Augusto Zobel de Ayala, Vice Chairman of the Makati Business Club (MBC) and Chairman of the Philippines–Singapore Business Council, welcomed participants to the High-Level Forum on Carbon Credits on October 2, 2025, at the Ayala Museum in Makati City.   The forum, hosted by the MBC, brought together policymakers, industry leaders, and experts to examine the current state of carbon markets and the growing Philippines–Singapore partnership under Article 6 of the Paris Agreement. A key backdrop to the discussion was the August 2024 Memorandum of Understanding (MOU) on carbon credits cooperation, witnessed by Singapore President Tharman Shanmugaratnam and Philippine President Ferdinand R. Marcos Jr. This MOU marked both countries’ commitment to developing a credible, high-integrity carbon market in the region. Following the MOU, the Philippines and Singapore began negotiating an Implementation Agreement to enable the generation and transfer of carbon credits from mitigation projects in the Philippines. Panel Discussion 1: Building the Philippine Carbon Market and the Role of the Philippines–Singapore Implementation Agreement featured Congressman Jose Manuel Alba, DENR Undersecretary Analiza Rebuelta-Teh, DOE Undersecretary Felix William Fuentebella, Singapore MTI Director Fam Wee Wei, and ADB Senior Market Development Advisory Specialist Ruchika Saluja. This panel explored the legislative, regulatory, and regional frameworks needed to strengthen the Philippine carbon market while aligning with international standards. Panel Discussion 2: Navigating the Philippine Landscape of the Carbon Market highlighted private sector and NGO perspectives. Speakers included MBC Trustee Lito Tayag, ACEN President and CEO Eric Francia, Arkadiah CEO Reuben Lai, GenZero Investment Director Antoinette Li, and WWF Global Lead for Carbon Finance and Markets Taskforce Rueban Manokara. This session emphasized the role of businesses, investors, and civil society in shaping market integrity, financing low-carbon transitions, and creating sustainable opportunities. PHOTOS BY YUMMIE DINGDING YUMMIE DINGDING
Photos

Philippines, Singapore push carbon market cooperation at Makati forum

Author : Yummie Dingding
Augusto Zobel de Ayala, Vice Chairman of the Makati Business Club (MBC) and Chairman of the Philippines–Singapore Business Council, welcomed participants to the High-Level Forum on Carbon Credits on October 2, 2025, at the Ayala Museum in Makati City.   The forum, hosted by the MBC, brought together policymakers, industry leaders, and experts to examine the current state of carbon markets and the growing Philippines–Singapore partnership under Article 6 of the Paris Agreement. A key backdrop to the discussion was the August 2024 Memorandum of Understanding (MOU) on carbon credits cooperation, witnessed by Singapore President Tharman Shanmugaratnam and Philippine President Ferdinand R. Marcos Jr. This MOU marked both countries’ commitment to developing a credible, high-integrity carbon market in the region. Following the MOU, the Philippines and Singapore began negotiating an Implementation Agreement to enable the generation and transfer of carbon credits from mitigation projects in the Philippines. Panel Discussion 1: Building the Philippine Carbon Market and the Role of the Philippines–Singapore Implementation Agreement featured Congressman Jose Manuel Alba, DENR Undersecretary Analiza Rebuelta-Teh, DOE Undersecretary Felix William Fuentebella, Singapore MTI Director Fam Wee Wei, and ADB Senior Market Development Advisory Specialist Ruchika Saluja. This panel explored the legislative, regulatory, and regional frameworks needed to strengthen the Philippine carbon market while aligning with international standards. Panel Discussion 2: Navigating the Philippine Landscape of the Carbon Market highlighted private sector and NGO perspectives. Speakers included MBC Trustee Lito Tayag, ACEN President and CEO Eric Francia, Arkadiah CEO Reuben Lai, GenZero Investment Director Antoinette Li, and WWF Global Lead for Carbon Finance and Markets Taskforce Rueban Manokara. This session emphasized the role of businesses, investors, and civil society in shaping market integrity, financing low-carbon transitions, and creating sustainable opportunities.
