Stock exchanges
Number of listed companies
Domestic market capitalization
million US$

Philippine Stock Exchange

Name Philippine Stock Exchange
Country Philippines
Number of listed companies 288
Domestic market capitalization 259770 million US$
SSE Partner Exchange Yes
Has annual sustainability report Yes

ESG reporting required as a listing rule Yes

  • ESG reporting is not a general requirement for initial and additional listing, but compliance with ESG reporting constitutes a continuing listing requirement for listed companies in the Exchange.
  • In 2019 the Philippines SEC launched a guidance on sustainability reporting and announced a penalty for an “Incomplete Annual Report” provided under SEC Memorandum Circular No. 6, Series of 2005 (Consolidated Scale of Fines). The guidance on Sustainability Reporting for Publicly-Listed Companies can be found here

Has written guidance on ESG reporting Yes

  • The Philippines Securities and Exchange Commission announced in 2019 the requirement of sustainability reporting on a comply or explain basis for all listed companies, together with the publication of a guidance. The guidance is intended to help listed companies assess and manage non-financial performance across economic, environmental and social aspects of their organization and enable listed companies to measure and monitor their contributions towards achieving universal targets of sustainability, such as the UN’s Sustainable Development Goals as well as national policies and programs, such as AmBisyon Natin 2040. The announcement and guidance document can be found here.
  • The sock exchange also offers guidance on corporate governance: through the Code of Corporate Governance of 2016 (SEC Memorandum Circular No. 19, Series of 2016). This Code is based on the G20/OECD Principles of Corporate Governance and the ASEAN Corporate Governance Scorecard.

Offers ESG related training Yes


  • PSE collaborated with Maybank Investment Banking Group (MIBG) for the online webinar entitled “ASEAN ESG Alpha and the Role of PSE in the ESG Narrative” ESG in the Philippines has been gaining traction with both corporates and investors. The PSE partnered with MIBG to bring a spotlight on whether ESG is driving performance of stocks in the ASEAN-6 countries, to what extent, and through which sectors. The event also covered the role of PSE in the ESG narrative and the use of ESG as an important investment tool in today’s evolving business and social landscape.
  • SEC and PSE Collaborated to Create a Platform for Sustainability Discussions. The theme of the 9th SEC-PSE Corporate Governance Forum was “Safe Spaces: Fortifying Corporate Governance and Sustainability in the Philippines”. (source)
  • PSE collaborated with the Climate Change Commission for the Climate Investment Forum 2022: Turning Climate Commitments to Action. The event served as a platform for government leaders to present their national targets on mitigation and adaptation, identify financing requirements, and enjoin stakeholders from the private sector to invest on the country’s priorities on climate action. Other event partners included the Department of Finance, Securities and
    Exchange Commission, United Nations Development Programme, and World Bank Group.
  • Climate Disclosure Training Program for PLCs. The PSE, in partnership with the United Nations Sustainable Stock Exchange, International Finance Corporation and the Carbon Disclosure Project, conducted a training program for publicly listed companies. This training program is a CPD-certified course and was offered free of charge. The objective was to facilitate a multi-stakeholder dialogue on TCFD disclosure and provide an understanding of the importance of climate-related disclosure. (source)


  • SEC and PSE Collaborated to Create a Platform for Sustainability Discussions. The theme of the 8th SEC-PSE Corporate Governance Forum was “Corporate Governance and Sustainability for the Next Normal”.
  • Capacity Building Seminar for PLCs in Partnership w/ AIM. PSE conducted a training for PLCs in partnership with the Asian Institute of Management – Ramon V. Del Rosario, Sr. Center for Corporate Responsibility entitled “Inclusion of Gender in Sustainability Reporting of Publicly-Listed Companies and other Private Companies” to promote and raise awareness on gender inclusion and equality. (source)


  • SEC and PSE Collaborated to Create a Platform for Sustainability Discussions. The theme of the 7th SEC-PSE Corporate Governance Forum was “Business Resiliency and Innovation in a New Normal Era”.


  • SEC and PSE Collaborated to Create a Platform for Sustainability Discussions. The theme of the 6th SEC-PSE Corporate Governance Forum was “Sustainable Businesses: Taking the Lead in Achieving Sustainable Development Goals”.
  • SEC-PSE Sustainability Writing Workshop PSE and SEC, in partnership with the Australia’s Department of Foreign Affairs and Trade (DFAT) through the Global Reporting Initiative (GRI), conducted a workshop series on Sustainable Business and Reporting. (source)


  • SEC and PSE Collaborated to Create a Platform for Sustainability Discussions. The 5th SEC-PSE CG Forum became the first sustainability-themed CG forum. The SEC and the PSE annually hosts the Corporate Governance Forum, to provide a platform for the government and the private sector to discuss relevant trends and updates in corporate governance and sustainability. (source)

See the full list of ESG milestones here

Market covered by sustainability-related index No

Has sustainability bond listing segment No

Has SME listing platform Yes

Women on boards mandatory minimum rule No

Currently, there are no rules that require a minimum number of women in the boardroom. We note, however, that Recommendation 1.4 of SEC Memorandum Circular No. 19 Code of Corporate Governance for Publicly Listed Companies provides that “The Board should have a policy on board diversity.” (p.7)

Additional information
  • The Philippine Stock Exchange, Inc. recognizes its pivotal role in driving sustainability in the capital market. As a self-regulatory organization and as a listed company, we are committed to furthering the advancement of sustainable
    finance and developing short, medium, and long term projects to champion corporate sustainability and boost multi-stakeholder relations. The ESG Milestones of PSE can be found here.
  • Bell Ringing for Gender Equality PSE annually participates in the worldwide UN-initiated event “Ring the Bell for
    Gender Equality”. The Ring the Bell for Gender Equality program is organized by the World Federation of Exchanges, Sustainable Stock Exchanges Initiative, UN Global Compact, UN Women, and International Finance Corporation. This annual event continues to this day. (source)

Organizational model of stock exchange
Limited Exchange Self-Regulatory Organization (SRO) Model.

  • Regulates listed companies through its Listing and Disclosure Rules, and Trading Participants (securities brokers) through its Revised Trading Rules and Rules Governing Trading Rights and Trading Participants and through its independent surveillance, investigation and audit arm, Capital Markets Integrity Corporation (CMIC), which enforces the CMIC Rules.

Regulatory bodies

Regulatory model
Limited Exchange Self-Regulatory Organization (SRO) Model .

  • Regulates listed companies through its Listing and Disclosure Rules, and trading participants (securities brokers) through its Rules Governing Trading Rights and Trading Participants and through its surveillance and audit arm Capital Markets Integrity Corporation (CMIC) and CMIC Rules.

About the stock exchange
Location: PSE Tower, 5th Avenue corner 28th Street, Bonifacio Global City, Taguig City, 1634 Philippines

Website Links:

Criteria for Stock Exchange Database

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.


Criteria Considered

Country Country of primary residence or registration
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include:

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.