Petron named top Philippine firm in sustainability

MANILA, Philippines—Petron Corp., the country’s largest oil refiner and retailer, was named again as the top Philippine company in the 3rd Asian Sustainability Ratings (ASR) because of its efforts to combine profit goals with sustainability.

The oil firm also ranked seventh out of 29 Asian companies in the energy sector surveyed by the ASR.

It also placed in the top 10 percent of the 750 companies surveyed in 10 Asian countries, namely Australia, China, Hong Kong, India, Japan, Malaysia, Pakistan, Philippines, Singapore and Thailand.

This is the second time that Petron topped the ratings board, which measures a company’s performance in key areas such as environment, social and governance (ESG).

“In a world where transparency and accountability are increasingly important, the ASR is the first ESG benchmarking tool to analyze the largest listed companies in Asia,” said a report prepared by CSR Asia, the body that conducted the survey.

“The ASR allows companies, investors and other stakeholders to understand the economic, social and governance activities of listed companies. It also encourages listed companies to address ESG performance through disclosure and realistic target setting,” the report said.

Petron chairman and CEO Ramon S. Ang noted that as Petron’s business grows, its initiatives in the areas of sustainability and corporate social responsibility likewise increase.

“We believe that adhering to sustainability across our operations is essential to the long-term viability of our business,” Ang said in a statement.

“If you take a look at the leading companies across the region, they have overcome business challenges by doing the right things. A strong company does right by its employees, customers and other stakeholders,” Ang added.

Launched in 2009, the ASR examines the publicly available information of leading listed companies in 10 Asian countries and provides investors, companies and other stakeholders with a view of the strategic sustainability of these companies.

Earlier this year, Petron also received two distinctions from the Management Association of the Philippines for integrating corporate social responsibility and sustainability into its daily business operations.—Amy R. Remo