Augusto Zobel de Ayala, Vice Chairman of the Makati Business Club (MBC) and Chairman of the Philippines–Singapore Business Council, welcomed participants to the High-Level Forum on Carbon Credits on October 2, 2025, at the Ayala Museum in Makati City.   The forum, hosted by the MBC, brought together policymakers, industry leaders, and experts to examine the current state of carbon markets and the growing Philippines–Singapore partnership under Article 6 of the Paris Agreement. A key backdrop to the discussion was the August 2024 Memorandum of Understanding (MOU) on carbon credits cooperation, witnessed by Singapore President Tharman Shanmugaratnam and Philippine President Ferdinand R. Marcos Jr. This MOU marked both countries’ commitment to developing a credible, high-integrity carbon market in the region. Following the MOU, the Philippines and Singapore began negotiating an Implementation Agreement to enable the generation and transfer of carbon credits from mitigation projects in the Philippines. Panel Discussion 1: Building the Philippine Carbon Market and the Role of the Philippines–Singapore Implementation Agreement featured Congressman Jose Manuel Alba, DENR Undersecretary Analiza Rebuelta-Teh, DOE Undersecretary Felix William Fuentebella, Singapore MTI Director Fam Wee Wei, and ADB Senior Market Development Advisory Specialist Ruchika Saluja. This panel explored the legislative, regulatory, and regional frameworks needed to strengthen the Philippine carbon market while aligning with international standards. Panel Discussion 2: Navigating the Philippine Landscape of the Carbon Market highlighted private sector and NGO perspectives. Speakers included MBC Trustee Lito Tayag, ACEN President and CEO Eric Francia, Arkadiah CEO Reuben Lai, GenZero Investment Director Antoinette Li, and WWF Global Lead for Carbon Finance and Markets Taskforce Rueban Manokara. This session emphasized the role of businesses, investors, and civil society in shaping market integrity, financing low-carbon transitions, and creating sustainable opportunities. PHOTOS BY YUMMIE DINGDING
Augusto Zobel de Ayala, Vice Chairman of the Makati Business Club (MBC) and Chairman of the Philippines–Singapore Business Council, welcomed participants to the High-Level Forum on Carbon Credits on October 2, 2025, at the Ayala Museum in Makati City.   The forum, hosted by the MBC, brought together policymakers, industry leaders, and experts to examine the current state of carbon markets and the growing Philippines–Singapore partnership under Article 6 of the Paris Agreement. A key backdrop to the discussion was the August 2024 Memorandum of Understanding (MOU) on carbon credits cooperation, witnessed by Singapore President Tharman Shanmugaratnam and Philippine President Ferdinand R. Marcos Jr. This MOU marked both countries’ commitment to developing a credible, high-integrity carbon market in the region. Following the MOU, the Philippines and Singapore began negotiating an Implementation Agreement to enable the generation and transfer of carbon credits from mitigation projects in the Philippines. Panel Discussion 1: Building the Philippine Carbon Market and the Role of the Philippines–Singapore Implementation Agreement featured Congressman Jose Manuel Alba, DENR Undersecretary Analiza Rebuelta-Teh, DOE Undersecretary Felix William Fuentebella, Singapore MTI Director Fam Wee Wei, and ADB Senior Market Development Advisory Specialist Ruchika Saluja. This panel explored the legislative, regulatory, and regional frameworks needed to strengthen the Philippine carbon market while aligning with international standards. Panel Discussion 2: Navigating the Philippine Landscape of the Carbon Market highlighted private sector and NGO perspectives. Speakers included MBC Trustee Lito Tayag, ACEN President and CEO Eric Francia, Arkadiah CEO Reuben Lai, GenZero Investment Director Antoinette Li, and WWF Global Lead for Carbon Finance and Markets Taskforce Rueban Manokara. This session emphasized the role of businesses, investors, and civil society in shaping market integrity, financing low-carbon transitions, and creating sustainable opportunities. PHOTOS BY YUMMIE DINGDING
