIC Group’s deeper commitment to nation building, through our infrastructure projects that have contributed to the transformation of the country’s growing economic landscape,” said MPIC Chairman Manuel V Pangilinan. GLIO is the representative body for the US$3 trillion market capitalization listed infrastructure asset class. GRESB provides financial markets with standardized and validated company data on ESG. Created in 2009, it has become one of the main ESG references for real estate and infrastructure investments worldwide. <<
MAYNILAD’S CULTURE OF SAFETY REWARDED
M
aynilad Water Services, Inc. (“Maynilad”) was granted a Safety Seal in March 2022 by the Department of Labor and Employment (“DOLE”) for its strict health, safety, and environmental standards and practices, especially throughout the COVID-19 pandemic. DOLE’s intensive audit and inspection included general labor standards, occupational safety and health standards, and compliance with health and safety measures to prevent and control COVID-19 transmission. Maynilad also recorded a total of 6.94 million Man Hour No Loss Time Accident (“MHNLTA”) in all of its facilities and
offices by the end of 2021 while successfully and safely implementing its capital expenditure projects. Maynilad President and CEO Ramoncito S Fernandez explained, “Ensuring a safe workplace for our employees and service providers is important to us. This safety seal from DOLE is a testament to our uncompromising efforts of promoting a culture of safety in Maynilad.” <<
Maynilad Quality, Sustainability and Resiliency Head, Atty. Roel Espiritu (second from right) receives DOLE’s Safety Seal Certificate.
THE VIEW 17
AWARDS
GOOGLE CLOUD AWARDS PLDT ENTERPRISE WITH PREMIER PARTNER STATUS
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LDT Enterprise continues to expand its partnership with Google Cloud. Through its ICT arm ePLDT, it achieved Premier Partner status and recently earned Partner Expertise in Business & Professional Services, Energy & Utilities, Global Public Sector – Education, and Financial Services. “We’re thrilled to welcome ePLDT as a Premier Google Cloud partner,” said Managing Director, Partnerships at Google Cloud Kevin O’Kane, “ePLDT’s expert product and industry knowledge will continue to be
helpful to our customers as they go about their digital transformation journeys.” FVP Head for PLDT and Smart Enterprise and International Business Groups JoJo Gendrano commented, “We at ePLDT have always been committed to helping enterprise customers manage their product, solutions, and industry-specific needs.” ePLDT has Google Cloud Expertise in three main areas, including Product Technology, Solutions Portfolio, and Industry Verticals. <<
architecture-led successes, strategic business outcomefocused programs, seizing new opportunities, and sales approaches.
PLDT Enterprise honored with Cisco’s Geographical Region award PLDT Enterprise announced this March that it won a Cisco Partner Summit Geographical Region award for Managed Services Partner of the Year.
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isco is the worldwide leader in technology that powers the Internet. It announced the winners during its virtual annual partner conference.
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The Cisco Partner Summit Global awards are designed to recognize superior business practices and reward best-in-class methodologies. These include innovative processes,
POWERFUL SOLUTIONS AND FRESH APPROACHES FVP and Head of PLDT and Smart Enterprise Jojo Gendrano remarked, “It is our aspiration at PLDT Enterprise to become a trusted technology partner who can deliver real business value and make a positive impact on our customers … We are proud and glad of this award which is a strong testament of that aspiration.” “Cisco is proud to work together with leading partners to drive the digital transformation, creating powerful solutions and fresh approaches to meet the needs of our customers,” said Vice President, Asia Pacific, Japan and China, Partner Organization at Cisco, Vicki Batka. <<
AWARDS
PLDT WINS TOP AWARDS FROM COMSTOR PHILIPPINES PLDT Enterprise has bagged three major awards from Comstor Philippines, further solidifying its position as the reliable partner of companies in adopting cutting-edge solutions to power their businesses.
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omstor is the Philippines’ largest Cisco-exclusive distributor, which assists companies in integrating, building, and deploying Cisco solutions. It recognized PLDT as Partner of the Year, Top Enterprise Network Partner, and Top Security Partner for its efforts and support to drive growth to the company. RELENTLESS RESOLVE TO ENABLE CUSTOMERS FVP and Head for PLDT and Smart Enterprise Jojo Gendrano noted, “This recognition shows our capabilities in delivering, along with our best network, the best solutions in the market in partnership with Comstor. Through this partnership, we have enabled a
multitude of enterprise customers in the country to help them transform in light of a global pandemic.” Country Manager of Comstor Philippines Ato Garcia congratulated PLDT for its recognitions, adding, “We admire their relentless resolve to contribute their expertise to enable their customers. With that, we are proud to give these awards as a symbol of our appreciation. We look forward to continuing this fruitful partnership with PLDT.” <<
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ENVIRONMENTAL, SOCIAL & GOVERNANCE
Nature, People and Planet at the heart of business MPIC joins HRH The Prince of Wales’s A4S Roundtable
Photo: Heinz Reimann D Orais, MPIC 20 THE VIEW
ENVIRONMENTAL, SOCIAL & GOVERNANCE
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etro Pacific Investments Corporation (“MPIC”), was invited to an exclusive Accounting for Sustainability (“A4S”) Roundtable on sustainability reporting, hosted by His Royal Highness The Prince of Wales on 1 March 2022.
