Record green financing in APAC to benefit Philippines

MANILA, Philippines — The Philippines is seen benefiting from the record-breaking sustainable financing in the Asia-Pacific (APAC) region, according to Dutch financial giant ING.

Jun Palanca, country manager for ING Philippines, said the bank recently mobilized €68 billion in sustainable finance, a 19-percent increase from the first half of 2024 and its strongest first half on record.

ING saw the number of sustainable finance transactions increase across all regions. Europe, Middle East and Africa remained the largest contributor to volume mobilized (61 percent), followed by the Americas (26 percent) and APAC (13 percent).

“The strength we see in sustainable finance markets, even amid global uncertainties, confirms that moving to a low-carbon economy is both an environmental need and an economic opportunity,” Palanca said.

“In the Philippines, we see huge potential across multiple sectors — particularly in renewable energy, sustainable infrastructure, and emerging areas like electric transport,” he said.

Palanca said in a commentary that APAC’s momentum creates strategic opportunities for the Philippines, which has committed to a 75 percent reduction in greenhouse gas emissions by 2030 under its Nationally Determined Contribution.

Under its Power Development Plan, the Philippines aims a power generation mix of 35 percent comprising of renewable energy by 2030 and 50 percent by 2040. These ambitions are supported by a strengthening green finance ecosystem, including the Bangko Sentral ng Pilipinas’ Sustainable Finance Framework and Taxonomy Guidelines.

“In the Philippines, there’s huge potential across multiple sectors — particularly in renewable energy, sustainable infrastructure, and emerging areas like electric transport,” he said.

Palanca said the Philippines is driving the adoption of electric vehicles via government incentives and the Electronic Vehicle Industry Development Act, as transport contributes 22.8 percent of the country’s carbon emissions.

“Recent data show that electric vehicle sales and registrations are rising. However, infrastructure gaps remain a key challenge, creating demand for new financing solutions to accelerate the transition and unlock broader market potential,” he said.

According to Palanca, ING remains committed to financing the transition to net zero by 2050. The bank is on track to deliver €7.5 billion in renewables financing annually by year-end and continues progressing toward its €150 billion sustainable finance target by 2027.

Per ING’s?latest Climate Update 2025,?ING supported 835 sustainability deals in 2024, with another 400 closed in H1 2025 — mobilizing capital to incentivize clients’ decarbonization plans and finance the transition.

“For the Philippines, this means continued support for clean energy projects, sustainable infrastructure development, and innovative financing solutions for businesses and communities — positioning the country as a key player in Southeast Asia’s clean energy transition,” Palanca said.