Augusto Zobel de Ayala, Vice Chairman of the Makati Business Club (MBC) and Chairman of the Philippines–Singapore Business Council, welcomed participants to the High-Level Forum on Carbon Credits on October 2, 2025, at the Ayala Museum in Makati City.   The forum, hosted by the MBC, brought together policymakers, industry leaders, and experts to examine the current state of carbon markets and the growing Philippines–Singapore partnership under Article 6 of the Paris Agreement. A key backdrop to the discussion was the August 2024 Memorandum of Understanding (MOU) on carbon credits cooperation, witnessed by Singapore President Tharman Shanmugaratnam and Philippine President Ferdinand R. Marcos Jr. This MOU marked both countries’ commitment to developing a credible, high-integrity carbon market in the region. Following the MOU, the Philippines and Singapore began negotiating an Implementation Agreement to enable the generation and transfer of carbon credits from mitigation projects in the Philippines. Panel Discussion 1: Building the Philippine Carbon Market and the Role of the Philippines–Singapore Implementation Agreement featured Congressman Jose Manuel Alba, DENR Undersecretary Analiza Rebuelta-Teh, DOE Undersecretary Felix William Fuentebella, Singapore MTI Director Fam Wee Wei, and ADB Senior Market Development Advisory Specialist Ruchika Saluja. This panel explored the legislative, regulatory, and regional frameworks needed to strengthen the Philippine carbon market while aligning with international standards. Panel Discussion 2: Navigating the Philippine Landscape of the Carbon Market highlighted private sector and NGO perspectives. Speakers included MBC Trustee Lito Tayag, ACEN President and CEO Eric Francia, Arkadiah CEO Reuben Lai, GenZero Investment Director Antoinette Li, and WWF Global Lead for Carbon Finance and Markets Taskforce Rueban Manokara. This session emphasized the role of businesses, investors, and civil society in shaping market integrity, financing low-carbon transitions, and creating sustainable opportunities. PHOTOS BY YUMMIE DINGDING
Augusto Zobel de Ayala, Vice Chairman of the Makati Business Club (MBC) and Chairman of the Philippines–Singapore Business Council, welcomed participants to the High-Level Forum on Carbon Credits on October 2, 2025, at the Ayala Museum in Makati City.   The forum, hosted by the MBC, brought together policymakers, industry leaders, and experts to examine the current state of carbon markets and the growing Philippines–Singapore partnership under Article 6 of the Paris Agreement. A key backdrop to the discussion was the August 2024 Memorandum of Understanding (MOU) on carbon credits cooperation, witnessed by Singapore President Tharman Shanmugaratnam and Philippine President Ferdinand R. Marcos Jr. This MOU marked both countries’ commitment to developing a credible, high-integrity carbon market in the region. Following the MOU, the Philippines and Singapore began negotiating an Implementation Agreement to enable the generation and transfer of carbon credits from mitigation projects in the Philippines. Panel Discussion 1: Building the Philippine Carbon Market and the Role of the Philippines–Singapore Implementation Agreement featured Congressman Jose Manuel Alba, DENR Undersecretary Analiza Rebuelta-Teh, DOE Undersecretary Felix William Fuentebella, Singapore MTI Director Fam Wee Wei, and ADB Senior Market Development Advisory Specialist Ruchika Saluja. This panel explored the legislative, regulatory, and regional frameworks needed to strengthen the Philippine carbon market while aligning with international standards. Panel Discussion 2: Navigating the Philippine Landscape of the Carbon Market highlighted private sector and NGO perspectives. Speakers included MBC Trustee Lito Tayag, ACEN President and CEO Eric Francia, Arkadiah CEO Reuben Lai, GenZero Investment Director Antoinette Li, and WWF Global Lead for Carbon Finance and Markets Taskforce Rueban Manokara. This session emphasized the role of businesses, investors, and civil society in shaping market integrity, financing low-carbon transitions, and creating sustainable opportunities. PHOTOS BY YUMMIE DINGDING
