SGV signed a Memorandum of Understanding (MOU) with the Makati Business Club (MBC) on 7 March 2023 to be part of the "State of Philippine Sustainability Reporting Implementation" project. The MOU was signed by SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) and Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV) with MBC Programs and Projects Senior Director Maria Roxanne Lu. The project's goal is to comprehend and evaluate how Publicly Listed Companies (PLCs) in the Philippines are now handling their environmental, social, and governance (ESG) reporting.
Wilson (left) and Benjamin (bottom right) with MBC Programs and Projects Senior Director Maria Roxanne Lu during the MOU signing
Wilson opened the event by outlining the government and industry sustainability activities pushed by climate change. He said that ESG has become more important to business strategy because of growing regulation, investor pressure, and shifting consumer behavior. He also underlined the necessity of locally adopting the original set of Sustainability Disclosure Standards of the International Sustainability Standards Board (ISSB) to facilitate better transparency and comparability in ESG disclosures.
MBC Project Lead Jesi Blantucas presenting a project overview
MBC's Project Lead for the Philippines Sustainability Action Project Jesi Blantucas presented a project overview and timeline on how companies implement sustainability reporting and the context of Beyond the Bottom Line results. She said that MBC and SGV should be able to uncover insights, highlight challenges and opportunities, and provide recommendations as a result of the Project.
MBC Chairman Edgar O. Chua and SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) hold up the signed MOU
MBC Chairman Edgar O. Chua thanked SGV for its work in reviewing the sustainability reports of PLCs in the Philippines. He also thanked the Philippine Sustainability Action Project's founding organization, the Center for International Private Enterprise (CIPE). CIPE Philippines Country Director Ryan Evangelista commended MBC and SGV for working together to promote corporate ethics and sustainability reporting in the private sector.
Representatives from SGV, MBC, and CIPE
Benjamin delivered the closing remarks. He described the planned activities under the MOU as a great opportunity for collaboration and shared visions to strengthen corporate leaders' grasp of sustainability. He also expressed his appreciation to the affiliate organizations and his unwavering support for the partnership.