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As the Philippines advances its carbon market development and strengthens its climate policy framework, national government agencies, private sector, civil society organizations, and international organizations convened for a country workshop on carbon pricing in Mandaluyong City on 18 September 2026.The workshop discusses the Philippines’ institutional and regulatory readiness for carbon market development. It also probed into how the country can better situate itself within the evolving carbon market landscape in Asia and the Pacific, particularly under Article 6 implementation.“We are encouraged by the Philippines’ commitment to climate action through updating of the Nationally Determined Contribution (NDC), which will be a fantastic roadmap for all of us. Today’s discussions are an important contribution to [equipping us with] more tools to help move faster in the right direction, towards a low-carbon economy. This is not just a climate agenda, but also an economic agenda, a social agenda, a fiscal agenda,” said Arnaud Peral, United Nations Resident Coordinator in the Philippines.In February 2026, the Philippines adopted the Roadmap to Readiness in the Voluntary Forest Carbon Market to strategically position the country as a high-integrity investment destination for forest carbon. This was followed by the signing of the Philippines and Singapore’s first bilateral implementation of Article 6 during the ASEAN Climate Week in Manila in April 2026, opening pathways for international carbon finance and emissions reduction projects. Despite these developments, the Philippines remains at the early stages of its carbon markets journey. “Carbon prices, sectoral coverage, exemptions, and revenue use differ widely. For the Philippines, the first question is not how to build a carbon market. It is what policy problem a carbon price is expected to solve, and whether carbon pricing is the appropriate instrument designed around national development priorities and our NDC," said Secretary Robert E.A. Borje, Vice Chairperson and Executive Director of the Climate Change Commission (CCC), in his opening remarks.Secretary Borje further emphasized that carbon pricing is one instrument within a wider policy package, and is not a replacement to climate finance, technology development and transfer, and capacity building. The effectiveness of carbon markets in the Philippines will also depend on the country’s existing policies, infrastructure, institutions, and investment environment. “The relevant test is not whether a carbon market can generate trade. It is whether the chosen instrument can reduce emissions cost-effectively, distribute burdens fairly, and support Philippine development and implementation of our NDC.”“With a climate crisis that is threatening to render us extinct, reimagining and reinventing the way we live and do business are a moral and a categorical imperative. Indeed, we do not have a moment to lose—we have to be part of the solution,” said Hon. Rep. Anna Victoria Veloso-Tuazon, Chair of the Committee on Climate Change of the House of Representatives, as she highlighted developments in Philippine climate policies such as the Low Carbon Economy Investment Bill and Climate Accountability Bill.The workshop is organized by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), together with the Institute for Climate and Sustainable Cities (ICSC), the Global Green Growth Institute (GGGI), the Institute for Energy Economics and Financial Analysis (IEEFA), and the Asia Society for Social Improvement and Sustainable Transformation (ASSIST).Its findings will feed into a policy paper jointly being developed by UN ESCAP, GGGI, IEEFA and the Southeast Asia Energy Transition Partnership (ETP) to be launched at COP31 in Turkiye. It is a joint publication on forward-looking recommendations and policy signals on carbon pricing in the region, informed by country snapshots of China, Thailand, the Philippines, Republic of Korea, Japan, Indonesia, and Vietnam.  About the OrganizersThe Economic and Social Commission for Asia and the Pacific (ESCAP) is the most inclusive intergovernmental platform in the Asia-Pacific region. The Commission promotes cooperation among members in pursuit of solutions to sustainable development challenges. ESCAP is one of the five regional commissions of the United Nations.The Institute for Climate and Sustainable Cities is a Philippine-based non-governmental organization that advances climate, energy, and low-carbon solutions to enable fair and climate-resilient development at the national and international levels.The Global Green Growth Institute is a treaty-based international, inter-governmental organization dedicated to supporting and promoting strong, inclusive and sustainable economic growth in developing countries and emerging economies.The Institute for Energy Economics and Financial Analysis provides independent, evidence-based financial analysis of global energy markets, investment trends, and policies. IEEFA’s work helps investors, policymakers, regulators, communities and the media better understand risks, opportunities and market dynamics shaping the energy transition.The Asia Society for Social Improvement and Sustainable Transformation is an international capacity building NGO that aims to achieve and witness meaningful changes to and for our planet and the people. It works towards the development and protection of the economic, social and environmental conditions.