Discover how Philippine ESG reporting requirements compare with IFRS S1, S2, and TCFD. Learn how GCSS, Inc. helps companies align with global sustainability standards to attract investors and drive growth.

Updated October 2025

The Philippines is no stranger to climate risk. With typhoons, floods, and rising sea levels threatening livelihoods and supply chains, it has become one of the most climate-vulnerable countries in the world. Against this backdrop, sustainability reporting is no longer optional—it is a business imperative.

To guide companies, the Securities and Exchange Commission (SEC) issued Memorandum Circular No. 10, s. 2022, requiring publicly listed companies to submit Sustainability Reports (SuRe Forms). This was the first major step in embedding environmental, social, and governance (ESG) accountability into Philippine corporate governance.

But how do these local requirements compare with global frameworks such as the IFRS S1 (General Sustainability Disclosures), IFRS S2 (Climate-Related Disclosures), and the Task Force on Climate-related Financial Disclosures (TCFD)? And how can Philippine companies ensure their reports stand up to international scrutiny?

That’s where sustainability consultants like GCSS, Inc. come in.

Philippine ESG Reporting Requirements

The SEC framework focuses on sustainability disclosures across four pillars:

• Economic – impact on jobs, innovation, local development
• Environmental – energy use, emissions, water, waste
• Social – labor practices, community engagement, inclusivity
• Governance – board oversight, risk management, ethics
  
  

The goal is to strengthen corporate governance and encourage companies to integrate sustainability, ESG, and net zero strategies into business operations.

While robust for local compliance, SuRe forms lack the granularity and comparability demanded by global investors.

Global Standards: IFRS S1, S2, and TCFD

The International Sustainability Standards Board (ISSB) introduced IFRS S1 and S2 to create a global baseline for sustainability reporting.

• IFRS S1 requires companies to disclose all sustainability-related risks and opportunities that could affect enterprise value
• IFRS S2 zeroes in on climate-related risks and opportunities, closely aligned with the TCFD framework.

Both emphasize:

• Investor-focused disclosures (not just stakeholder reporting)
• Comparability across industries and markets
• Integration with financial reporting
• Climate action and net zero pathways
  
  

This global baseline means Philippine companies must go beyond SuRe compliance if they want access to green financing, foreign investors, and global supply chains.

Where Philippine Companies Stand Today

Many publicly listed companies in the Philippines now file SuRe forms, but few have reached investor-grade ESG reporting. Common challenges include:

• Treating reports as compliance exercises instead of strategic tools
• Lack of standardized data systems for ESG metrics
• Weak board-level governance of sustainability
• Minimal disclosure on climate risks and net zero strategies
  
  

This gap between local compliance and global competitiveness is where consultants provide crucial value.

How Consultants Bridge the Gap

A seasoned sustainability consultant ensures reports satisfy both Philippine SEC requirements and international standards, while aligning with long-term business strategy. At GCSS, Inc., we support companies through:

• Disclosure Mapping – ensuring SuRe forms align with IFRS S1, S2, and TCFD
• Governance Strengthening – helping boards oversee ESG effectively
• Data Systems Design – building reliable ESG measurement frameworks
• Climate Action Strategy – translating disclosures into net zero roadmaps
• Investor Readiness – positioning reports to attract sustainable development financing and global investors

Ensure your reporting meets both SEC and IFRS standards.
Book your call with GCSS, Inc. today

The Bottom Line: Aligning Local and Global for Future Growth

Philippine businesses can no longer stop at SEC compliance. In an interconnected world where investors demand comparable, credible ESG data, alignment with IFRS and TCFD is the key to resilience, reputation, and growth.

With the right consulting partner, sustainability reporting transforms from a regulatory obligation into a strategic asset that opens doors to green financing, strengthens corporate governance, and positions companies as leaders in the global ESG landscape.

Reach out at sales@gcssinc.com to begin your IFRS- and TCFD-aligned ESG journey. Book your discovery call here and talk to our experts today.

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GCSS, Inc. is your partner in bridging Philippine ESG compliance with global investor-grade standards.