At present, the Philippines does not have carbon rights legislation which provides a comprehensive legal framework for carbon rights, including the recognition, transfer and benefits-sharing of carbon credits derived from emission reduction and emission removal activities. Likewise, it does not have a law governing carbon trading. Notwithstanding these gaps, a number of carbon projects have been carried out in the country over the years and more are currently under development.
In recognition of this reality and pursuant to the Philippines’ international commitments and national policy to promote climate change mitigation, regulators recently issued a series of regulations that seek to provide a framework for the implementation of carbon projects in the Philippines, particularly in the forestry sector and the energy sector.
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This bulletin was prepared by Jose Florante M. Pamfilo, Partner, Head of the Firm’s Sustainability and ESG practice development initiative, and Chairperson of SyCipLaw Responsible Business Committee.
For more information about the matters discussed in this bulletin, please contact Jose Florante M. Pamfilo at jfmpamfilo@syciplaw.com.