Listed LBC Express Holdings Inc. (LBC), which is primarily engaged in logistics and remittance services, received a show-cause letter from the Securities and Exchange Commission’s (SEC) Corporate Governance and Finance Department last 30 September.
The letter, dated 6 August 2025, asked LBC to explain the delay in submitting its 2022 Sustainability Report as an attachment to its 2022 Annual Report, which was due on 17 April 2023.
The disclosure was made public by LBC on the same day, likely via a PSE Current Report (SEC Form 17-C) as required for material events affecting listed companies.
The incident highlights ongoing regulatory scrutiny on sustainability reporting compliance in the country, where the SEC has been enforcing ESG (Environmental, Social, and Governance) disclosures since 2019.
As of 30 September, LBC shares closed at P6.94, down 10.22 percent (P0.79) amid the disclosure, reflecting investor sensitivity to regulatory risks.
LBC had emphasized ESG disclosures in prior reports, targeting UN Sustainable Development Goals like Responsible Consumption and Climate Action. Past reports (in 2019, 2020) highlighted energy/waste management in logistics, but data collection challenges were noted as areas for improvement.