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Climate change is reshaping how companies do business

Ccompanies exposed to higher climate change risks are deliberately reducing their reliance on a small number of major customers. Instead, they are spreading sales across a broader customer base as a way of managing risk.

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Climate change is not only disrupting supply chains and asset values, it is also quietly reshaping companies’ choice of business partners.

New research based on nearly two decades of data from thousands of US-listed firms shows that companies exposed to higher climate change risks are deliberately reducing their reliance on a small number of major customers. Instead, they are spreading sales across a broader customer base as a way of managing risk.

The study, published in Business Strategy and the Environment, finds clear evidence that climate risk is driving this strategic shift, rather than simply coinciding with it. Firms facing greater exposure to extreme weather, climate-related disruption, or regulatory transition risk are less likely to concentrate revenue among a handful of large buyers.

Amplifying shocks

Authors Dr Eric Boahen, Dr Cuong Nguyen and Thi Thuy Trang Nguyen found this behaviour is particularly pronounced among firms with strong corporate social responsibility performance, higher levels of innovation, and heavy investment in physical assets such as plants and infrastructure. These firms appear to recognise that customer concentration can amplify climate shocks.

“What this evidence shows is that climate risk is no longer abstract or future-facing. It is shaping everyday business decisions in the here and now,” said Dr Boahen, Cluster Lead for Accounting, Finance and Economics at the University of East London.

“Boards and executives are not just thinking about emissions or disclosure. They are quietly rethinking who they depend on for revenue. When climate shocks can hit firms and their biggest customers at the same time, relying too heavily on a small number of clients becomes a strategic vulnerability.”

The research draws on real-world behaviour observed across almost 4,800 firms over a 17-year period.

Why it matters

For investors and lenders, the study highlights customer concentration as a potential blind spot in climate risk assessment. Companies with diversified customer bases may be better insulated against earnings volatility, financing stress, and supply-chain disruption.

For boards and regulators, the findings point to customer structure as a governance issue. Persistently high customer concentration in climate-exposed regions may signal weaknesses in risk management.

“Climate resilience is not just about where assets are located or how much carbon a firm emits,” Dr Boahen said. “It is also about how exposed a company is through its commercial relationships. Customer concentration is now a climate issue, whether companies label it that way or not.”

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Toyota PH supports Tamaraw conservation in Mindoro, donates PHP3 million

The PHP 3-million conservation fund will support key TCP initiatives, including habitat monitoring and scientific research, capacity-building programs for Barangay and Indigenous Peoples (IP) volunteers, Communication, Education, and Public Awareness (CEPA) activities, and the enhancement of the Tamaraw Research and Conservation Center.

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Toyota Motor Philippines Corporation (TMP), through its social and humanitarian arm, Toyota Motor Philippines Foundation (TMP Foundation), donates PHP 3 million to the Department of Environment and Natural Resources’ (DENR) Tamaraw Conservation Program (TCP) to support the continued conservation and protection of the critically endangered Tamaraw (Bubalus mindorensis) on Mindoro Island.

The partnership was formalized through the signing of a Memorandum of Agreement (MOA) between TMP Foundation, the Department of Environment and Natural Resources-Tamaraw Conservation Program Office (DENR-TCPO), and the Mindoro Biodiversity Conservation Foundation Inc. (MBCFI) during the 2026 Tamaraw Fiesta in Calintaan, Occidental Mindoro, held in celebration of the annual “Special Month for the Conservation and Protection of Tamaraw in Mindoro.”

The PHP 3-million conservation fund will support key TCP initiatives, including habitat monitoring and scientific research, capacity-building programs for Barangay and Indigenous Peoples (IP) volunteers, Communication, Education, and Public Awareness (CEPA) activities, and the enhancement of the Tamaraw Research and Conservation Center. A significant portion of the donation will be used to equip the facility with research and monitoring equipment that will strengthen conservation efforts and support the long-term protection of the species.

The donation builds on the partnership established through a Memorandum of Understanding (MOU) signed by the DENR and TMP Foundation, coinciding with the launch of Next Generation Tamaraw in December 2024. Since then, TMP has supported the TCP through various initiatives aimed at strengthening on-the-ground conservation efforts.

