The Philippine Securities and Exchange Commission has published an exposure draft Memorandum Circular on 2025 Guidelines on Whistleblower Protection and invited public comment. The draft sets out how the SEC would accept and process whistleblowing reports on “reportable acts or omissions” under the Revised Corporation Code and other SEC-administered laws, and establishes confidentiality, data-handling and anti-retaliation protections. Under the draft, a Whistleblowing Office within the Enforcement and Investor Protection Department and the SEC’s Extension Offices would manage intake, initial screening and referral of reports, supported by a secure database and documentation requirements. Multiple channels would be available, including a dedicated website portal, the CAROL chatbot, email, telephone, walk-ins, postal mail and a mobile app link; anonymous reports would be acted on only where they provide verifiable leads and clearly identify respondents and alleged violations, and anonymous reports involving election candidates (and specified related persons) would not be acted on within 365 days prior to national and local elections. The framework also restricts disclosure and use of whistleblower-provided information, sets storage and access controls aligned with data privacy requirements, and provides for disciplinary and other liabilities for confidentiality breaches. Proposed protection measures include confidentiality safeguards, compensation where reinstatement is not possible, potential physical safety measures, and temporary financial assistance subject to Commission En Banc approval and generally capped at PHP 50,000 unless a higher amount is approved; the SEC may also refer whistleblowers to the government Witness Protection Program if they decide to testify. SEC-supervised entities would be expected not to discharge, threaten or discriminate against whistleblowers, with retaliation linked to a potential court cause of action under Section 169 of the Revised Corporation Code. Written comments on the exposure draft are due by 11 December 2025, using the SEC’s template, and submitted electronically to the Anti-Money Laundering Division of the Enforcement and Investor Protection Department. The draft states the guidelines would take effect immediately after publication in a newspaper of general circulation.
Philippine Securities and Exchange Commission 2025-11-12
Philippine Securities and Exchange Commission consults on draft 2025 whistleblower protection guidelines
The Philippine Securities and Exchange Commission has released an exposure draft Memorandum Circular on 2025 Guidelines on Whistleblower Protection, inviting public comment. It outlines procedures for handling reports, confidentiality measures, and anti-retaliation protections, including a Whistleblowing Office and multiple reporting channels. It details information disclosure restrictions, data privacy controls, and potential protections and compensations for whistleblowers, with SEC-supervised entities expected to prevent retaliation.