Augusto Zobel de Ayala, Vice Chairman of the Makati Business Club (MBC) and Chairman of the Philippines–Singapore Business Council, welcomed participants to the High-Level Forum on Carbon Credits on October 2, 2025, at the Ayala Museum in Makati City.   The forum, hosted by the MBC, brought together policymakers, industry leaders, and experts to examine the current state of carbon markets and the growing Philippines–Singapore partnership under Article 6 of the Paris Agreement. A key backdrop to the discussion was the August 2024 Memorandum of Understanding (MOU) on carbon credits cooperation, witnessed by Singapore President Tharman Shanmugaratnam and Philippine President Ferdinand R. Marcos Jr. This MOU marked both countries’ commitment to developing a credible, high-integrity carbon market in the region. Following the MOU, the Philippines and Singapore began negotiating an Implementation Agreement to enable the generation and transfer of carbon credits from mitigation projects in the Philippines. Panel Discussion 1: Building the Philippine Carbon Market and the Role of the Philippines–Singapore Implementation Agreement featured Congressman Jose Manuel Alba, DENR Undersecretary Analiza Rebuelta-Teh, DOE Undersecretary Felix William Fuentebella, Singapore MTI Director Fam Wee Wei, and ADB Senior Market Development Advisory Specialist Ruchika Saluja. This panel explored the legislative, regulatory, and regional frameworks needed to strengthen the Philippine carbon market while aligning with international standards. Panel Discussion 2: Navigating the Philippine Landscape of the Carbon Market highlighted private sector and NGO perspectives. Speakers included MBC Trustee Lito Tayag, ACEN President and CEO Eric Francia, Arkadiah CEO Reuben Lai, GenZero Investment Director Antoinette Li, and WWF Global Lead for Carbon Finance and Markets Taskforce Rueban Manokara. This session emphasized the role of businesses, investors, and civil society in shaping market integrity, financing low-carbon transitions, and creating sustainable opportunities. PHOTOS BY YUMMIE DINGDING
Augusto Zobel de Ayala, Vice Chairman of the Makati Business Club (MBC) and Chairman of the Philippines–Singapore Business Council, welcomed participants to the High-Level Forum on Carbon Credits on October 2, 2025, at the Ayala Museum in Makati City.   The forum, hosted by the MBC, brought together policymakers, industry leaders, and experts to examine the current state of carbon markets and the growing Philippines–Singapore partnership under Article 6 of the Paris Agreement. A key backdrop to the discussion was the August 2024 Memorandum of Understanding (MOU) on carbon credits cooperation, witnessed by Singapore President Tharman Shanmugaratnam and Philippine President Ferdinand R. Marcos Jr. This MOU marked both countries’ commitment to developing a credible, high-integrity carbon market in the region. Following the MOU, the Philippines and Singapore began negotiating an Implementation Agreement to enable the generation and transfer of carbon credits from mitigation projects in the Philippines. Panel Discussion 1: Building the Philippine Carbon Market and the Role of the Philippines–Singapore Implementation Agreement featured Congressman Jose Manuel Alba, DENR Undersecretary Analiza Rebuelta-Teh, DOE Undersecretary Felix William Fuentebella, Singapore MTI Director Fam Wee Wei, and ADB Senior Market Development Advisory Specialist Ruchika Saluja. This panel explored the legislative, regulatory, and regional frameworks needed to strengthen the Philippine carbon market while aligning with international standards. Panel Discussion 2: Navigating the Philippine Landscape of the Carbon Market highlighted private sector and NGO perspectives. Speakers included MBC Trustee Lito Tayag, ACEN President and CEO Eric Francia, Arkadiah CEO Reuben Lai, GenZero Investment Director Antoinette Li, and WWF Global Lead for Carbon Finance and Markets Taskforce Rueban Manokara. This session emphasized the role of businesses, investors, and civil society in shaping market integrity, financing low-carbon transitions, and creating sustainable opportunities. PHOTOS BY YUMMIE DINGDING
