Local adoption of IFRS S1 / S2 (ISSB Standards)
The Philippine Sustainability Reporting Committee published an adoption roadmap in December 2023, and the Board of Accountancy adopted PFRS S1 and S2 in March 2024; SEC and PSE are running readiness work, with a regulator memorandum circular pending to confirm mandatory dates phased from FY2026 to FY2028.
- Enforcement
- Voluntary or under development
- Effective date
- Not yet specified. Proposed mandatory implementation for SEC-regulated companies: Tier 1 (large cap, market cap above PHP 50bn) from FY beginning on or after 1 January 2026; Tier 2 (mid cap, PHP 3bn to PHP 50bn) from 1 January 2027; Tier 3 (small cap and large non-listed companies with annual revenue above PHP 15bn) from 1 January 2028. Government corporations classified as Commercial Public Sector Entities and IC-regulated entities to follow separate guidelines. Early application permitted
- Covered entities
- Proposed: all publicly listed entities and large non-listed entities regulated by SEC (including banks and entities primarily regulated by Bangko Sentral ng Pilipinas or the Insurance Commission), Commercial Public Sector government corporations, and other entities as later determined. Large non-listed subsidiaries may be exempted if their parent already files in the Philippines