EDC explored new sources of financing relative to the support for renewable energy investments. We secured fixed-rate, medium- to long-term debt, and equity financing for our growth projects including other capital expenditure projects, and refinancing for our bullet maturities.
We likewise explored business expansion opportunities with the retail competition and open access as well as a green energy option program to widen the market base for contracting and other ancillary services.
Engagement with the suppliers is also done to improve the technology and processes while decreasing the input costs. Moreover, EDC took further steps to future-proof the Company which include ensuring business interruption and connecting with our stakeholders better.
As we are passionate about CSR, we empower our stakeholders to become agents of change and development in their communities. In 2021, our local spend comprised 70% of our total purchases. In providing clean and reliable energy to our customers, we are able to boost their productivity and engagement in economic activities
EDC also pursued initiatives and investments in education, enterprise development, biodiversity conservation, watershed management, and environmental management. As our business depends on the stability of the environment, we likewise invested in ecosystem services to manage the watersheds in our project sites, as we provide royalty payments for host communities where our power projects are located.
Stakeholder surveys are conducted to evaluate our performance and monitor key CSR performance indicators to allow us to assess the effectiveness of our initiatives and their contributions to long-term inclusive growth and self-reliance in our partner communities.
In contracting, EDC bridged capacity through replacement in power contracting and long-term projects, with higher rates based on the market outlook. We also explored hedging activities and regular monitoring of Interest rates and FOREX risks, along with other economic indicators, and we ensured no loan defaults, regular attendance to bank economic briefings, and constant communication with banks.
Since sourcing funds in the midst of the pandemic is challenging, we managed this by nurturing banking and investor relationships through transparency and good communication. We also forged collaborations with external partners and with the right customers which include those who lean more towards environmental, social, and governance investments.
EDC also contributes to the local economy by prioritizing locally-based suppliers and working closely with our community organizations and cooperatives.
Future-Proofing Nature and Society: ASEAN Green Bonds In June 2021, amid the ongoing pandemic and the urgent need for action on the climate crisis, the Securities and Exchange Commission (SEC) approved EDC’s PHP 15-billion Association of Southeast Asian Nations (ASEAN)
Empowering our stakeholders and the future We empower our stakeholders to become agents of change and development in their communities. EDC contributes to the local economy by prioritizing locally-based suppliers and working closely with our community organizations and cooperatives. In
Financial Management Strategies We optimized capital allocation of all funds for operational and capital expenses while maintaining stable target selling prices and annual revenues. In ensuring the financial and non-financial returns of our investors, we enforced sound financial management strategies
Financial and Operational Highlights In 2021, the EDC consolidated revenue increased by 12.6 percent or PHP 4,751.6 million to PHP 42,368.4 million, from PHP 37,616.8 million in 2020. We attribute this to higher wholesale electricity spot market (WESM) prices. We
How the Financial Department Digitized during the Pandemic For the Payables & Attest Accounting Department (PAAD) and the Site Accounting Team, processing payments before the pandemic were usually done upon receipt of the hard copy of the documents from vendors.