Esteemed colleagues from the Organization for Economic Cooperation and Development; representatives from across the region; ladies and gentlemen: good morning.

Finance Secretary Ralph G. Recto extends his sincerest apologies for not being able to join you today, as he was called by the President for a very important meeting.

Still, he sends his warmest commendations to the SEC for hosting this important event. And in his stead, allow me the privilege of delivering his message:

It is both an honor and a privilege to welcome all of you to the Philippines as we celebrate the 25th Anniversary of the OECD-Asia Roundtable on Corporate Governance.

For over two decades, this Roundtable has gathered the brightest minds in the public and private sectors to push the boundaries of what is possible in corporate governance.

And I commend each of you for reshaping not just individual companies but entire economies across the region to embed transparency, accountability, and sustainability at their core.

The Philippines is a staunch advocate of sound corporate governance to drive economic efficiency and ensure inclusive growth in the region.

In fact, 13 years ago, we took bold steps to reform our own public corporate sector—setting clear and enforceable metrics for corporate governance by enacting the government-owned and controlled corporation (GOCC) Governance Act.

The reforms have not only enhanced the performance of our government corporations but have also steered them towards more strategic and impactful decisions that ultimately benefit the Filipino people.

Today, our government corporations are not only fulfilling their unique missions effectively, but they have become accountable and profitable partners in national progress.

And these changes are not confined to the public sector alone. Over the past decade, the Philippines has undertaken a series of financial sector reforms placing corporate governance at the heart of our efforts to boost investor confidence, strengthen capital markets, and drive sustainable economic and corporate growth.

In 2018, we revised the four decade old Corporation Code of the Philippines and amended relevant rules of the Securities Regulations Code, incorporating a strong corporate governance framework as the very foundation upon which a thriving investment climate and well-functioning capital markets are built.

It is what ensures our capital markets not only fuel the economy but become a pathway for every business and every Filipino to be shareholders in the country’s growth.

And while we have made significant strides, the journey is far from complete.

As corporate governance evolves with shifts in the legal landscape, technological advancements, and the dynamic demands of the global economy, we must continue to adapt—and do so with urgency.

This is why I commend the OECD for its groundbreaking publication of the revised G20/OECD Principles of Corporate Governance last year.

This is a milestone in the future of corporate governance. Because for the first time, sustainability was integrated into the framework of these principles.

This underscores the growing importance of Environmental, Social, and Governance or ESG factors in shaping both present and future business models.

The Philippines strongly believes that ESG must be at the heart of every business operation. And the government has been leading the charge in embedding ESG principles into the corporate sector through the Securities and Exchange Commission.

Just last year, the SEC revised sustainability reporting guidelines for publicly listed companies, aligning local standards with global best practices.

With greater transparency in sustainability reporting, we are confident that corporations will stay true to their ethical responsibility while, at the same time, building viability and resilience in the long run.

Because sustainability goes beyond ensuring accountability and preserving the integrity of financial markets. It is about future-proofing economies and enhancing global competitiveness.

And we believe that sustainability is no longer a mere add-on or an afterthought. It is a strategic guiding principle in every policy we implement and the project we undertake. We cannot treat it any less than that.

This is precisely why we have a session today on sustainability in the corporate sector that will explore how we can better integrate it into financial reporting.

Later, there will also be discussions on the vital link between strong corporate governance and well-functioning capital markets, particularly in the Philippine context.

The remaining sessions will also highlight the crucial role of institutional investors and shareholders in driving corporate success.

And of course, I am proud to kick off this year’s Roundtable with the launching of the OECD Capital Market Review of the Philippines.

This is the first capital market review conducted by the OECD and we are honored that they have chosen the Philippines.

This highlights not just the growing importance of the Philippine economy, but more so, the impact we are imprinting in the global landscape.

As one of the fastest-growing economies in the region, with our young, dynamic workforce, and a rapidly expanding middle class, we offer a unique and strategic opportunity for investment.

And through the OECD’s review, we look forward to gaining key insights that will help inject dynamism into our financial system and accelerate the growth of our capital markets.

I trust that you will treat this event as an opportunity to learn, contribute, and collaborate in championing good corporate governance and building capital markets that are not only fit for the twenty-first century but long into the future.

Together, let us create more responsible, accountable, and sustainable capital markets that serve and work best for our people.

Mabuhay po kayong lahat. Mabuhay ang Bagong Pilipinas. Enjoy your stay in the Philippines!