The Department of Trade and Industry asked countries to harmonize sustainable reporting standards in seeking a balance between environmental and social sustainability.
Trade Secretary Alfredo Pascual said many local companies were using the Global Reporting Initiative for their sustainability reporting.
“But the problem is that there are so many standards. I think there is a need to harmonize the standards. It will be led by the bigger economies, and we are prepared to consider aligning ourselves with a harmonized standard,” Lopez said at a panel discussion during EU Sustainable Investment Summit Friday.
Pascual disclosed the government’s plan to require all companies to submit mandatory reporting of their sustainability plans and compliance.
“Eventually, there will be mandatory requirements for full disclosure, and eventually the disclosure requirement will be extended to all corporations registered with the SEC [Securities and Exchange Commission],” he said. Othel V. Campos