ASIA-PACIFIC CHAPTER LEADERS
MPIC joined the A4S Chief Financial Officers Leadership Network’s new Asia-Pacific Chapter as one of its founding members in December 2021, when HRH The Prince of Wales shared a call to action for global financial leaders: “We simply must seize the current window of opportunity to re-imagine our global systems in a way that puts Nature, People and Planet at the heart of how we operate.” A GLOBAL SUSTAINABLE MOVEMENT The global CFO Leadership network is a unique group of over 60 CFOs from large organizations representing over US$20.7 trillion in combined total assets, with members having a commercial presence across 200+ countries.
Established in 2004 by HRH The Prince of Wales, A4S aims to make sustainable business, business as usual. It brings together CFOs and their teams to develop and scale up adoption of practical approaches which embed social and environmental risk and opportunity into the heart of strategic planning and decision-making processes.
MPIC Chief Finance, Risk, and Sustainability Officer Chaye A CabalRevilla, joined the A4S Roundtable with finance leaders from around the world, to shape the convergence and adoption of common sustainability metrics and standards. She noted, “We at MPIC have taken significant strides towards reinforcing our sustainability thrust and our inclusion in networks such as A4S elevate our knowledge of how best to integrate it into our corporate DNA. Being part of this network under someone as passionate for the cause as HRH The Prince of Wales has further strengthened our purpose to put sustainability at the heart of what we do.” MANAGING RISK, BUILDING RESILIENCE With the rapid increase of climate and other sustainability-related risks, it is crucial for businesses, particularly in the Asia-Pacific Region, to integrate sustainability into its business operations and strategies.
MPIC CFO, CRO, and CSO Chaye A Cabal-Revilla meets with HRH The Prince of Wales during an A4S Roundtable at St. James’s Palace on 1 March 2022.
MPIC’s participation in A4S is aligned with its commitment to contribute to the achievement of the United Nations Sustainable Development Goals, particularly No.17, Partnership for the Goals. << THE VIEW 21
ENVIRONMENTAL, SOCIAL & GOVERNANCE
Group mobilizes for Typhoon Odette disaster First Pacific companies rally to Pangilinan’s call to action
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n 16 December 2021, a devastating typhoon swept across the Visayan and Mindanao regions of the Philippines. Typhoon Odette (international name Rai) packed winds of 195 kilometers per hour. Around 300,000 people were evacuated, millions more were affected and vast areas were left without power, water and food in a state of calamity.
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First Pacific, its investee companies, associated companies and foundations ( “First Pacific Group”) came together to offer relief, rallying to Manuel V Pangilinan’s call, “We have faced many disasters in the past - Ondoy, Yolanda, Marawi, Taal. The names may change but our duty to help does not. Let us go this extra mile during this holiday season. Please give so that our people can have some cheer and joy in the middle of their difficulties.” First Pacific Group raised more than 50 million for immediate financial and material assistance to the victims in Visayas and Mindanao. MPIC companies followed up with over 24 million in further support, 8 million of which was raised in an 18-hour telethon. Through Tulong Kapatid, the corporate social responsibility alliance of foundations and companies in the First Pacific Group, Pangilinan and the senior executives turned over a 10 million donation to the Province of Bohol on 7 March 2022. MPIC IN ACTION WITH RELIEF, RESTORATION Metro Pacific Investments Foundation (“MPIF”) provided food, water filters, solar lamps and bedding to hardhit areas, including Siargao, where MPIF nurtures a Mangrove Center and local biosystems. MPIC and MPIF donated 1 million to Alagang Kapatid Foundation Inc.’s Feeding Program and Philippine Disaster Resilience Foundation’s (“PDRF”) Typhoon Odette initiatives.
ENVIRONMENTAL, SOCIAL & GOVERNANCE
The Metro Pacific Hospitals group was at the forefront of relief. Its Mindanao hospitals rallied with trucks of supplies for the hospital in Bohol. Makati Medical Center conducted damage assessment and needs analysis for Siargao’s local hospital and healthcare system.
disaster aid. As the companies restored telco networks, PSF donated over 30,000 relief packs, simcards, satellite phones, solar lamps and generator sets, and ran charging stations. The Text to Donate platform and PayMaya channels raised further funds for victims.
