Philippines Renewable Energy Certificate Market to Reach US$ 387.45 Million by 2032; Luzon Leads with 55% Share Key Players: Philippine Renewable Energy Market, I-REC Standard, ECOHZ

Market Overview

The Philippines Renewable Energy Certificate (REC) Market reached US$ 174.93 million in 2024 and is projected to reach US$ 387.45 million by 2032, growing at a CAGR of 9.8% during the forecast period 2025-2032. The growth is driven by the country's strong commitment to renewable energy development, supported by government policies and incentives promoting clean energy adoption. The Philippines possesses abundant renewable resources, including solar, wind, hydro, and geothermal power, positioning it as a key player in the Southeast Asian renewable energy market.

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As of December 26, 2024, the Philippines granted green lane access to 176 projects, including 141 renewable energy projects valued at US$ 70 billion (PHP 4.13 trillion). In December alone, six projects received approval, notably the US$ 217.21 million (PHP 12.72 billion) Laguna Wind Project in Calabarzon. Such investments directly enhance the availability of renewable energy certificates (RECs), enabling businesses to purchase RECs to meet Renewable Portfolio Standards (RPS) compliance and achieve sustainability targets.

Recent Key Developments:

✅ January 2026 - Philippines
• The Department of Energy (DOE) approved the issuance of 15 new RECs from solar and wind projects, valued at approximately US$ 18 million, supporting corporate sustainability commitments and Renewable Portfolio Standards (RPS) compliance.

✅ November 2025 - Philippines
• First Gen Corporation expanded its geothermal capacity by 50 MW, generating additional RECs worth US$ 12 million, enabling industrial clients to meet clean energy targets.

✅ September 2025 - Philippines
• The Laguna Wind Project (Calabarzon) officially commenced operations, contributing US$ 217.21 million in renewable energy investment and issuing RECs for 50 MW of wind-generated electricity.

✅ July 2025 - Philippines
• Energy Development Corporation (EDC) launched a solar-plus-storage pilot in Luzon, creating RECs valued at US$ 7.5 million, facilitating the adoption of hybrid renewable energy solutions.

✅ April 2025 - Philippines
• The Board of Investments (BOI) granted tax incentives to 20 new renewable energy projects, collectively expected to generate RECs worth US$ 35 million over the next 3 years.

✅ December 2024 - Philippines
• Green lane access granted to 176 projects, including 141 renewable energy projects valued at US$ 70 billion (PHP 4.13 trillion), increasing REC availability and supporting sustainability targets for businesses nationwide.

Key Players:
Philippine Renewable Energy Market (REM), I-REC Standard, ECOHZ, Shell Energy Philippines, South Pole.

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Regional Insights:

The Philippines renewable energy certificate market is primarily concentrated in Luzon, which holds the largest share of approximately 55% due to the high concentration of solar and wind projects, along with strong industrial and commercial energy demand.

Visayas accounts for around 25% of the market, driven by a mix of geothermal and solar installations supporting both grid supply and local corporate sustainability initiatives.

Mindanao contributes roughly 20%, benefiting from hydropower and emerging solar projects in rural areas, which are increasingly adopting RECs to meet Renewable Portfolio Standards (RPS) and sustainability targets.

Market Dynamics:

Drivers

Increasing Corporate Demand for Clean Energy
A major driver of the Philippines renewable energy certificate (REC) market is the combination of government mandates and corporate sustainability commitments. The Philippine Department of Energy (DOE) has set an ambitious 35% renewable energy target by 2030 and 50% by 2040, requiring electricity suppliers to source a portion of their energy from renewable sources. This policy incentivizes the demand for RECs as a compliance mechanism, prompting both utilities and businesses to invest in clean energy solutions.

The Independent Electricity Market Operator of the Philippines (IEMOP) anticipates a surge in REC trading in 2025, fueled by the commissioning of new renewable energy projects. According to IEMOP's assistant manager, Chris Warren Manalo, ongoing initiatives like the Green Energy Auction (GEA) are expected to further stimulate REC transactions, facilitating easier access to renewable energy compliance instruments.

Lack of a Clear Regulatory Framework
Despite these growth drivers, the REC market faces constraints due to ambiguous regulatory frameworks and enforcement mechanisms. While RECs were introduced under the Renewable Energy Act, unclear compliance requirements, trading mechanisms, and certification processes create uncertainty for both domestic and foreign investors. The absence of a centralized, fully operational REC trading platform further limits market participation, making it challenging for stakeholders to efficiently buy, sell, and track RECs. This regulatory uncertainty discourages investment, as businesses remain unsure about pricing structures, penalties for non-compliance, and long-term policy stability.

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Industry Developments

✅ Launch of New Renewable Energy Projects: Renewable energy developers are commissioning large-scale solar, wind, and hydropower projects to increase REC availability and support national renewable energy targets.

✅ Integration with Digital REC Trading Platforms: Online trading systems and digital registries are being implemented to facilitate transparent and real-time tracking, buying, and selling of RECs.

✅ Corporate Sustainability Initiatives Driving Demand: Companies in manufacturing, IT, and retail sectors are increasingly purchasing RECs to meet voluntary sustainability commitments and comply with Renewable Portfolio Standards (RPS).

✅ Strategic Partnerships and Policy Support: Collaborations between government agencies, utilities, and renewable energy developers are accelerating REC issuance, verification, and market adoption.

✅ Focus on Affordable and Accessible RECs: Market players are introducing cost-effective REC solutions to encourage participation from SMEs and smaller commercial entities, boosting market penetration and promoting renewable energy adoption.

Market Segmentation:

By Type and Energy Source
In terms of type, I-REC certificates dominate the Philippines renewable energy certificate market with an estimated 70% share, driven by widespread adoption among corporate buyers seeking international recognition and compliance with global sustainability standards. TIGR certificates account for the remaining 30%, primarily utilized by local businesses and smaller utilities focusing on domestic compliance and voluntary green energy commitments.

Considering energy sources, solar RECs lead the market with approximately 45% share, reflecting the Philippines' abundant solar potential and rapid deployment of photovoltaic projects. Wind RECs follow with around 25%, supported by emerging wind farms in northern Luzon and Visayas. Hydro RECs contribute roughly 15%, driven by established small and medium-scale hydropower plants. The remaining 15% is shared among biomass and geothermal RECs, with geothermal projects benefiting from the country's rich volcanic resources and biomass driven by agricultural residue-to-energy initiatives.

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