In 2025, TMP donated a Tamaraw utility vehicle to support TCP’s mobility requirements and field operations on Mindoro Island, along with PHP500,000 worth of ‘Bantay Tamaraw’ kits to equip rangers in conducting patrol, monitoring, and protection activities in known Tamaraw habitats.

As the namesake of Toyota’s iconic utility vehicle, the Tamaraw holds a special significance for the company. As TMP approaches its three-millionth cumulative vehicle sales milestone, its continued support for Tamaraw conservation reflects the company’s commitment to giving back to society and communities that have supported its growth over the past 38 years.

Moreover, the partnership underscores Toyota’s broader commitment under the Toyota Environmental Challenge 2050 (TEC 2050), particularly to the challenge of ‘Establishing a Society in Harmony with Nature’ through biodiversity conservation and nature positive initiatives.

The support comes as the TCP reports continued gains in population recovery. The 2026 Annual Tamaraw Population Count records 425 Tamaraws in Mounts Iglit-Baco Natural Park, up from 380 in 2025. The DENR attributes the increase to sustained conservation measures, including habitat protection, scientific monitoring, law enforcement, and community participation.

As conservation efforts continue to deliver positive results, TMP and TMP Foundation remain committed to supporting initiatives that contribute to the protection of the Tamaraw.

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Manulife expands financial literacy, clean water programs in PH

The latest initiatives include the expansion of Peso Smart, Manulife Philippines’ flagship financial literacy program for public school students, and the launch of MGS’ three-year partnership with Waves for Water Philippines, which aims to improve access to clean water, sanitation, and hygiene in underserved communities.

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Manulife Philippines, the local arm of leading international financial services firm Manulife, and Manulife Global Solutions (MGS), the company’s global solutions hub serving customers and colleagues across international markets, are advancing their commitment to supporting financial resilience and prioritizing health and well-being through expanded community investment initiatives focused on financial literacy and access to safe water.

The latest initiatives include the expansion of Peso Smart, Manulife Philippines’ flagship financial literacy program for public school students, and the launch of MGS’ three-year partnership with Waves for Water Philippines, which aims to improve access to clean water, sanitation, and hygiene in underserved communities.

Supporting financial resilience at an early age with Manulife Peso Smart

For School Year 2026-2027, Peso Smart has expanded to 26 public schools nationwide, broadening the program’s reach with a target of educating 2,700 learners within the school communities. Designed to help Filipinos build practical money management skills, the program introduces concepts such as budgeting, saving, responsible spending, and goal setting through engaging and age-appropriate learning activities.

“Financial resilience is one of the foundations of a longer and more secure life,” said Rahul Hora, President and Chief Executive Officer, Manulife Philippines. “Through Peso Smart, we’re helping young Filipinos build the knowledge, confidence, and habits to make informed financial decisions early. As we expand to more public schools and farm schools in Negros Occidental, bringing practical life skills to more learners in ways that can shape their opportunities and well-being for years to come.”

Beginning August 2026, Peso Smart was also introduced in three farm schools in Negros Occidental through a partnership among Manulife Philippines, the Schools Division Office of Negros Occidental, and the Corazon Sanchez Atayde Memorial Foundation (CSAMF). The pilot schools are Cansilayan Farm School in Murcia, Manghanoy Farm School in La Castellana, and Eva J. Montilla Farm School in Cauayan, extending the program’s reach to learners in agricultural communities and helping make financial education more accessible to diverse student populations.

Building on the program’s growing momentum, Manulife Philippines used this year’s launch to recognize its top-performing Peso Smart schools from School Year 2025-2026: Ilugin Elementary School in Pasig City, Guadalupe Elementary School in Cebu City, and Cabantian Elementary School in Davao City—each awarded with laptop computers for advancing financial literacy among students and teachers.

Prioritizing health and well-being with access to clean water and sanitation

MGS’ (formerly known as Manulife Business Processing Services), newly launched partnership with Waves for Water Philippines kicked off in July through a series of community activities in Barangays San Rafael in Rodriguez, Rizal, Maly in San Mateo, Rizal, and Bankal in Lapu-Lapu City, Cebu. 

