Philippines steps towards ISSB alignment
The Philippine Securities and Exchange Commission (SEC) has released a draft circular for consultation on adopting the new Philippine Financial Reporting Standards (PFRS) S1 and S2 on sustainability disclosures, modelled on the International Sustainability Standards Board’s (ISSB) IFRS S1 and S2.
The draft Sustainability Reporting Guidelines and Roadmap would apply to both publicly listed companies and large non-listed entities, with phased adoption based on size. Larger listed firms would begin using the new standards for FY2026, with other companies following through to FY2028. Mandatory limited assurance on Scope 1 and 2 greenhouse gas emissions would be introduced two years after implementation.
The roadmap also includes transition reliefs, such as delayed Scope 3 reporting and comparative disclosures, as well as exemptions for subsidiaries covered by parent company reports. The aim is to build capacity while aligning the Philippines with international best practice and investor expectations.
Stakeholders can comment on the draft guidelines until 15 August 2025.
Read about it and comment here.
