Integrating ESG principles into our business operations generates value for our various stakeholders. Our investments in the six capitals, as discussed in the previous sections, have yielded both direct and indirect benefits to our stakeholders and to the company. In 2024, the following are the values we believe we created for our stakeholders, as well as the value we have received.

Expenses and Investments per Capital

Trends in the data for amount spent per capital are driven by the power generation business due to its scale as compared to the other portfolio businesses. In 2024, there is a considerable increase in the amount invested in Manufactured Capital, driven by the acquisition of Casecnan, and the growth projects and maintenance projects of EDC. Expenses and investments in Natural Capital remained similar as that in 2023. Under Human Capital, considerable investments were made by First Balfour and Asian Eye for the compensation and benefits, skills training, and well-being programs for its employees. With Intellectual Capital, there are significantly less expenses in 2024 primarily due to the fact that in 2023, there was a significant one-time expense on permits related to rights of use assets for First Gen’s LNG terminal. But across all subsidiaries, there were increased investments related to cybersecurity activities. And finally under Social Capital, there has been an increase in expenses related to taxes following the full operation of the LNG terminal.