When Martijn Hoogerwerf first evaluated the Philippines’ sustainable finance market several years ago, the head of ING’s Sustainable Solutions Group for Asia Pacific found plenty of talk, little action.

“In the first three to four years, we monitored the Philippine markets and noted significant interest, though actual issuance remained limited,” notes Hoogerwerf. “Growth began to accelerate in 2024, supported by shifts in government policy and increased corporate engagement.”

That landscape has since transformed dramatically. While regional sustainable debt issuance shrank 7% in 2024, amid greenwashing concerns and regulatory uncertainty, the Philippine market has emerged as an unlikely bright spot.