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MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is moving to require banks to apply the Philippine Financial Reporting Standards (PFRS) in sustainability reporting, in a bid to strengthen market discipline and improve how lenders assess long-term risks and resilience.
Under a draft circular, the central bank proposes amendments to its Manual of Regulations for Banks to mandate the adoption of PFRS S1, which sets general requirements for sustainability-related disclosures, and PFRS S2, which covers climate-related financial reporting.
The Securities and Exchange Commission has already issued its own guidelines adopting the two standards, which are aligned with international rules developed by the International Sustainability Standards Board.
READ: BSP gives small banks relief on new credit exposure reporting rules
