"DoF and UK Fast-Track Philippines' Climate

"DoF and UK Fast-Track Philippines' Climate | Daily Tribune

The government is carrying out and speeding up several measures to increase investments in sustainability projects, including those from the United Kingdom, Department of Finance (DoF) Undersecretary Maria Luwalhati Dorotan Tiuseco said.

“The UK is helping us right now to finalize our climate finance action,” Tiuseco said in a forum organized by the British Chamber of Commerce of the Philippines (BCCP) last Thursday.

Tiuseco said the DoF and the UK are now accelerating efforts for enhancing skills of local officials in designing climate finance projects and strategies.

In November 2024, the Philippines and the UK’s Foreign Commonwealth and Development Office agreed to consolidate all of the former’s climate finance solutions.

While Tiuseco did not mention a specific date to complete the consolidated climate finance plan, the Philippines expects to mobilize up to 8 billion pounds the UK promised to provide this year.

The funds are part of the Philippines’ Sustainable Finance Roadmap which was launched in 2021 and the British Investment Partnerships which was introduced in 2023.

“The government is beefing up the manpower of the Department of Trade and Industry to make the process easier for all permits,” Tiuseco added.

She said many of the workers will be assigned to the Green Lanes Division of the Board of Investments (BoI), a DTI affiliated agency that certifies certain foreign investments as a priority.

As of 18 February 2025, BoI reported renewable energy (RE) projects increased to 149. They consisted of a total foreign equity of P1.3 billion.

Tiuseco said foreign investments for the RE sector should increase through the implementation of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act. This was signed into law by President Ferdinand Marcos Jr. in November last year.

CREATE MORE offers a lower corporate income tax of 20 percent from 25 percent to registered business enterprises.

“We have a whole set of incentives if firms come into the Philippines,” she said.

Foreign investments in other industries like manufacturing should entice energy firms to also expand in the Philippines.

“Just a week ago, we approved the first investor under the CREATE MORE. It’s a big manufacturing corporation,” Tiuseco said.

“We will announce but the moment you learn who it is, it will be a signal to the world that companies are trying to invest in the Philippines,” she added.