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Manila Bulletin devider Business devider SEC, AGCF include SMEs in sustainability campaign

SEC, AGCF include SMEs in sustainability campaign

Published Mar 24, 2024 03:49 pm

The Securities and Exchange Commission (SEC) has launched a nationwide roadshow to promote sustainable practices among small and medium enterprises (SMEs) and large businesses, as it seeks to institutionalize sustainability reporting in the corporate sector.

SEC SMILEES- Cebu.JPG
(From left to right) UNDP’s Mr. Joseph Eijansantos, SEC Commissioner Javey Paul D. Francisco, UNDP Deputy Resident Representative Mr. Edwine Carrie, SEC Cebu Extension Office Director Sheara L. Lupango-Tamayo, Corporate Governance and Finance Department Director Rachel Esther J. Gumtang-Remalante, and Chief Counsel Mara Louise A. Ruiz spearhead the SEC SMILEES Roadshow, introducing sustainability reporting to small, medium and large enterprises, at Bai Hotel in Cebu on March 20.

The SEC kickstarted the SEC Small and Medium Industries and Large Enterprises Embracing Sustainability (SMILEES) Roadshow in Cebu last March 20 in collaboration with the Accelerating Green and Climate Finance (AGCF) Project.

AGCF is a project funded by the Government of Canada and implemented by the United Nations Development Program (UNDP).

After Cebu, the SEC will be bringing the SMILEES Roadshow to Davao and Baguio in June and September, respectively, to be followed by the annual Corporate Governance Forum organized by the SEC together with the Philippine Stock Exchange in November.

Attracting participants from Cebu-based businesses and government agencies, the SMILEES Roadshow seeks to introduce sustainability and sustainability reporting to small and medium industries and large enterprises (SMLEs) and foster awareness, build capacity, develop measuring tools, and establish monitoring schemes to embed sustainability into their business practices.

“Our world is facing complex challenges, from climate change to social inequality, and businesses play a crucial role in addressing these issues,” SEC Commissioner Javey Paul D. Francisco said.

He added that “sustainability reporting is not just about compliance; it is about creating long- term value for businesses, society, and the environment.”

SMEs and large enterprises account for a total of 105,000 business establishments in the country, generating over 5.7 million jobs for Filipinos. Ensuring that such entities adhere to sustainable practices thus plays a crucial role in achieving a more sustainable future.

To date, only publicly listed companies are required to submit sustainability reports to the SEC, as provided under SEC Memorandum Circular No. 4, Series of 2019. The SEC is currently updating the guidelines to reflect the latest developments in global sustainability frameworks.

“Moving forward, we envision a future where sustainability is not just a matter of awareness but a standard practice for all SMLEs. By embracing sustainability practices and introducing sustainability reporting, businesses can enhance their competitiveness, attract investors, and contribute to sustainable development,” Francisco said.

The event also included a panel discussion featuring businesses that have made sustainable solutions a part of their business strategies, including Natures Legacy Eximport Inc., High Leap Shared Services Corporation, and Sheratons Cebu Mactan Resort.

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Javey Paul D. Francisco United Nations Development Programme Securities and Exchange Commission
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