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Survey Report

Climate-related or TCFD disclosures: How are Philippine companies faring?

WTW Philippines Climate or TCFD Disclosure Pulse Survey 2021

June 27, 2022

We assess readiness of Philippine firms, including publicly held ones mandated to start sustainability reporting, to disclose under the Task Force on Climate-related Financial Disclosures (TCFD) framework.

Building on our long-standing survey and benchmarking expertise, the Climate and Resilience Hub works closely with corporates, financial institutions, regulators and other stakeholders around the world to provide practical insights into a rapidly evolving policy landscape and emerging practice on climate-related issues.

As part of this, the Climate Disclosure Pulse Survey examines how Philippine companies currently align with the TCFD recommendations, which are grouped into four thematic areas representing core elements of how organizations operate—governance, strategy, risk management, and metrics and targets. The TCFD is a globally accepted climate change action and reporting framework serving as a basis for the Philippines Securities and Exchange Commission’s 2019 Sustainability Reporting Guidelines for Publicly Listed Companies.

The survey was conducted online from July to October of 2021. Seventy-nine percent of respondents are companies listed on the Philippine Stock Exchange. More than half of the companies surveyed have revenues of up to ₱50 billion while some are in between ₱50 billion and ₱250 billion or above ₱250 billion. Companies that participated received a more detailed report allowing benchmarking of responses.

Survey highlights

So how are Philippine companies doing? Some of the most notable findings from responses to the survey include:

A majority of firms are either preparing their TCFD reports or are actively discussing climate disclosures internally.

Most companies consider climate change under their sustainability agenda but some have begun to treat climate change as a strategic issue.

A majority of companies currently have no plans of incentivizing their executives to meet climate-related performance targets.

The most common challenge in completing climate disclosures is a shortage of companies’ in-house capability on climate risks.

Download the full report to explore the survey results in more detail.

Title File Type File Size
WTW Philippines Climate Disclosure Report 2021 PDF 6.6 MB

Marian Albano
Lead Associate, Climate and Resilience Hub
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