Meralco and One Meralco Foundation mobilized teams of experts to assist with power restoration throughout the damaged region. They also supplied emergency and alternative power and relief packs.
Volunteer engineers from PLDT and Smart worked through Christmas and New Year to restore communications and help customers get in touch with loved ones. “During New Year’s Eve, I video-called my family in La Union via Smart LTE. Although we’re physically apart from each other, I’m happy that we’re still able to keep in touch,” shared Smart Engineer Mark Lumame. <<
MPTC’s Cebu-Cordova Link Expressway Corporation (“CCLEC”), distributed food packs for employees and families, and a further 2,000 food packs for Cordova and Cebu City. MPTC donated an additional 1 million including food, water, blankets and more in relief to the stricken province of Leyte. Maynilad gave 1.5 million to PDRF and sent over 5,500 bottles of water to affected regions. Metro Pacific Water companies worked together to ensure a 24/7 water supply and distributed water and relief packs. Philex Mining Corporation mobilized charging stations and held a donation drive amongst its employees. PLDT WORKS THROUGH CHRISTMAS TO RESTORE NETWORKS, DONATES RELIEF The PLDT-Smart Foundation (“PSF”) is highly experienced in mobilizing
Smart is a leader in developing tools to support agencies and communities in disaster preparedness and response. These include: Emergency Cell Broadcast System (“ECBS”): A radio channel system
that quickly sends public warnings, to activated mobile devices within the disaster-affected area, to spur action.
Smart Infocast: A free web-based SMS broadcast solution that
enables local government units and other groups to easily distribute important public information such as news broadcasts and weather bulletins.
Batingaw (“bell” in Filipino): A free-of-charge mobile app that
provides government agencies, organizations and individuals, immediate access to disaster warnings, location data and disaster mappings. It features step-by-step instructions to guide users to safety during disasters.
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ENVIRONMENTAL, SOCIAL & GOVERNANCE
Enpowering Founders. Accelerating startups.
IdeaSpace Foundation’s 10th Anniversary, celebrating a decade of igniting innovation
COMMUNITY AND ECOSYSTEM Championing a more inclusive and dynamic startup ecosystem within the country by hosting key events to engage students, budding entrepreneurs, and all Filipinos who’d like to take part in the startup scene. In the past year, IdeaSpace has partnered with UNICEF and ING for the Fintech for Impact program, as well as Smart and PLDT for the Innovation Challenge 2021.
“10 years ago, IdeaSpace began with the dream of startups becoming a new pillar of the Philippine economy. Today the startup ecosystem is more inclusive than ever, with more women-led and provincial teams starting companies and joining competitions.” President of IdeaSpace Foundation Inc, Butch Meily 24 THE VIEW
STARTUP DEVELOPMENT Supporting homegrown startups at every stage of their journey in order to build the country’s founder-first startup community and produce competitive, world-class startups through award winning incubationacceleration and mentorship programs.
600+
Startups supported
INVESTMENTS AND PARTNERSHIPS Seeking out and investing in highpotential Filipino entrepreneurs who are ready to grow and scale their venture in an effort to support their journey in the local startup ecosystem. We also have the Opportunity Fund program, which focuses on investing in startups by providing venture funds for early-stage startups across various industries.
Over
1,000+ P200m Programs conducted
Funding provided to Filipino startups and entrepreneurs
PHOTO COMPETITION
Hope springs anew First Pacific Group’s 7th Photo Competition revealed a theme of hope in the striking photography submitted
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he competition attracted a total of 611 entries from 25 operating companies. Our winners captured their photos under the themes: My memorable moments of 2021; environmental/ sustainability initiatives at work or at home; and serving customers in the new normal.
1st Runner-up “New Day, New Hope” Gene Marc D. Esparagoza St. Elizabeth Hospital
3rd Runner-up “Paper Substitute” Al Jerus SM. Rayo MPTC
Champion “A Climb of Hope” Proilan S. Ledama MPT South
One of our winners, Samie Gonzaga, who shot the inspiring Tower Rigger below, was directly affected by Typhoon Odette. His prize money helped repair the damage to his home.
2nd Runner-up “No Outing, No Problem” Ned Ephraim H. Banguilan PLDT
4th Runner-up “Tower Rigger” Samie A. Gonzaga Smart Communications
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5/2022
LANDMARK OF CONNECTIVITY OPENS IN CEBU
www.firstpacific.com
2 First Pacific received investment grade credit ratings 4 CCLEX opens as spectacular icon of Cebu 6 PLDT’s landmark tower deal | 10 Indofood launches new product innovations