Augusto Zobel de Ayala, Vice Chairman of the Makati Business Club (MBC) and Chairman of the Philippines–Singapore Business Council, welcomed participants to the High-Level Forum on Carbon Credits on October 2, 2025, at the Ayala Museum in Makati City.   The forum, hosted by the MBC, brought together policymakers, industry leaders, and experts to examine the current state of carbon markets and the growing Philippines–Singapore partnership under Article 6 of the Paris Agreement. A key backdrop to the discussion was the August 2024 Memorandum of Understanding (MOU) on carbon credits cooperation, witnessed by Singapore President Tharman Shanmugaratnam and Philippine President Ferdinand R. Marcos Jr. This MOU marked both countries’ commitment to developing a credible, high-integrity carbon market in the region. Following the MOU, the Philippines and Singapore began negotiating an Implementation Agreement to enable the generation and transfer of carbon credits from mitigation projects in the Philippines. Panel Discussion 1: Building the Philippine Carbon Market and the Role of the Philippines–Singapore Implementation Agreement featured Congressman Jose Manuel Alba, DENR Undersecretary Analiza Rebuelta-Teh, DOE Undersecretary Felix William Fuentebella, Singapore MTI Director Fam Wee Wei, and ADB Senior Market Development Advisory Specialist Ruchika Saluja. This panel explored the legislative, regulatory, and regional frameworks needed to strengthen the Philippine carbon market while aligning with international standards. Panel Discussion 2: Navigating the Philippine Landscape of the Carbon Market highlighted private sector and NGO perspectives. Speakers included MBC Trustee Lito Tayag, ACEN President and CEO Eric Francia, Arkadiah CEO Reuben Lai, GenZero Investment Director Antoinette Li, and WWF Global Lead for Carbon Finance and Markets Taskforce Rueban Manokara. This session emphasized the role of businesses, investors, and civil society in shaping market integrity, financing low-carbon transitions, and creating sustainable opportunities. PHOTOS BY YUMMIE DINGDING
Augusto Zobel de Ayala, Vice Chairman of the Makati Business Club (MBC) and Chairman of the Philippines–Singapore Business Council, welcomed participants to the High-Level Forum on Carbon Credits on October 2, 2025, at the Ayala Museum in Makati City.   The forum, hosted by the MBC, brought together policymakers, industry leaders, and experts to examine the current state of carbon markets and the growing Philippines–Singapore partnership under Article 6 of the Paris Agreement. A key backdrop to the discussion was the August 2024 Memorandum of Understanding (MOU) on carbon credits cooperation, witnessed by Singapore President Tharman Shanmugaratnam and Philippine President Ferdinand R. Marcos Jr. This MOU marked both countries’ commitment to developing a credible, high-integrity carbon market in the region. Following the MOU, the Philippines and Singapore began negotiating an Implementation Agreement to enable the generation and transfer of carbon credits from mitigation projects in the Philippines. Panel Discussion 1: Building the Philippine Carbon Market and the Role of the Philippines–Singapore Implementation Agreement featured Congressman Jose Manuel Alba, DENR Undersecretary Analiza Rebuelta-Teh, DOE Undersecretary Felix William Fuentebella, Singapore MTI Director Fam Wee Wei, and ADB Senior Market Development Advisory Specialist Ruchika Saluja. This panel explored the legislative, regulatory, and regional frameworks needed to strengthen the Philippine carbon market while aligning with international standards. Panel Discussion 2: Navigating the Philippine Landscape of the Carbon Market highlighted private sector and NGO perspectives. Speakers included MBC Trustee Lito Tayag, ACEN President and CEO Eric Francia, Arkadiah CEO Reuben Lai, GenZero Investment Director Antoinette Li, and WWF Global Lead for Carbon Finance and Markets Taskforce Rueban Manokara. This session emphasized the role of businesses, investors, and civil society in shaping market integrity, financing low-carbon transitions, and creating sustainable opportunities. PHOTOS BY YUMMIE DINGDING
