Philippines Opens 1.2M Hectares of Forest Land for Investment, Reforestation
The Philippine government has announced a significant step towards environmental restoration and economic growth. By the first quarter of 2025, it will open 1.2 million hectares of forest land for private investment and reforestation, with the aim of participating in the global carbon market.
This move comes after the Philippine Statistics Authority reported a 2.9% growth in forest cover between 2015 and 2020. The DENR, spearheading the National Greening Program, has identified priority investment areas that will be revealed in the first quarter of 2025. These areas are part of the country's 15 million hectares of classified forest lands, with only 7 million currently forested.
The biggest gains in closed forests were seen in Central Luzon, Mimaropa, and Northern Mindanao. The government encourages both local and foreign companies to participate. Several Philippine companies, including BPI, Ayala Corporation, ACEN, Ayala Land Inc., and Globe Telecom Inc., have committed to the 'Forests for Life' program. Foreign investors can join via joint ventures and partnerships with Filipino entities. The total forest land to be opened under the Marcos administration is 3 million hectares.
The Philippine government's initiative to open 1.2 million hectares of forest land for investment and reforestation is a step towards increasing the country's forest cover and participating in the global carbon market. The DENR's upcoming announcement of priority investment areas is expected to attract both local and foreign companies, fostering economic growth while promoting environmental sustainability.
