RP firms emerge as most friendly

MANILA, Philippines - Filipino businesses were ranked as the most environment friendly when compared to other countries, based on a survey conducted by the Grant Thornton International Business Report released by audit, tax and business advisory firm Punongbayan & Araullo (P&A).

According to the survey, the Philippines emerged at the top, with 78 percent of local privately held businesses (PHBs) saying they consider their business community to be ‘very friendly’ or ‘friendly’ to the environment.

The other countries in the top five were India, Thailand, Denmark and Finland. The report said that despite the global downturn, a number of Philippine businesses are still prepared to introduce ‘green’ practices even if those green practices have a negative effect on the bottom line.

“This is a very encouraging sign, that the Philippine business community is taking the ‘green movement’ seriously as opposed to just treating it like a fad or a trend,” said Greg Navarro, managing partner and CEO of P&A.

“I think that more and more business leaders are embracing the idea that environmentally friendly practices do not have to be in opposition to their business strategies. They can actually incorporate these practices into their mission and build a sustainable business,” he added.

The IBR survey also asked respondents if they would establish environmentally friendly projects even if these were to negatively impact their bottom line. Majority or 64 percent of Filipino business leaders said they would, compared to 34 percent who said they would forgo such practices.

“Despite the downturn, profit is clearly not the only factor driving PHBs, which makes sense,” Navarro said.

“At this point, adopting ‘green’ practices is becoming a self-rewarding decision, since consumers are also more conscious about patronizing companies that work at being environmentally friendly. It is heartening to know that consumers may be willing to pay premium prices for free-trade products or services rendered by green companies,” Navarro added.

Examples of companies that have worked to balance business and environmental needs are Megaworld and Ayala Land. Both property developers have set aside significant areas of their developments for open space and greenery, a major portion that could easily have been used for additional residential or commercial units.