Embracing sustainability: A path to a better future

Sustainability has become an increasingly common mindset in the corporate world, where executives are factoring in sustainability into more and more of their decisions, particularly for publicly listed companies with shareholders that are increasingly demanding it from their investee companies. In the Philippines, the consciousness is still in its early stages, where, for many consumers, it remains a vague concept. What is it exactly and why should we care?

Sustainability is a mindset and a way of life that extends beyond thinking about immediate gains or costs and considers the future impact of our actions, not only on ourselves but on our community and environment as well. It urges us to reflect on the total costs, encompassing financial, health, opportunity and relationship aspects. By adopting sustainability as a guiding principle, we can foster a mindset that emphasizes long-term benefits over short-term gains.

Sometimes, we can be lured by seemingly good deals only to realize that their true cost in the long run may be higher. Purchasing inexpensive items that don’t last or malfunction quickly demonstrates the hidden expense of poor quality. Similarly, the costs we incur can extend beyond monetary value to affect our health, opportunities and relationships. Embracing sustainability involves making choices that prioritize total costs and their implications for both present and future well-being.

Simple steps

Living sustainably doesn’t have to be daunting; it merely requires practice and conscious decision-making. Many of us are already incorporating sustainable choices into our lives without even realizing it. For instance, when we invest in our children’s education, we recognize that the long-term benefits of creating a brighter future for them outweigh the immediate costs of tuition. Similarly, we can extend this mindset to environmental concerns.

Today, we face a growing awareness of climate change and its detrimental effects. It is imperative to expand our thinking to consider not only the immediate impact of our actions but also their long-term consequences. Small changes in our daily routines can make a significant difference. Opting for low-flow faucets and dual-flush toilets reduces water consumption, while LED lights and inverter air conditioners and refrigerators consume less energy compared with their traditional counterparts.

These choices have a tangible impact on our environment, but they also help lighten costs—both for individuals and businesses. At the Bank of the Philippine Islands (BPI), the upgrade from our old air conditioners resulted in substantial electricity savings, allowing us to recover the investment in the new air conditioners. Beyond larger-scale initiatives, each of us can contribute to shaping a better future in our daily lives. Simple actions like using an insulated water bottle at home can reduce ice usage, conserving water and energy. Raising the thermostat of our air conditioners by a few degrees decreases power consumption, even without upgrading to a new unit. Additionally, being mindful of our clothing choices can minimize water consumption and electricity usage associated with washing machines.

Sustainability journey

To inspire Filipinos to make more conscious decisions that can help the environment and society, BPI held its first Green and Beyond Sustainability Fair from June 2 to 4 at the Glorietta Activity Center, where we heard from, among others, the bank’s sustainability ambassador, Bea Alonzo, about her journey in switching to a more sustainable lifestyle.

Eleven years ago, she invested in a piece of raw land in Zambales razed by wildfire and, with the help of her mom, turned it into a thriving farm with 300 mango trees, other fruit-bearing trees and mahogany trees and a variety of animals. They do not use pesticides and they segregate their waste. Also, they invested heavily in installing solar panels to power the farm, as she acknowledged that the big cost would eventually be worth it.

With her experiences from running the farm, she embedded other sustainable practices into her own lifestyle, even when she is in Manila. She does not buy single-use plastic products, and she prefers to buy secondhand items like clothes. She further shared that, at GMA’s gala last year, she wore a vintage dress, as she likes upcycling and repurposing outfits.

This embrace of sustainable practices came about as she learned about sustainability from watching documentaries and consuming relevant content on social media. She made a key point that educating ourselves is the first step toward making better decisions.

Raising awareness

Being informed is indeed a crucial starting point. It is why, aside from Bea Alonzo, we also invited a host of speakers to provide insights and share their experiences in embracing sustainability, from business owners to government officials to corporate executives to merchant partners to renewable energy leaders.

BPI Advisory Council member Fernando Zobel de Ayala discussed how the Ayala Group, with its diverse businesses and touch points with millions of Filipinos, understands that there is a responsibility to be a force of good. Institutions, he pointed out, have the intrinsic role of preserving the well-being of people and the planet for the benefit of future generations.Bangko Sentral ng Pilipinas Assistant Governor Lyn Javier noted that the central bank aims to promote an enabling environment for financial institutions to provide innovative, responsive, and socially—and environmentally-responsible products to households and businesses.

Makati Vice Mayor Monique Lagdameo reported the progress the city is making in the development and implementation of solutions that promote the shift to renewable energy, green technology and electric mobility, as a number of public schools now use solar power for their day-to-day needs.

Aside from programs that served as learning sessions, the Green and Beyond Sustainability fair also featured booths of various BPI business units and partner merchants that share the same commitment to sustainability. Booths displayed an electric vehicle, energy-efficient appliances, digital financial solutions, microfinance, products from self-employed micro-entrepreneurs, easy-on-the-pocket small business loans and more. At BPI, we recognize the value in providing platforms to encourage Filipinos to adopt sustainable living and create a more prosperous future. Embracing sustainability allows us to lead more fulfilling lives while positively impacting the environment and the lives of those around us, not only today but for generations to come. We invite people from all walks of life to embark on this transformative journey with us, which we see as an integral part of our commitment to build a better Philippines—one family, one community at a time. —Contributed INQ

Eric Roberto Luchangco is chief finance officer and chief sustainability officer of Bank of the Philippine Islands, the first bank in Southeast Asia. This article is written as part of the bank’s annual Sustainability Awareness Month initiative in June.