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

Philippine Stock Exchange

Name Philippine Stock Exchange
Country Philippines
Number of listed companies 278
Domestic market capitalization 291473.96 million US$
SSE Partner Exchange Yes
Has annual sustainability report Yes

ESG reporting required as a listing rule Yes

  • In 2019 the Philippines SEC launched a guidance on sustainability reporting and announced a penalty for an “Incomplete Annual Report” for all those companies that do not submit sustainability information together with their annual report on a comply or explain basis.  SEC Announcement.

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:
    Code of Corporate Governance launched in November 2016, drawing from the G20/OECD Principles of Corporate Governance and the ASEAN Corporate Governance Scorecard

Offers ESG related training Yes

  • June 2019: The Philippine Stock Exchange, Inc. (PSE) and the Securities and Exchange Commission (SEC) with support from the Australian DFAT and the GRI held four workshops on sustainable business and reporting on 7, 10, 14 and 17 of June. The workshops were broken into four clusters: consumer and retail industry, financial, oil and mining, and infrastructure.
  • 12 April 2019: SEC-PSE Conference: Building a Sustainable Business Community, organized by The Philippine Stock Exchange, Inc. (PSE) and the Securities and Exchange Commission (SEC) with support from the Australian DFAT and the GRI. Attendees: Publicly Listed Companies
  • 23 October 2018 – 5th annual Corporate Governance Forum “Ushering in the Era of Sustainability and Sustainable Business”. Held by the Securities and Exchange Comimssion (SEC) and the Philippine Stock Exchange (PSE).

Market covered by sustainability-related index No

Has sustainability bond listing segment No

Has SME listing platform Yes

  • SME Board, since 2001.

Women on boards mandatory minimum rule No

Additional information
  • Celebrates the biennial “PSE Bell Awards for Corporate Governance,” recognizing listed companies adhering to the highest standards of corporate governance (Annual Report 2017, pages 42-43).

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: Makati City, Philippines.

  • More about the PSE here.

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.