SUSTAINABILITY REPORTING IN THE PHILIPPINES
Sustainability reporting in the Philippines is becoming increasingly important as businesses and organizations seek to improve their environmental, social, and governance (ESG) performance. The country has made progress in promoting sustainable practices, and several initiatives are in place to encourage companies to disclose their sustainability efforts.
The Securities and Exchange Commission (SEC) issued a memorandum circular in 2020 requiring all publicly listed companies to submit an annual sustainability report starting in 2021. The report should cover the company’s sustainability strategy, policies, practices, and performance in relation to ESG issues.
The Philippine Stock Exchange (PSE) has also launched the Sustainability Disclosure Platform (SDP), which provides a venue for companies to disclose their sustainability-related information. The SDP aims to increase transparency and accountability in reporting, and to provide investors with relevant information to make informed decisions.
In addition, several organizations in the Philippines have developed their sustainability reporting frameworks, such as the Global Reporting Initiative (GRI) and the Sustainability Reporting Standards for Philippine Business (SRSPB) developed by the Philippine Business for Social Progress (PBSP).
Overall, sustainability reporting is gaining momentum in the Philippines, and businesses and organizations are recognizing the importance of incorporating sustainability into their operations and disclosing their efforts to stakeholders.