SEC, IFC sign deal for flagship climate initiative

The Securities and Exchange Commission (SEC) and the International Finance Corporation (IFC) have formalized a cooperation agreement to support the 30by30 Zero Philippines Program, aimed at accelerating sustainable finance in the country.

Under the pact, both the SEC and the IFC will undertake capacity-building initiatives for thematic bond issuers, investors, and domestic external reviewers.

Further, they will also conduct a stocktaking survey on the Philippine Thematic Capital Market, and explore other potential areas for collaboration.

Representing the SEC and the IFC at the ceremonial signing held on 21 January were Commissioner McJill Bryant Fernandez and Regional Manager for East Asia and the Pacific Christina Ongoma, respectively.

In his remarks, Commissioner Fernandez highlighted the importance of this partnership in the context of the Philippines’ urgent climate challenges.

"The Philippines faces the immense challenge of mitigating climate change while ensuring inclusive and sustainable economic growth…Through this partnership, we aim to channel long-term funding into climate-focused initiatives that prioritize both people and the planet,” he said.

For her part, IFC Regional Manager Ongoma thanked the SEC for its unwavering support and collaboration with IFC since 2023: “We are grateful for our partnership with the SEC and are delighted to formalize our collaboration…Through this, we will continue to jointly host dedicated technical workshops and training sessions to further enhance the awareness and capacity of the capital market players regarding climate thematic instruments and opportunities.”