Manila (Philippines), 2 August 2024 - As part of its continuous efforts to address corruption in the Philippines, the country’s Securities and Exchange Commission (SEC) has drafted a new whistleblower policy with the support of the UN Office on Drugs and Crime (UNODC). The new policy seeks to ensure that whistleblowers are adequately protected from retaliation when reporting on wrongdoing.
“Our initiatives on whistleblower protection have helped us achieve significant milestones, including upgrading the Philippines’ effectiveness rating for Immediate Outcome 5 to ‘largely compliant’ and integrating beneficial ownership into the new Government Procurement Act. This ensures our compliance with Financial Action Task Force Recommendation 24 for years to come,” said Oliver O. Leonardo, Director of the SEC.
For years, UNODC has been collaborating with the SEC, including on beneficial ownership transparency. These efforts have led to the signing of data-sharing agreements between the Philippines and twenty government partners. The SEC also implemented Memorandum Circular No. 10, series of 2022, which revised the sanctions for non-compliance with beneficial ownership disclosure requirements.
The new whistleblower policy was drafted during a workshop titled, The Role of Whistleblower Protection Mechanisms in Combating Corruption convened by UNODC and the SEC from 1 to 2 August in Manila.
UNODC assisted the SEC during the workshop in refining its policies and procedures to protect whistleblowers. Throughout, the Commission showcased its commitment to promote fair business practices, and cultivate a culture of transparency and accountability in the Philippines.
“Whistleblower protection is crucial for the success of anti-corruption detection and enforcement anywhere,” said Annika Wythes, UNODC’s Team Lead for the Anti-Corruption Hub for Southeast Asia. “Retaliation against whistle-blowers is a serious threat to effective anti-corruption programmes, and it harms individuals and their livelihoods. Hence, a vital component of any plan to handle corruption reports is to develop a protocol for maintaining confidentiality and protecting the people who report it.”
Participants from the SEC shared their experiences of handling reports received from whistleblowers, evaluated the current legal framework and enforcement mechanisms and identified improvement areas and framework gaps. By analyzing international best practices, essential components of effective whistleblower protection policies, and mechanisms for reporting corruption and safeguarding whistleblower information were explored. Additionally, the necessary legal foundations were reviewed to ensure alignment with existing laws and enforcement mechanisms.
“Policies like these encourage whistleblowing and related reports of corruption; to handle reports of alleged corruption, wrongdoing and undue risks in a sound manner; and to provide appropriate levels of protection for whistleblowers,” Wythes said.
Click here to learn more about UNODC’s anti-corruption efforts in Southeast Asia and the Pacific.
Click here to learn more about UNODC’s work in the Philippines.
Click here to learn more about UNODC’s support to UNCAC implementation in the Philippines
