A recent highlight includes 23 new whale sharks (Rhincodon typus) that were photo identified in Donsol, Sorsogon, bringing the total to 491 in this part of the country.
The Philippines is signatory to the Paris agreement on Climate Change and with its NDCs intends to reduce its GHG emissions by 70%
Climate Change Act
With the national Climate Change Act of 2009 the government established its Climate Change Commission and National Framework Strategy on Climate Change
Post disaster financing
The country aims to improve financing for post-disaster emergency response, recover and reconstruction needs to local and national government
The country is signatory to the Convention on Biological Diversity
The Philippine Biodiversity Strategy and Action Plan (2015-2028) identifies PhP 4-5 Billion in financing needs
Capital Markets Forum
The country is member of the ASEAN Capital Markets Forum
As well as member of Coalition of Finance Ministers committed to implement the Helsinki Principles
The Central Bank (BSP) has published a draft circular on ESG integration by banks in 2019
The SEC guidlines (MC2019-4) require Publicy Listed Companies to submit sustainability reports starting 2020
- Climate Change
- Sustainable Finance
Success Stories of Philippines
Central Bank issued a draft circular on ESG integration for comments. The circular expects banks to integrate (ESG), and sustainability principles in their strategic direction, as well as in their corporate governance and risk management frameworks; conduct scenario analysis and stress testing of its business exposures to assess their vulnerabilities over several ESG scenarios and to disclose their sustainability agenda in their annual reports, including risk appetites in the ESG field.
WWF provided input to SEC's Memo Circular (2019-4) requiring Publicly Listed Companies (PLCs) to submit sustainability reports under a comply or explain basis starting 2020.
WWF engages commercial banks on climate risk mapping and stress testing of their mortgaged assets. An e-learning training portal is under development as a knowledge hub for bankers on sustainability.