The partnership launches a three-year Water, Sanitation, and Hygiene (WaSH) program to improve access to safe water and promote healthier living in vulnerable communities. Over three years, Manulife and Waves for Water Philippines aim to deliver at least 450 water filtration kits, six rainwater catchment facilities, 26 water-efficient toilets with septic tanks, 60 standalone handwashing stations, along with hygiene promotion, river rehabilitation, and environmental stewardship initiatives—collectively benefiting more than 20,000 Filipinos.

“Good health starts with access to life’s essentials, and clean water is among the most fundamental,” said Mark Woolfrey, Head of Global Shared Services, Manulife Global Solutions. “Through our partnership with Waves for Water Philippines, we’re helping communities address critical water challenges while supporting healthier and more resilient futures. This collaboration reflects Manulife’s commitment to advancing health and wellbeing through practical, community-based solutions that create lasting impact.”

The program’s initial phase has delivered 184 water filtration kits and three rainwater catchment facilities to more than 1,400 households—including the Dumagat indigenous community in Rizal, families in Cebu, and those relying on improvised water systems in vulnerable areas.

The launch events also gave communities practical training to support long-term use of the systems. Beneficiaries joined sanitation and hygiene orientations, filtration demonstrations, and hands-on assembly with Manulife colleague-volunteers, learning how to operate and maintain the systems while reinforcing the importance of safe water.

Patrick Manuel, Country Director, Waves for Water Philippines shared: “Manulife has been an invaluable partner in helping us push Waves for Water’s mission forward. Our work also aligns closely with Manulife’s vision of longevity: helping people live longer, healthier, and more financially secure lives.”

The initiatives support the objectives of the Manulife Longevity Institute, which brings together research, thought leadership, innovation, advocacy, and community partnerships, to drive action to help people live longer, healthier, and more financially secure lives. 

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2GO mobilizes volunteers, supports nationwide coastal cleanup with logistics and supplies

As part of the annual global initiative, 2GO teams participated in coastal cleanup activities across Cagayan de Oro, Zamboanga, Davao, Cebu, and Manila, helping remove waste from shorelines and supporting efforts to keep coastal communities clean.

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Reinforcing its commitment to environmental stewardship and cleaner coastal communities, 2GO Group, Inc. mobilized 149 employee-volunteers across key coastal locations nationwide for this year’s International Coastal Cleanup (ICC), in partnership with SM Cares.

As part of the annual global initiative, 2GO teams participated in coastal cleanup activities across Cagayan de Oro, Zamboanga, Davao, Cebu, and Manila, helping remove waste from shorelines and supporting efforts to keep coastal communities clean.

In Manila, 2GO volunteers collected a total of 207 kilograms of waste from the cleanup sites. 2GO estimates that the 149 volunteers diverted approximately 768 kilograms of coastal waste across all participating locations.

Beyond volunteer participation, 2GO has continued to strengthen its support for the ICC through material donations and logistics services. Since establishing its partnership with SM Cares for the ICC in 2023, the company has expanded its support to help equip volunteers and facilitate the movement of essential cleanup resources.

Supporting cleanup efforts through people, supplies, and logistics

For this year’s nationwide cleanup, 2GO donated protective gloves for volunteers, building on its previous contributions of cleanup sacks in 2024 and 2025.

The company also provided end-to-end transportation and logistics support for the delivery of heavy-duty weighing scales to cleanup sites nationwide. Building on logistical support initiated in 2025, the service helped ensure that collected waste could be accurately weighed and documented across participating sites.

By combining the dedication of its employee-volunteers with targeted material support and logistics solutions, 2GO helps drive collective action toward cleaner coastal environments and healthier communities across the country.

As a transportation and logistics company serving communities across the Philippine archipelago, 2GO recognizes the importance of supporting the communities and coastal environments connected by its network. Its continued participation in the ICC reflects 2GO’s commitment to contributing its people, resources, and capabilities to environmental initiatives across the country.

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