Manuel V. Pangilinan-led Manila Electric Company (Meralco) has taken a bold step forward with the release of the One Meralco 2024 Integrated Report that sets a new benchmark for corporate transparency and future-ready sustainability reporting in the Philippines.
For the first time, Meralco adopted the International Integrated Reporting Framework which promotes a principles-based approach to corporate reporting, focusing on how an organization creates, preserves, or erodes value over time. By integrating financial and non-financial information, Meralco’s IR provides a holistic view of the company’s strategy, governance, performance, and outlook in relation to its external environment.
In addition, Meralco complied with the International Financial Reporting Standards Sustainability Disclosure Standard S2 Climate-related Disclosures (IFRS S2) even before the Securities and Exchange Commission’s (SEC) directive requiring Philippine corporations to use IFRS S2 in their regulatory reporting. By doing so, Meralco’s report discusses governance structures and policies,strategies, risk management system, and processes, as well as metrics and targets related to climate change.
In view of Meralco’s continued investment in sustainability as a core part of its business and the growing adoption of the IFRS Sustainability Disclosure Standards, the company undertook its first double materiality assessment in 2024. This made Meralco among the first Filipino companies to evaluate its impact on people and the world, both directly as an organization and indirectly through its supply chains, as well as the risks and opportunities that sustainability topics present for Meralco’s financial performance. Used as frame and outline of the report, the assessment enabled Meralco to identify key sustainability matters, reflecting its clear focus on the value it delivers to its investors, customers, employees, regulators, and communities.
The 2024 Integrated Report also formally introduced Meralco and its subsidiaries as “One Meralco” — presenting a full picture of how the company creates value across its entire operations and integrating these into a single and cohesive narrative.
“We recognize that what matters to our stakeholders goes beyond financial and operational figures. Climate risks, social impact, and governance are now key drivers of value and play an increasingly important role in decision-making,” Meralco First Vice President and Chief Sustainability Officer Raymond B. Ravelo said. “By embedding these into our reporting framework ahead of regulatory timelines, we are preparing Meralco not just for tomorrow’s requirements, but for the challenges and opportunities of the years ahead.”
