PHL firms told to boost children rights sustainability practices

FILIPINO firms need to bolster children rights’ sustainability and governance strategies, the Securities and Exchange Commission (SEC) and United Nations Children’s Fund (UNICEF) said.

“Publicly listed companies are in a unique position to drive transformation. By integrating children’s rights and business principles into their corporate sustainability strategies, it helps eliminate exploitative practices, promote family-friendly policies, and foster environments where children can thrive,” SEC Commissioner Rogelio V. Quevedo said in a statement on Tuesday.

This came as their joint baseline study showed children’s rights are rarely addressed explicitly in over 80 public companies in the Philippines, amid the absence of due diligence and stakeholder engagement processes.

The UN group lamented that companies would likely consider children’s rights if there were regulations require it, or when advanced reporting frameworks are in place.

“Recognizing children’s rights in the Philippines in corporate sustainability practices is a win-win for both businesses and the government,” UNICEF Philippines Chief of Private Sector Fundraising and Partnerships Carmen Gonzalez Ortiz said.

In response, the study “Investing in the Future: Why Do Children Matter in the Public Listed Companies Sustainability Reports” suggested embedding child rights into due diligence, impact assessments, and core business practices, including family-friendly and child-safeguarding policies.

They also called on to investors to focus on businesses that shows strong commitment to children’s rights through their policies and practices. — Aubrey Rose A. Inosante