INDUSTRIES need to invest in cleaner technologies to unlock potential new markets and create higher-value jobs, the Board of Investments (BoI) said.
BoI Industry Development Service Executive Director Ma. Corazon Halili-Dichosa said the green transition should not be a “trade-off between growth and sustainability.”
“It should lead to a transformation that can unlock new markets, attract green investments, and create decent jobs,” she said in a statement on Monday.
“By bridging industry and sustainability, we can position the Philippines as a leader in the green economy, driving competitiveness while safeguarding our people and our planet,” she added.
According to the BoI, a “just transition” ensures that workers, communities, and businesses are not left behind or worse off in the shift to a low-carbon economy.
“It also aligns with the industrial strategies of the Philippines, its climate commitments under the Paris Agreement, the implementation of the Energy Transition Plan, and the full realization of the Green Jobs Act’s promises,” it added.
The BoI is hoping to enhance its technical capabilities, increase engagement with industry, and align its programs and initiatives with the Just Transition Framework to help firms stay resilient and competitive.
BoI Industry Policy and Planning Services Director Sandra Marie S. Recolizado said these initiatives include better-designed programs, more informed industry dialogues, and coordinated efforts across government.
“The concept of Just Transition aligns with the Philippine strategy to position itself as the regional hub for smart and sustainable industries,” the BoI said.
“BoI recognizes the country’s strengths as a rich source of green and critical minerals and the potential for new value chains, markets, jobs, and technologies,” it added.
According to the BoI, the country has made significant progress in its Nationally Determined Contributions.
In 2021, the Philippines pledged a 75% reduction in greenhouse gas emissions and avoidance for the 2020 to 2030 period.
“Of this target, 72.29% depends on international support, such as climate finance, technology transfer, and capacity-building, while the remaining 2.71% will be achieved through the country’s own resources and efforts,” the BoI said. — Justine Irish D. Tabile