PFRS S1 & S2: A Tiered Roadmap to Mandatory Sustainability Reporting Sustainability reporting in the Philippines has moved from a voluntary practice to a mandatory one. Under SEC Memorandum Circular No. 16, Series of 2025, the Securities and Exchange Commission has ado... ESG compliance PFRS-S1 PFRS-S2 SEC-MC-16-2025 board governance sustainability assurance sustainability reporting tiered compliance