The Securities and Exchange Commission (SEC) has launched a nationwide campaign aimed at fostering sustainable practices within small and medium enterprises (SMEs) and large corporations. Named the SEC Small and Medium Industries and Large Enterprises Embracing Sustainability (SMILEES) Roadshow, this initiative aims to institutionalize sustainability reporting throughout the corporate sector.
The SMILEES Roadshow commenced its journey in Cebu on March 20, 2024, in partnership with the Accelerating Green and Climate Finance (AGCF) Project. Funded by the Government of Canada and implemented by the United Nations Development Program (UNDP), AGCF signifies international collaboration towards sustainable development.
Following its successful launch in Cebu, the SMILEES Roadshow is scheduled to travel to Davao and Baguio in June and September, respectively. The tour will conclude with the annual Corporate Governance Forum, a collaborative effort between the SEC and the Philippine Stock Exchange, set for November.
Promoting Sustainability Across Sectors
With a focus on engaging stakeholders from SMEs, large enterprises, and government agencies, the SMILEES Roadshow aims to introduce sustainability concepts and reporting mechanisms. The initiative seeks to raise awareness, enhance capacity, develop measurement tools, and establish monitoring schemes to embed sustainability into business practices.
Vision for Sustainable Business
Commissioner Javey Paul D. Francisco highlighted the pivotal role of businesses in addressing global challenges such as climate change and social inequality. He emphasized that sustainability reporting is not merely a compliance requirement but a means to create lasting value for businesses, society, and the environment.
A Call for Sustainable Development
Given that SMEs and large enterprises collectively provide over 5.7 million jobs in the Philippines, the need for sustainable practices is paramount. While current regulations mandate sustainability reporting only for publicly listed companies, the SEC is in the process of updating guidelines to align with evolving global sustainability frameworks.
Business Perspectives on Sustainability
The SMILEES Roadshow featured a panel discussion with businesses that have integrated sustainable solutions into their strategies. Participants included Nature's Legacy Eximport Inc., High Leap Shared Services Corporation, and Sheratons Cebu Mactan Resort, offering insights into practical sustainability implementation across various sectors.
Embracing Sustainability for Future Competitiveness
Commissioner Francisco envisions a future where sustainability becomes a standard practice for all SMEs and large enterprises. By embracing sustainability, businesses can enhance their competitiveness, attract investors, and contribute meaningfully to sustainable development goals.
