SEC Issues New Green Equity Guidelines

On September 23, 2025, the Securities and Exchange Commission (the "SEC") issued Memorandum Circular No. 13, Series of 2025, or the Guidelines on Philippine Green Equity (the "Green Equity Guidelines"). The Green Equity Guidelines establish a framework for designating listed shares of companies as "Philippine Green Equity," thereby enhancing visibility of enterprises actively engaged in environmentally sustainable activities

The Green Equity Guidelines draw on existing international frameworks such as the World Federation of Exchanges' Green Equity Principles, Nasdaq Green Equity Designation, and the London Stock Exchange's Green Economy Mark. They also build upon local and regional standards, including the ASEAN Taxonomy for Sustainable Finance ("ATSF") and the Philippine Sustainable Finance Taxonomy Guidelines ("SFTG") issued by the Financial Sector Forum.