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Manila Bulletin devider Business devider 'Green' goods face market hurdles in Philippines—World Bank

'Green' goods face market hurdles in Philippines—World Bank

Published Dec 15, 2024 09:25 pm

The entry of products deemed environment-friendly to the Philippines—a net goods importer—faces challenges due to expensive non-tariff barriers, according to the World Bank.

"The Philippines' share of green goods trade is relatively low, partly due to the high incidence of non-tariff measures (NTMs) on imports of green goods," said the World Bank report titled "Trade Policy, Green Goods and the Labor Market: Evidence from the Philippines" published on Dec. 13.

This assessment is based on a comparison made by the Washington-based multilateral lender with the Philippines' peer-countries as well as leading green industries.

In particular, the World Bank cited "costly" NTMs impacting imported energy transition-related technologies, among other green products.

For the World Bank, this is a missed opportunity for the Philippines, given its vulnerability to climate change challenges, citing that "bolding the green trade can support the country's transition towards a more sustainable area, enhance resilience, and alleviate environmental risks."

"As the Philippines heavily relies on fossil fuel imports, investing in green energy such as hydropower, wind, or solar can reduce the dependence on fossil fuel imports," the World Bank pointed out.

Also, the report noted that the Philippines' participation in green trade aligns with its global climate commitments, including as part of the Association of Southeast Asian Nations' (ASEAN) agreement.

"More importantly, promoting green goods imports and exports can drive job creation, increase wages for people, and support economic growth," it added.

According to the World Bank, out of the around 90 "burdensome" NTMs, there are five specific measures that, if reformed, may increase trade in green goods, as there is a direct link between higher exports and imports.

But the report warned that this may also lead to fewer high-skilled labor involved in export industries, even as it could jack up the proportion of females working in import sectors.

While importing green products is associated with bigger overall industry earnings, the report cautioned that reforming trade policies to become more climate- and environment-friendly could cause shifts in the labor market, hence requiring additional measures supporting impacted workers.

In all, "green goods trade will matter for the transition to a low-carbon global economy as well as for its adaptive capacity to climate events," the World Bank said.

Related Tags

Philippine Green Goods World Bank Group
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