The document discusses several sustainability initiatives being led or participated in by the Philippine SEC, including co-chairing ASEAN working groups on sustainable finance and being a member of the ICMA Green Bond Advisory Council. It provides details on ASEAN standards and guidelines for green, social, and sustainability bonds. It also outlines the SEC's role in developing an ASEAN Taxonomy for Sustainable Finance and ongoing initiatives like standards for sustainability-linked bonds and responsible funds. Key initiatives include harmonizing standards, developing common definitions and guidelines, and facilitating ASEAN members' transition to sustainable finance.

1. SEC Sustainable Finance
Regulations and Initiatives
Markets and Securities Regulation Department
Philippine SEC
SECURITIES AND EXCHANGE COMMISSION

2. I. Co-chair of the ASEAN Capital Markets
Forum Sustainable Finance Working
Group (ACMF SFWG)
II. Co-chair of the Joint Sustainable Finance
Working Group (JSFWG) of the ACMF
and Working Committee on Capital
Market Development (WC-CMD)
III. Alternate member of the International
Capital Markets Association (ICMA)
Green Bond Advisory Council
ASEAN Sustainability-
Linked Bond Standards
ASEAN Sustainable
and Responsible
Fund Standards
ASEAN
Sustainable
Finance Taxonomy
SEC Sustainability
Reporting
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SEC’s Sustainability Efforts
ASEAN GSS Standards

3. ASEAN Green, Social & Sustainability Standards
*Data as of 30 April 2022
No Fossil Fuel Power
a) ASEAN Issuer/Issue
b) Ineligible Projects
(e.g. No Fossil Fuel Power)
c) Disclosure on website
d) Encourage more frequent
reporting
e) Qualifications for external
reviewers
Additional
Features:
1. Use of Proceeds
2. Framework for
Selection
3. Management of
Proceeds
4. Annual Reporting
SUSTAINABLE
INVESTORS
US$103.4t
Mass
Transit
Resilient
Infra
Sustainable
Water
Renewable
Energy
ASEAN GSS Bonds
US$22.56 billion*
ASEAN
SUSTAINABLE
ISSUERS
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4. I. USE OF PROCEEDS
Green Projects with clear
environmental benefits
Renewable energy
Energy efficiency
Pollution prevention and control
Terrestrial and aquatic biodiversity
conservation
Clean transportation
Sustainable water and waste water
management
Climate change adaptation
Green buildings
The process by which the Issuer
determines how the projects fit
within the eligible Green Project
categories.
II. Process for Project Evaluation
and Selection
Net proceeds must be credited
into a sub-account, moved to a
sub-portfolio
or otherwise tracked by the Issuer.
III. Management
of Proceeds
Issuers must report to investors at
least on an annual basis – which should
include a list of the projects to which
the proceeds have been allocated.
IV. Reporting
ASEAN
Green Bond Standards
No Fossil Fuel Power
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5. ASEAN Social Bonds Standards
 Social Bonds are use of proceeds bonds that raise funds for
new and existing projects with positive social outcomes.
I. Use of Proceeds
II. Process for
Project Evaluation
and Selection
III. Management
of Proceeds
IV. Reporting
Affordable basic infra
Access to essential services
Affordable housing
Employment generation
Food security
Socio-economic advancement and
empowerment
Negative list: projects which involve
activities that pose a negative social
impact related to:
 Alcohol
 Gambling
 Tobacco
 Weaponry
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6. ASEAN Sustainability Bond Standards
Combined application of the
ASEAN GBS and the ASEAN SBS
The Issuer of an ASEAN Sustainability Bond must comply with both the
ASEAN GBS and the ASEAN SBS.The proceeds allocated for the
Project must not be used for Ineligible Projects specified by the ASEAN
GBS (i.e. fossil fuel power generation projects) as well as the ASEAN
SBS (i.e. projects which involve activities that pose a negative social
impact related to alcohol, gambling, tobacco and weaponry).
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7. ASEAN-Labelled GSSB
TOTAL ASEAN-LABELLED GSSB
As of 30 April 2022, the total cumulative issued
ASEAN-labelled Green, Social, and Sustainability
Bonds amounted to US$22.56 billion – of which
US$6.54 billion or 29% were
issued by Philippine companies.
Source:
SHARE OF ASEAN-LABELLED GSSB PER COUNTRY
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8. As of 30 April 2022, the total PH GSS Bond issuances amount to PHP428 Billion
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9. Roadmap for ASEAN Sustainable Capital Markets
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10. ASEAN Taxonomy Board
“We welcomed the initiative that has been jointly
launched by the ASEAN Capital Markets Forum (ACMF),
the ASEAN Insurance Regulators Meeting (AIRM), the
ASEAN Senior Level Committee on Financial Integration
(SLC), and the ASEANWorking Committee on Capital
Market Development (WC-CMD) to develop an ASEAN
Taxonomy for Sustainable Finance (ASEANTaxonomy).The
ASEANTaxonomy will be the overarching guide for all
AMS, complementing their respective national
sustainability initiatives and serving as ASEAN’s common
language for sustainable finance.”
- Joint Statement of the 7th ASEAN Finance Ministers and Central Bank Governors’
Meeting (AFMGM) | 30 March 2021
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The ASEAN Taxonomy for Sustainable Finance is being developed to serve as a
common building block that enables an orderly transition and
fosters sustainable finance adoption by AMS.
ASEAN Insurance
Regulators Meeting
ASEAN Senior Level Committee on
Financial Integration
ASEAN
Working
Committee on
Capital Market
Development
Source:
The ASEAN Taxonomy will be the
overarching guide for all ASEAN
Member States, providing a common
language and complementing their
respective sustainability initiatives
Principle 1
The ASEAN Taxonomy will take into
consideration widely used taxonomies and
other taxonomies of relevance, as appropriate,
and shall be contextualized to facilitate the
orderly transition towards sustainable ASEAN
economies.
Principle 2
The ASEAN Taxonomy
shall be inclusive and
beneficial to all ASEAN
Member States
Principle 3
The ASEAN Taxonomy shall
provide a credible
framework and definitions,
and where appropriate, be
science-based.
Principle 4
The ASEAN Taxonomy will be
aligned with the sustainability
initiatives taken by the capital
market, banking and insurance
sectors, or at least not be in conflict
Principle 5

11. ASEAN Taxonomy: Environmental Objectives & Essential Criteria
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ASEAN’s environmental objectives
apply to all AMS, players in the
financial sector, as well as
business enterprises.
Notwithstanding this, the economic
activities should also be assessed
against the relevant environmental
laws instituted by AMS as a minimum
safeguard to ensure there is no
contravention with local
environmental regulations.

12. ASEAN Sustainability-
Linked Bond Standards
ASEAN Sustainable
and Responsible Fund
Standards
ASEAN Sustainable
Finance Taxonomy
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Other Ongoing
ASEAN Initiatives

13. THANK YOU!
The views and opinions that are expressed in relation to this presentation are only
that of the presenter and do not necessarily reflect those of the Commission, the
Commissioners, or the other staff members.
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