ESG REPORTING MANDATORY

SEC just raised the bar on sustainability reporting

Under Memorandum Circular No. 22, Series of 2026, the Commission has formally adopted IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures), alongside the latest Philippine Financial Reporting Standards.

This is no longer optional or “best practice.”

For publicly listed companies, large corporations, and entities preparing financial statements under PFRS, climate and sustainability disclosures are now part of the official reporting framework. The phased rollout means the largest firms begin applying these standards from FY2026, with others following through 2028.

Why this matters for compliance right now:

• Boards and management can no longer treat ESG as a separate CSR exercise. Sustainability risks and opportunities must be integrated into financial reporting and governance processes.

• RE developers, project companies, and foreign investors will face increased scrutiny from lenders, offtakers, and equity partners who demand ISSB-aligned disclosures.

• Non-compliance or incomplete disclosures can trigger regulatory findings, reputational risk, and difficulties in raising capital or securing project financing.

• The circular also incorporates related updates (PFRS 18, PFRS 19, and amendments on nature-dependent electricity contracts), tightening the overall financial reporting environment.

For renewable energy, infrastructure, and corporate clients, the practical next steps are clear: gap assessments against S1/S2 requirements, board-level climate governance reviews, and readiness work on data systems and internal controls.

At CGRLAW, we are already helping clients map their current reporting against the new standards and build practical compliance roadmaps.

If your company is listed, preparing for listing, or seeking green finance, now is the time to act—not when the first reporting cycle arrives.

Feel free to message me if you’d like a short checklist or preliminary discussion.

#SEC #SustainabilityReporting #IFRSS1 #IFRSS2 #ESG #ClimateDisclosure #PhilippineCorporateLaw #RenewableEnergy #Compliance #CGRLAW

CGRLAW & Associates Law Offices

Unit 2101 and 2111 Cityland 10 Tower 2, H.V. Dela Costa Street, Salcedo Village, Bel-Air, Mak​ati City 

3F Salcedo One Centre, 170  Salcedo Street, Legaspi Village, Makati City

U302 Capitol Masonic, 35 Matalino Street, Diliman, Quezon City

Tel. No. (+63 2) 8277 7239 

             (+63 2) 8985 4322

              (+63 918) 948 6092 DL Mobile

           (+1 646) 918 1512. DL US

email: claude.requino@cgrlaw.ph

website: www.cgrlaw.ph

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The Philippine digital banking space is heating up — and the competition is only getting sharper with MariBank new entrant

The Philippine digital banking space is heating up — and the competition is only getting sharper with MariBank new entrant

As of July 2026, the Bangko Sentral ng Pilipinas (BSP) has licensed seven digital banks, with a hard cap of 10. That leaves three remaining slots under the current ceiling.

Current players
• Maya Bank
• GoTyme Bank
• Tonik Digital Bank
• UNO Digital Bank
• UnionDigital Bank
• Overseas Filipino Bank (Land Bank’s digital arm)
• MariBank (the newest entrant — converted from a rural bank license and began operating as a full digital bank on 18 July 2026)

MariBank’s approval marks the first of the additional licenses the BSP opened after lifting its earlier moratorium. Three other applications that were submitted before the November 2025 deadline remain under evaluation.

Why the BSP lifted the moratorium
In 2021 the BSP froze new digital bank applications so it could closely monitor the first wave of players. After assessing their financial soundness and contribution to financial inclusion and digital transformation, the Monetary Board decided in 2024 to lift the moratorium effective 1 January 2025. The goal was clear: encourage new business models, level the playing field between incumbents and new entrants, and accelerate the delivery of digital financial services to unserved and underserved Filipinos — while still keeping the total number manageable at a maximum of 10.

The result? A more competitive market. Existing digital banks are already pushing higher deposit rates, faster onboarding, and more innovative products. With MariBank now in the mix and up to three more licenses potentially on the way, customers stand to benefit from even stronger competition on rates, features, and user experience.

The Philippine digital banking story is no longer just about “potential.” It is becoming a genuine competitive arena — and that is good news for consumers, for financial inclusion, and for the broader financial system.

What stage are you now? Want to get ahead? MariBank gets ahead. Slide a DM for advantage.

#DigitalBanking #FinTechPH #BSP #PhilippineBanking #FinancialInclusion #cgrlaw #Maribank

CGRLAW & Associates

Unit 2101 and 2111 Cityland 10 Tower 2, H.V. Dela Costa Street, 

Salcedo Village, Bel-Air, Mak​ati City 

3F Salcedo One Centre, 170  Salcedo Street, 

Legaspi Village, Makati City

U302 Capitol Masonic, 35 Matalino Street, 

Diliman, Quezon City

Tel. No. (+63 2) 8277 7239 

             (+63 2) 8985 4322

              (+63 918) 948 6092 DL Mobile

           (+1 646) 918 1512. DL US

email: claude.requino@cgrlaw.ph

website: www.cgrlaw.ph

This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. You are hereby notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly prohibited and may be violative of Cybercrime Prevention Act.