Global Daily Tax News, Philippines Eyeing New Carbon Tax Regime, (Jan 24, 2024)

Authorities in the Philippines are studying the design of a new carbon tax, with support from the World Bank.

On January 16, a meeting was held by the Department of Finance to discuss the technical design of potential carbon pricing instruments that could be deployed in the Philippines.

Finance Secretary Ralph Recto said the Philippines should develop a carbon tax and emissions trading system to achieve its environmental objectives.

"Identifying the optimal combination of pricing instruments for the country is crucial to ensuring the long-term success of carbon pricing towards achieving net-zero emissions," he said.