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Manila Bulletin devider Business devider Recto wants practical carbon taxation for PH

Recto wants practical carbon taxation for PH

Published Jan 16, 2024 09:33 am

At A Glance

  • Finance Secretary Ralph G. Recto stresses importance of finding an adaptable and economy-friendly method for carbon pricing.<br>Recto said carbon pricing instruments seen as powerful fiscal tool, allowing government to consider social and external costs of carbon emissions.<br>The Department of Finance (DOF) earlier expressed interest in implementing carbon tax to promote sustainable practices among carbon-emitting businesses.<br>International Monetary Fund study suggests potential $7 billion in revenue from implementing carbon pricing in the Philippines by 2030.<br>Country currently lacks carbon pricing policy, but efforts in Congress to explore carbon tax and credit system implementation.<br>Energy Secretary Raphael Lotilla raises concerns about potential impact of carbon tax on already high electricity prices.

The Department of Finance (DOF) has stressed the importance of determining the most efficient and economically viable approach to carbon taxation before introducing it in the Philippines.

Finance Secretary Ralph G. Recto said on Tuesday, Jan. 16, that it is vital to find the most suitable way to charge for carbon, taking the economy into consideration and being able to adjust to changes.

“I would like to underscore, however, the importance of identifying the optimal combination of pricing instruments for the country,” Recto said. “We must extend our focus beyond mere transformations within industrial sectors.”

“Emphasizing research and development for low-carbon technologies and incentivizing behavioral change is equally crucial,” he added.

The finance chief further said stakeholder engagement, extensive research, and scrutiny, both in policy and regulation, are indispensable in determining the most responsive and economically sensitive mode of carbon pricing for our economy.

“This approach will maximize the effectiveness of government efforts in mitigating the adverse effects of climate change while ensuring balanced and sustainable economic growth,” Recto said.

Through collective efforts and creative solutions, Recto said he is optimistic that the Philippines can identify the most effective approach to carbon pricing, one that is mutually beneficial for everyone.

“This will lay the strong foundation for a more inclusive and sustainable future, not just for the Philippines but for the entire global community,” he said.

The DOF earlier expressed interest in potentially introducing a carbon tax as a means to encourage businesses emitting carbon dioxide to adopt sustainable practices.

Despite miniscule contribution to global carbon emissions at 0.48 percent, the Philippines bears the brunt of the worsening effects of global warming.

A study by the International Monetary Fund (IMF) suggested that implementing a carbon pricing scheme in the Philippines could bring in about $7 billion in revenue by 2030.

On Tuesday. Recto led the Technical Working Group Meeting for Preparing Carbon Pricing Instruments for the Philippines.

The country currently does not have a carbon pricing policy, but there are efforts in Congress to explore the implementation of a carbon tax and a carbon credit system.

However, Energy Secretary Raphael Lotilla had raised the need for the Department of Energy to thoroughly evaluate taxes on the energy sector.

He noted that introducing the carbon tax might contribute to the already high electricity prices in the country.

Related Tags

Department of Finance (DOF) ralph recto carbon tax Finance Secretary
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