2022 Business Environment

Climate change and COVID-19 were the top concerns for FPH in 2022. In addition, the group was beset with new challenges from the Russia-Ukraine war which disrupted the economy late in the year and posed a serious global problem by interrupting our economic recovery from the COVID-19 pandemic. As in the other parts of the world, we expect that macroeconomic challenges will continue to affect the country and businesses up to 2023. The risk measures to address some of these external factors are discussed on pages 56-69.

While there are positive developments in addressing climate change, UN data show that these climate actions are still not enough. Thus, FPH embarked on strategic initiatives to amplify actions on decarbonization and regeneration as our modest contribution to move forward on these issues. These are discussed in the section on the progress in our mission on pages 79-83.

Below are the identified positive and negative external factors in 2022 that affected our business strategy and execution. Their impacts on our industry and our business are further discussed. In general, the collective actions taken by the group to navigate the challenges brought about by the negative external factors helped in our steady growth and financial gains across all the FPH business segments.