Finance Secretary Ralph G. Recto led the Technical Working Group Meeting for Preparing Carbon Pricing Instruments for the Philippines on January 16, 2024 and called for the need to determine the most responsive and economically sensitive mode of carbon pricing for the country.
The Secretary said carbon pricing instruments serve as a powerful fiscal tool, allowing the government to incorporate the social and external costs associated with carbon emissions. While incentivizing both industries and individuals to actively reduce their carbon footprints, they will help the government mobilize financial resources to bolster fiscal space for stronger economic recovery.
Secretary Recto thanked the World Bank (WB) and the Economic Consulting Associates (ECA) for their support in helping the Philippines develop and examine the feasibility of carbon pricing instruments.
The WB was represented by Country Director for Brunei, Malaysia, Philippines, Thailand (BMPT) Ndiame Diop. Meanwhile, CPI-ETS Specialist, WB Consultant William Derbyshire and CPI-ETS Specialist, WB Consultant Yiran Ren represented the ECA.
Secretary Recto was joined by Climate Change Commission PH (CCC) Secretary Robert E.A. Borje; Commissioner Rachel Herrera; Department of Environment and Natural Resources (DENR) Secretary Maria Antonia Yulo-Loyzaga; Usec. Analiza Rebuelta-Teh; Department of Trade and Industry (DTI Philippines) Secretary Alfredo Pascual; Department of Energy Philippines (DOE) Undersecretary Felix William B. Fuentebella; Department of Transportation - Philippines (DOTr) Director Felicisimo C. Pangilinan, Jr.; and National Economic and Development Authority (NEDA) Director Nieva Natural.
CCC Secretary Borje and Commissioner Herrera also paid a courtesy call with the new Finance Chief.
