The Philippine Economic Zone Authority (Peza) on Monday said it would work together with the Department of Trade and Industry (DTI), as well as industry stakeholders, in the formulation of reporting guidelines for local exporters in compliance with global standards in an effort to raise the country’s conventions in achieving sustainable development goals (SDGs).
Tereso Panga, officer in charge and director general of Peza, highlighted the benefits of complying with the Global Reporting Initiative (GRI), an international, independent nonprofit institution whose standards are widely used for sustainability reporting in over 100 countries.
“Voluntary compliance to the GRI and SDGs can be a source of competitiveness for the country in attracting more [foreign direct investment] and in enhancing regulatory compliance,” Panga said in a statement.
“Many advanced and developing economies subscribe to these principles to be able to measure the impact of FDIs on the host countries toward inclusive, resilient and sustainable development,” he added.
Panga noted that some of the GRI-covered parameters include impact on the economy, the environment and on people.
He said the investment promotion agency was among the first to sign up for the Swiss Confederation’s State Secretariat for Economic Affairs and the GRI program, along with the Securities and Exchange Commission. INQ