November 22, 2022 Tuesday
MANILA, 22 November 2022 – Commissioner Mcjill Bryant Fernandez of the Securities and Exchange Commission (SEC) led the discussion on Sustainability Reporting Guidelines for Publicly Listed Companies in one of the sessions of the Climate Investment Forum (CIF) 2022 on 21 November.
Sustainability reporting is a mechanism for a business entity to disclose and communicate its economic, environmental and social impacts to society.
“The Sustainability Report measures and monitors PLCs’ contributions toward achieving universal targets of sustainability, such as the United Nations Sustainable Development Goals, as well as national policies and programs, such as AmBisyon Natin 2040,” said Fernandez. "At the core of the regulatory guidelines is a recognition that not all companies are at the same level in their sustainability, thus we are embarking on continuing capacity building for our stakeholders," he added.
Commissioner Fernandez was joined by Ms. Liza Silerio, Vice President for Corporate Compliance of SM Prime Holdings Inc. (SMPH); Agnes De Jesus, Chief Sustainability Officer of the First Philippine Holdings Corporation (FPHC); Dr. Allinnettes Adigue, Regional Head of Global Reporting Initiative-ASEAN; and by Atty. Roel Refran, Chief Operating Officer of the Philippine Stock Exchange, as session moderator.
Agnes De Jesus of the FPHC gave a grim picture of the impact of Typhoon Yolanda in 2013 on their business. She shared how strategizing their mission among its business segments contributes in creating values for their stakeholders and business.
Maintaining nature’s integrity, people’s well-being, and robust economy are the values for their stakeholders, while stable revenues and growth are for the business.
“We are able to contribute to the low carbon economy and reduce our risks. Because we have mainstreamed sustainability in our mission, we are able to deliver robust data in our sustainability report,” continued De Jesus. "We look to our regulators to be a repository of tools that will be used by all including agencies and local governments," she remarked.
Liza Silerio of SMPH highlighted the integral role of private sector to economic development and embracing climate resilience as one of its core business strategies, and cited as an example their malls built with flood management measures and water catchments, using science-based solutions.
“Sustainability and climate programs are centered on environment, social inclusion and governance plus disaster resilience,” Silerio said.
Refran highlighted the lessons to be learned in terms of measuring impacts from various ESG methodologies, and looking far ahead to a sustainable future. "When you look at sustainability as a narrative, it cannot be just a short-sighted view. You must answer the question- will you still be here a hundred years from now? If you can answer that in the affirmative, you probably have the right knowledge on how to be a sustainable business."
The Climate Investment Forum (CIF) 2022 is part of the commemoration of the 15th Global Warming and Climate Change Consciousness Week (CCC Week).
With the theme “Sama-samang Tumutugon sa Hamon ng Nagbabagong Klima,” CCC Week 2022 draws together various climate change and environment stakeholders in the Philippines in a collective push towards transforming climate change commitments into action towards a climate-smart and climate-resilient Philippines by 2050.
Pursuant to Presidential Proclamation 1667 s. 2008, the CCC spearheads the annual observance of the Global Warming and Climate Change Consciousness Week every November 19th to 25th, aimed at raising consciousness on addressing the impacts of the changing climate.
For more information about the CIF, visit the social media accounts of the CCC using @CCCPhl or visit its website at https://climate.gov.ph.