Companies urged to make children's rights a top priority in business operations as per the recommendations from the SEC and UNICEF.
In the Philippines, many public companies often overlook children's rights in their corporate sustainability and governance strategies. A study conducted by the Securities and Exchange Commission (SEC) and UNICEF, titled "Investing in the Future: Why Do Children Matter in the Public Listed Companies Sustainability Reports," found that over 80 public companies in the Philippines rarely address children's rights explicitly [1][2][3].
The study revealed that around 85% of these companies fail to mention children and pregnant women in their reports on environmental risks and metrics [2][3]. This oversight is further compounded by the absence of regulatory mandates and the lack of explicit inclusion of children and vulnerable groups like pregnant women in environmental risk reporting.
The SEC, committed to reforms that improve transparency, accountability, and responsible business conduct, introduced the Sustainability Reporting Guidelines for Publicly Listed Companies with Memorandum Circular No. 4 [3]. These frameworks encourage governments and businesses to actively respect and uphold children's rights.
To address this issue, several recommendations have been proposed. Companies are urged to integrate children’s rights into core business practices, including due diligence, impact assessments, family-friendly, and child-safeguarding policies [1][2][4]. Investors are advised to prioritise investments in firms demonstrating strong commitment to children’s rights through their policies and sustainability practices [1].
Government agencies are recommended to enhance regulatory frameworks by requiring explicit reporting and compliance related to children’s rights in sustainability disclosures [4]. Development organisations should collaborate with the private sector to build capacity and awareness on children’s rights, support research and baseline studies, and advocate for stronger child rights integration in business [1][3].
UNICEF Philippines Chief of Private Sector Fundraising and Partnerships, Carmen Gonzalez Ortiz, stated that recognising children's rights in corporate sustainability practices benefits both businesses and the government [1]. UNICEF is partnering with the SEC to conduct capacity-building activities for businesses to integrate child rights into their business practices, sustainability agenda, policies, and programs.
The current SEC and UNICEF partnership aims to contribute to the goal of the Philippine Development Plan in promoting responsible business conduct by encouraging companies to integrate children's rights in their sustainable and ethical practices. The Securities and Exchange Commission Corporate Governance and Finance Division encourages companies to adopt strong governance practices, going beyond compliance [3].
The study also ranks the Philippines as the second highest in the East Asia and Pacific Region in terms of climate risk from a child's perspective [5]. With the Philippines holding the highest disaster risk index in the World Risk Index for three consecutive years, it is crucial for companies to prioritise children's rights in their corporate sustainability and governance strategies.
SEC Commissioner Rogelio Quevedo supports this view, stating that the study is a significant step forward in advancing their shared commitment to responsible business conduct and investor protection through child rights-aligned practices [1]. Integrating children's rights into corporate sustainability strategies aligns with global frameworks such as the United Nations Guiding Principles on Business and Human Rights and the Children's Rights and Business Principles developed by UNICEF, Save the Children, and the UN Global Compact.
Publicly listed companies are encouraged to drive transformation by integrating children's rights and business principles into their corporate sustainability strategies. For investors, the study recommends investing in businesses that demonstrate a strong commitment to children's rights. Together, these measures aim to create a "win-win" situation where companies achieve sustainable triple bottom lines while contributing to an equitable and sustainable future for children in the Philippines [1][3][4].
- In the Philippines, the Securities and Exchange Commission (SEC) and UNICEF found that over 80 public companies rarely address children's rights explicitly in their sustainability reports.
- The SEC, concerned with improving transparency and promoting responsible business conduct, introduced the Sustainability Reporting Guidelines for Publicly Listed Companies.
- To create a sustainable future, the recommendations propose that companies integrate children’s rights into core business practices, with investors prioritizing investments in firms demonstrating strong commitment to children’s rights.
- Government agencies should enhance regulatory frameworks by requiring explicit reporting and compliance related to children’s rights in sustainability disclosures, while development organizations should collaborate with the private sector to build capacity and awareness on children’s rights.