Augusto Zobel de Ayala, Vice Chairman of the Makati Business Club (MBC) and Chairman of the Philippines–Singapore Business Council, welcomed participants to the High-Level Forum on Carbon Credits on October 2, 2025, at the Ayala Museum in Makati City.   The forum, hosted by the MBC, brought together policymakers, industry leaders, and experts to examine the current state of carbon markets and the growing Philippines–Singapore partnership under Article 6 of the Paris Agreement. A key backdrop to the discussion was the August 2024 Memorandum of Understanding (MOU) on carbon credits cooperation, witnessed by Singapore President Tharman Shanmugaratnam and Philippine President Ferdinand R. Marcos Jr. This MOU marked both countries’ commitment to developing a credible, high-integrity carbon market in the region. Following the MOU, the Philippines and Singapore began negotiating an Implementation Agreement to enable the generation and transfer of carbon credits from mitigation projects in the Philippines. Panel Discussion 1: Building the Philippine Carbon Market and the Role of the Philippines–Singapore Implementation Agreement featured Congressman Jose Manuel Alba, DENR Undersecretary Analiza Rebuelta-Teh, DOE Undersecretary Felix William Fuentebella, Singapore MTI Director Fam Wee Wei, and ADB Senior Market Development Advisory Specialist Ruchika Saluja. This panel explored the legislative, regulatory, and regional frameworks needed to strengthen the Philippine carbon market while aligning with international standards. Panel Discussion 2: Navigating the Philippine Landscape of the Carbon Market highlighted private sector and NGO perspectives. Speakers included MBC Trustee Lito Tayag, ACEN President and CEO Eric Francia, Arkadiah CEO Reuben Lai, GenZero Investment Director Antoinette Li, and WWF Global Lead for Carbon Finance and Markets Taskforce Rueban Manokara. This session emphasized the role of businesses, investors, and civil society in shaping market integrity, financing low-carbon transitions, and creating sustainable opportunities. PHOTOS BY YUMMIE DINGDING
Augusto Zobel de Ayala, Vice Chairman of the Makati Business Club (MBC) and Chairman of the Philippines–Singapore Business Council, welcomed participants to the High-Level Forum on Carbon Credits on October 2, 2025, at the Ayala Museum in Makati City.   The forum, hosted by the MBC, brought together policymakers, industry leaders, and experts to examine the current state of carbon markets and the growing Philippines–Singapore partnership under Article 6 of the Paris Agreement. A key backdrop to the discussion was the August 2024 Memorandum of Understanding (MOU) on carbon credits cooperation, witnessed by Singapore President Tharman Shanmugaratnam and Philippine President Ferdinand R. Marcos Jr. This MOU marked both countries’ commitment to developing a credible, high-integrity carbon market in the region. Following the MOU, the Philippines and Singapore began negotiating an Implementation Agreement to enable the generation and transfer of carbon credits from mitigation projects in the Philippines. Panel Discussion 1: Building the Philippine Carbon Market and the Role of the Philippines–Singapore Implementation Agreement featured Congressman Jose Manuel Alba, DENR Undersecretary Analiza Rebuelta-Teh, DOE Undersecretary Felix William Fuentebella, Singapore MTI Director Fam Wee Wei, and ADB Senior Market Development Advisory Specialist Ruchika Saluja. This panel explored the legislative, regulatory, and regional frameworks needed to strengthen the Philippine carbon market while aligning with international standards. Panel Discussion 2: Navigating the Philippine Landscape of the Carbon Market highlighted private sector and NGO perspectives. Speakers included MBC Trustee Lito Tayag, ACEN President and CEO Eric Francia, Arkadiah CEO Reuben Lai, GenZero Investment Director Antoinette Li, and WWF Global Lead for Carbon Finance and Markets Taskforce Rueban Manokara. This session emphasized the role of businesses, investors, and civil society in shaping market integrity, financing low-carbon transitions, and creating sustainable opportunities. PHOTOS BY YUMMIE DINGDING
