3 October 2025 – The Makati Business Club (MBC), the Philippine-Singapore Business Council (PSBC), and the Singapore Embassy in Manila brought together over 200 Philippine and Singapore government and business representatives in a High-Level Forum on Carbon Credits on 2 October, to take stock of both countries’ progress in advancing carbon credits cooperation and to discuss ways to facilitate deeper collaboration.

The Forum, held at the Ayala Museum in Makati, featured high-level government representatives and business leaders. Opening the event, MBC Chairman Edgar Chua and PSBC Chairman Jaime Augusto Zobel de Ayala highlighted the importance of facilitating discussions on carbon markets and carbon credits. If done right, carbon markets “can catalyze partnerships and give industry the discipline to reexamine what true value and progress should mean, pursued in ways that protect nature and benefit communities,” said Chua. This was echoed by Zobel de Ayala, “when designed well, [carbon markets] can help put a price to transition risks, mobilize capital, and turn it into concrete projects.” Zobel de Ayala also commended Singapore’s “steadfast” commitment towards sustainability and carbon credits collaboration with other countries.

Department of Environment and Natural Resources Undersecretary for Finance, Information Systems, and Climate Change Atty. Analiza Rebuelta-Teh and Department of Energy Undersecretary for Planning, Investment, Media Affairs & Spokesperson Atty. Felix William Fuentebella delivered keynote remarks. They reaffirmed the Philippine government’s commitment to building a more robust local ecosystem to support the country’s participation in international carbon markets. On behalf of Environment and Natural Resources Secretary Raphael Lotilla, Undersecretary Rebuelta-Teh spoke about the package of policy measures that will “provide clarity for investors, credibility for buyers, and safeguards for communities… translating ambition into investment, and investment into real emissions reductions and adaptation benefits,” including the Blueprint for the Philippine Carbon Market Policy Framework and the Forest Carbon Market Readiness Roadmap. On behalf of Energy Secretary Sharon Garin, Undersecretary Fuentebella spoke about how carbon markets could help channel capital to facilitate energy transition in Asia, with “carbon credits [serving] as the bridge — lowering risk, attracting private capital, and enabling projects that would otherwise never get off the ground.”

From Singapore, Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu recorded a special video message for the Forum participants, in which she underscored the importance of close international collaboration to address climate change challenges. “No country, no community, and no individual can face the climate change challenge alone,” said Minister Fu. Notably, both the Philippines and Singapore have been working towards a legally-binding Implementation Agreement on carbon credits cooperation, which is expected to unlock additional mitigation potential in the Philippines while supporting sustainable development, creating green jobs, and channeling investments.

The two panel discussions during the Forum provided participants with valuable insights into the carbon markets landscape for both countries. The first discussion featured a substantive exchange of views among senior Philippine and Singapore government representatives on the range of policies that will help manage potential risks and build confidence among private sector players, while also ensuring a whole-of-government approach and regulatory consistency. Reiterating the need for the government to support private sector decarbonization efforts, Bukidnon 1st District Representative and Chairperson of the House Committee on Sustainable Development Goals Jose Manuel Alba said the question was also “how government[s] could influence businesses to go green without punishing themselves or consumers”. He added that legislation like the proposed Low Carbon Economy Investment Bill could help to address that gap.

The second discussion focused on the private sector perspective. Panelists spoke about their experiences in the still-evolving ecosystems. Conversations revolved around the strategies for project scaling, overcoming deployment hurdles, and leveraging Singapore’s carbon services ecosystem to kickstart high-quality mitigation projects in the Philippines. ACEN CEO Eric Francia – whose company has already begun working with Singapore-based partners GenZero and Keppel Ltd. on the possible use of carbon credits to finance the early retirement of coal-fired power plants in the Philippines – said, “It’s not only a matter of scaling up renewable energy and divesting coal plants, but more importantly, doing the clean transition in a responsible, inclusive and sustainable manner. We have to keep the community whole and ensure that no one gets left behind. But the world cannot wait. And it’s important to have a proof of concept for others to follow.”

The Forum recognized that sustaining Philippine-Singapore collaboration and translating commitments into concrete projects would require consistent and multi-stakeholder effort, even after the Implementation Agreement is in place. In her closing remarks, Singapore Ambassador to the Philippines Constance See encouraged participants to keep up the momentum. “The momentum we have built here must now translate into action, into projects that deliver measurable reductions, protect nature and ensure a just transition as we move towards a low-carbon economy.”

The 2 October High-Level Forum on Carbon Credits was supported by ACEN, GenZero, Shell, Terraformation, Arkadiah, and the Singapore Economic Development Board.