The Clean Energy Finance and Investment Roadmap of the Philippines (“the Roadmap”) and supporting analysis presented in this report aim to help the Philippines align its clean energy ambition with economic growth. Since the Government of the Philippines gives a prominent role to offshore wind deployment and accelerated energy efficiency improvements to ensure a sustainable, affordable and resilient energy system, while supporting the country's economic development and environmental objectives, the topics of offshore wind and energy efficiency in public buildings were selected for this Roadmap as key focus areas in the near term to put the country on a path to decarbonisation.

The Roadmap was developed by the Organisation for Economic Co-operation and Development (OECD) Clean Energy Finance and Investment Mobilisation (CEFIM) Programme in close co-operation with the Government of the Philippines, including the Department of Energy (DOE). It also brought together the public and private sectors to agree upon a clear action plan that identifies and addresses bottlenecks complicating or constraining finance and investment in the Philippines’ clean energy sector, thereby contributing to operationalise the country’s energy plans. It also complements the financial sector priorities to promote sustainable practices through corporate social responsibility and business responsibility reporting.

The process for drafting the Roadmap included workshops with experts and key stakeholders to identify barriers and develop possible solutions.1 Thanks to the fruitful discussions in these workshops, key financing solutions were identified, roadmap findings were discussed, and consensus was reached on the roadmap actions and areas of recommendation. These have also been supported with data and analysis from other studies and research.

The first section of this report presents a draft roadmap action plan for the Government of the Philippines to consider in order to mobilise finance and investment in offshore wind power and energy efficiency in public buildings. The following sections present supporting analysis: Chapter 1 presents an overview of key trends and market developments for renewable energy and energy efficiency in the Philippines; Chapter 2 analyses the ways to mobilise finance and investments for offshore wind; and Chapter 3 presents emerging financial mechanisms and business models for energy efficiency in the public sector.

This report is an output of the OECD Environment Policy Committee (EPOC) and its new Working Party on Finance and Investment for Environmental Goals (WPFIEG). The Clean Energy Finance and Investment Roadmap of the Philippines is one of the key outputs of the OECD CEFIM Programme. The CEFIM Programme aims to support governments in selected emerging economies in South and Southeast Asia, Latin America and Africa to enable finance and investment in renewable electricity, energy efficiency and decarbonisation of industry (“clean energy”). The report was prepared with funding from the Government of Germany under the Sustainable Infrastructure Programme in Asia (SIPA).

The Roadmap was drafted and developed by Ariola Mbistrova, with inputs from Jeremy Faroi and Chetna Hareesh Kumar, under the supervision of Geraldine Ang, Team Lead for the OECD CEFIM Programme, as well as Krzysztof Michalak, Acting Head of the Finance, Investment and Global Relations (FIG) Division in the OECD Environment Directorate as well as Yuval Laster, new Head of the FIG Division. The authors are extremely grateful for the precious inputs and contribution from Assistant Secretary Mylene C. Capongcol, Director Michael O. Sinocruz, Director Patrick T. Aquino, Director Marissa P. Cerezo, Assistant Director Ruby B. de Guzman, Francis Richard O. Rabulan, Jane M. Peralta , Michael S. Leabres, Energy Policy and Planning Bureau - Planning Division (EPPB-PD), Energy Utilization Management Bureau (EUMB), and Renewable Energy Management Bureau (REMB) in the DOE. The authors are also very grateful for the valuable inputs from Cyril C. del Callar, Ricardo G. Barcelona, Carlos Miguel S. del Callar, and Gina Lourdes D. Valeros (Del Callar & Partners Co.).

The report has benefited from inputs from the following OECD and International Energy Agency (IEA) colleagues: Joseph Cordonnier, Batih Hakimul, Deger Saygin, Virginie Marchal (OECD), Cecilia Tam, Cornelia Schenk, Natalie Kauf (IEA). The report has also benefited from external reviews from: Quynh Chi Tri, Andrew Ho (Ørsted), Jerome Guillet (Sustainable Energy Now), Diana G. Connet (Asian Development Bank), Hadrian Vivek, Kalyani Basu, Hazim Rosli (Carbon Trust), Zahra Janipour (Rabobank), Ann Margret Francisco and Mark Hutchinson (GWEC).

Additional thanks are due to industry experts from broad consultations: Assistant Director Artemio P. Habitan (DOE), Jayson G. Corpuz Energy Regulatory Commission (ERC), Anne Montelibano Philippine Independent Power Producers Association (PIPPA), Maria Ayuso Olmedo (World Bank), Michael Baylosis National Grid Corporation of the Philippines (NGCP), Theo Sunico (Triconti), Kevin Banister (Simply Blue), Jo Ann Eala Bank of the Philippine Islands (BPI), Reinier A. llige (BPI Capital), Juan Martin L. Syquia (ACEN), Jonas Millqvist (EKF), Deano Christian Echague, Department of Budget and Management (DBM), Alexander Ablaza (Climargy), Shri Abhishek Gupta (EESL), Pedro L. Lite Jr., Philippine National Oil Company-Renewables Corporation (PNOC-RC), Neil Adrian S. Cabiles Department of Finance (DOF), Arnold Onrubia (Albay Govt), Yoshiko De Villa (ETP), Reno Joseph Cantre (PPP Centre), Lizet Ramirez (WindEurope), Tom Harries (Nardac), Jerome Guillet (Sustainable Energy Now), Mark Hutchinson and Ann Margret Francisco (GWEC).

The authors thank Dominique Haleva (OECD) for administrative support and editorial assistance. The authors also thank JQ&Ros Communications for graphic design.

The Roadmap was developed under the guidance of a Steering Committee comprised of representatives from diverse ministries across the government of the Philippines and chaired by the Department of Energy (DOE). Steering Committee members included:

  • Felix William B. Fuentebella, Undersecretary, Department of Energy.

  • Roderick M. Planta, OIC Undersecretary, National Economic and Development Authority;

  • Ceferino S. Rodolfo, Undersecretary, Board of Investments;

  • Maria Edita Tan, Undersecretary, Department of Finance;

  • Gilbert C. Gonzales, Assistant Secretary, Department of Environment and Natural Resources;

  • Lyn I. Javier, Assistant Governor, Bangko Sentral ng Pilipinas;

  • Rustico Noli D. Cruz, Vice President, Development Bank of the Philippines; and

  • Kelvin Lester K. Lee, Commissioner, Securities and Exchange Commission.

In addition, two Technical Working Groups were formed under the Steering Committee on renewable energy and energy efficiency, thanks to coordination from the DOE. These working groups deliberated key issues for clean energy projects and provided valuable feedback throughout the Roadmap process. They were comprised of representatives from government, industry, financial institutions, and policy advisors (Table 1).

This Roadmap was made possible through the generous contribution of Germany.


← 1. The first OECD-DOE Workshop on unlocking finance and investment for clean energy in the Philippines took place in Manila, Philippines on 31 May – 1 June 2022. The second OECD-DOE workshop took place in Bohol, Philippines on 24 – 25 November 2022.

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