The Philippine Securities and Exchange Commission (“SEC”) issued Memorandum Circular No. 16, series of 2025 (“SEC MC No. 16-2025”), which took effect on 8 January 2026. It replaces SEC Memorandum Circular No. 4, series of 2019 (“SEC MC No. 4-2019”), which previously governed the sustainability reporting obligations of publicly listed companies (“PLCs”).
Uniform Framework
Unlike SEC MC No. 4-2019 (which allowed reporting companies to prepare sustainability reports based on any internationally recognized framework or standard or a combination thereof), SEC MC No. 16-2025 prescribes the use of PFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and PFRS S2 (Climate-related Disclosures). PFRS S1 and PFRS S2 are based on the International Financial Reporting Standards (IFRS) S1 and S2 issued by the International Sustainability Standards Board.
Read the full bulletin here or download via this link.
This bulletin was prepared by Jose Florante M. Pamfilo, Partner, Head of the Firm’s Sustainability and ESG practice development initiative, and Chairperson of SyCipLaw Responsible Business Committee, with the assistance of Special Counsel Catherina M. Fernandez and Associate Janelle Margret H. Sentina.
For more information about the matters discussed in this bulletin, please contact Jose Florante M. Pamfilo at jfmpamfilo@syciplaw.com.
For more information about SyCipLaw’s Special Projects practice, please contact:
Rose Marie M. King-Dominguez
Senior Partner and Head of the Special Projects Department
rmmking@syciplaw.com
