The Philippines’ push for clean energy continues to advance as the Renewable Energy (RE) Market surpassed a major milestone with the issuance of over 50 million Renewable Energy Certificates (RECs), according to the Independent Electricity Market Operator of the Philippines (IEMOP).

The announcement was made during IEMOP’s recent media briefing, which included updates on the commercial operations of the RE Market, which officially launched on December 26, 2024. The market enables the trading of RECs to help electricity suppliers meet their Renewable Portfolio Standards (RPS) obligations. This is a government mandate to source a portion of their power from renewable sources.

IEMOP noted that the issuance of RECs is directly tied to energy generated from eligible renewable sources like solar, wind, hydro, and biomass. These certificates serve as proof of compliance with RPS requirements, which increased by 2.52% starting in 2023.

The final issuance of RECs for compliance year 2020 was completed on July 1, with further issuances scheduled for compliance years 2021 to 2024. These adhere to timelines set by the Department of Energy (DOE).

Officials said the strong REC issuance shows that the RE Market is maturing and helping support the country’s clean energy transition. “The RE Market enables generators to monetize renewable energy production while allowing suppliers to meet compliance targets efficiently,” Rica Cagnayo, IEMOP TOD-Market Simulations and Analysis, explained.

The milestone comes as the Philippines intensifies efforts to expand its renewable energy capacity and reduce its reliance on coal and other fossil fuels. According to IEMOP, renewable sources contributed 22% of total generation in June 2025.

The RE Market is expected to play a key role in the country’s broader strategy to attract green investments and meet long-term carbon reduction goals under its National Renewable Energy Program.

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