MANILA, Philippines — The Philippines has the second highest proportion of green investors in Southeast Asia, but more still needs to be done to encourage investments in green finance, according to a survey of consumer and data analytics firm Milieu Insight.
Conducted from March to April this year, Milieu Insight’s survey covered a total of 4,800 respondents or 800 each in the Philippines, Singapore, Malaysia, Thailand, Indonesia and Vietnam, to understand consumer interest in green finance in the region.
The survey showed that only 15 percent of Filipinos indicated they are currently making green investments.
This is the second highest in Southeast Asia, with Malaysia taking the top spot with 17 percent.
In Southeast Asia, 11 percent of respondents are actively making green investments.
Milieu Insight said more actions could be taken to encourage green investments, with about nine in 10 Filipinos saying they believe the choices made by individual consumers can collectively create a significant impact on the environment.
The survey also showed that 73 percent of green finance investors in the Philippines have increased their allocation on green investments in the past two years.
In addition, 96 percent of those investing in green initiatives in the Philippines are confident in the performance and stability of the said investments.
In terms of where the green investments are being made, waste management, which includes recycling facilities, topped the list in the Philippines with 66 percent, the highest in the region.
This was followed by alternative agriculture, such as sustainable farming, with 60 percent, also the highest in the region.
Renewable energy placed third with 55 percent.
Across Southeast Asia, the top three sectors for green investments are waste management (57 percent), renewable energy (54 percent), and green transportation or electric vehicles (50 percent).
The top motivation for investing in green finance cited by respondents from the Philippines is the concern about protecting the planet for future generations at 75 percent.
As for those not yet making investments in the green sector in the Philippines, 59 percent expressed willingness to do so, while 32 percent are still unsure.
Asked what would drive those not yet spending on the green sector to make investments, they cited the following considerations: positive environmental impact (82 percent), improved market stability (49 percent), more regulations on green reporting (44 percent).