SEC, BSP Carve Pathways Toward Sustainable Finance

Government regulators have been putting in place frameworks to encourage key sectors of the economy — such as publicly listed companies, banks and financial institutions — to contribute to the attainment of Sustainable Development Goals (SDGs).

As a member of the United Nations, the Philippines has declared its solidarity with concerted efforts to “end all forms of poverty, fight inequalities and tackle climate change, while ensuring that no one is left behind.” Mitigating climate change that has brought on destructive typhoons is addressed by adopting sustainability programs.

Starting in 2020, the Securities and Exchange Commission (SEC) has required all publicly listed companies (PLCs) to submit an annual sustainability report, following its issuance of Sustainability Reporting Guidelines in 2019. The SEC Chairperson stated that “the responsibility of creating a sustainable environment is an obligation so basic that it precedes any kind of law.”