Supporting the SEC’s Shift to Standardized Climate and ESG Disclosures

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The Philippine Securities and Exchange Commission (SEC) has released a draft memorandum circular proposing the adoption of Philippine Financial Reporting Standards (PFRS) for Sustainability Disclosures, aligned with international frameworks IFRS S1 and S2.

This move represents a critical step toward creating a consistent and locally grounded framework for sustainability reporting across all sectors. The proposed guidelines introduce a phased implementation beginning in 2026, with reporting requirements starting for large publicly listed companies and extending to large non-listed entities in later stages.

Once adopted, these standards will help ensure that climate- and ESG-related data is disclosed in a way that is comparable, decision-useful, and aligned with both national development goals and international expectations.

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Building the Digital Infrastructure for Climate Reporting

To help enable this transition, Komunidad partnered with the SEC to co-develop the Sustainability Reporting (SuRe) Platform, a national web-based system for submitting, reviewing, and managing sustainability reports.

Launched in 2024 and set to go live soon, the SuRe Platform is aligned with the draft guidelines and designed to support both companies and regulators. It offers:

• Structured digital forms based on PFRS and IFRS
  
  
• Secure company portals for submitting and tracking reports
  
  
• Regulatory dashboards for the SEC to review and validate disclosures
  
  
• Scalable infrastructure to support phased compliance and national implementation
  
  

The platform is built to reduce the burden of reporting, promote transparency, and support informed decision-making at every level of the sustainability ecosystem.

Why This Matters

The standardization of sustainability reporting brings multiple long-term benefits:

• Companies are encouraged to treat climate disclosures as a core responsibility
  
  
• Regulators gain better visibility into progress and gaps in ESG performance
  
  
• The country strengthens its position to access green finance and meet international commitments
  
  

The proposed framework also supports the broader shift toward a data-informed approach to managing climate risk, aligning financial disclosures with environmental realities.

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Public Consultation Is Now Open

The SEC is inviting comments on the draft circular until August 15, 2025. Stakeholders across the public and private sectors are encouraged to participate and provide feedback to help shape a reporting system that is both effective and practical.

📝 Submit your feedback here:
https://forms.gle/ArwkTBaTCR9VYaZb6

📄 Read the full draft circular:
https://www.sec.gov.ph/notices/request-for-comments-on-the-draft-memorandum-circular-on-the-adoption-of-philippine-financial-reporting-standards-pfrs-on-sustainability-disclosures-and-issuance-of-reporting-guidelines-for-publicly

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Komunidad’s Commitment

At Komunidad, we see sustainability reporting as more than a regulatory requirement. It is a tool for resilience, accountability, and systems change.

We are proud to support the SEC in laying the groundwork for a future where climate and ESG data is not only disclosed but used to drive better outcomes. The SuRe Platform reflects our ongoing commitment to building climate intelligence systems that are practical, inclusive, and future-ready.

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