Augusto Zobel de Ayala, Vice Chairman of the Makati Business Club (MBC) and Chairman of the Philippines–Singapore Business Council, welcomed participants to the High-Level Forum on Carbon Credits on October 2, 2025, at the Ayala Museum in Makati City.   The forum, hosted by the MBC, brought together policymakers, industry leaders, and experts to examine the current state of carbon markets and the growing Philippines–Singapore partnership under Article 6 of the Paris Agreement. A key backdrop to the discussion was the August 2024 Memorandum of Understanding (MOU) on carbon credits cooperation, witnessed by Singapore President Tharman Shanmugaratnam and Philippine President Ferdinand R. Marcos Jr. This MOU marked both countries’ commitment to developing a credible, high-integrity carbon market in the region. Following the MOU, the Philippines and Singapore began negotiating an Implementation Agreement to enable the generation and transfer of carbon credits from mitigation projects in the Philippines. Panel Discussion 1: Building the Philippine Carbon Market and the Role of the Philippines–Singapore Implementation Agreement featured Congressman Jose Manuel Alba, DENR Undersecretary Analiza Rebuelta-Teh, DOE Undersecretary Felix William Fuentebella, Singapore MTI Director Fam Wee Wei, and ADB Senior Market Development Advisory Specialist Ruchika Saluja. This panel explored the legislative, regulatory, and regional frameworks needed to strengthen the Philippine carbon market while aligning with international standards. Panel Discussion 2: Navigating the Philippine Landscape of the Carbon Market highlighted private sector and NGO perspectives. Speakers included MBC Trustee Lito Tayag, ACEN President and CEO Eric Francia, Arkadiah CEO Reuben Lai, GenZero Investment Director Antoinette Li, and WWF Global Lead for Carbon Finance and Markets Taskforce Rueban Manokara. This session emphasized the role of businesses, investors, and civil society in shaping market integrity, financing low-carbon transitions, and creating sustainable opportunities. PHOTOS BY YUMMIE DINGDING
Augusto Zobel de Ayala, Vice Chairman of the Makati Business Club (MBC) and Chairman of the Philippines–Singapore Business Council, welcomed participants to the High-Level Forum on Carbon Credits on October 2, 2025, at the Ayala Museum in Makati City.   The forum, hosted by the MBC, brought together policymakers, industry leaders, and experts to examine the current state of carbon markets and the growing Philippines–Singapore partnership under Article 6 of the Paris Agreement. A key backdrop to the discussion was the August 2024 Memorandum of Understanding (MOU) on carbon credits cooperation, witnessed by Singapore President Tharman Shanmugaratnam and Philippine President Ferdinand R. Marcos Jr. This MOU marked both countries’ commitment to developing a credible, high-integrity carbon market in the region. Following the MOU, the Philippines and Singapore began negotiating an Implementation Agreement to enable the generation and transfer of carbon credits from mitigation projects in the Philippines. Panel Discussion 1: Building the Philippine Carbon Market and the Role of the Philippines–Singapore Implementation Agreement featured Congressman Jose Manuel Alba, DENR Undersecretary Analiza Rebuelta-Teh, DOE Undersecretary Felix William Fuentebella, Singapore MTI Director Fam Wee Wei, and ADB Senior Market Development Advisory Specialist Ruchika Saluja. This panel explored the legislative, regulatory, and regional frameworks needed to strengthen the Philippine carbon market while aligning with international standards. Panel Discussion 2: Navigating the Philippine Landscape of the Carbon Market highlighted private sector and NGO perspectives. Speakers included MBC Trustee Lito Tayag, ACEN President and CEO Eric Francia, Arkadiah CEO Reuben Lai, GenZero Investment Director Antoinette Li, and WWF Global Lead for Carbon Finance and Markets Taskforce Rueban Manokara. This session emphasized the role of businesses, investors, and civil society in shaping market integrity, financing low-carbon transitions, and creating sustainable opportunities. PHOTOS BY YUMMIE DINGDING