Table of contents3 SEC Foreword4 ADB Foreword5 Green infrastructure: an opportunity for growth6 Snapshot: Macroeconomic outlook7 Snapshot: Infrastructure spending9 Snapshot: Climate policy10 Green finance trends and opportunities10 Global demand for green is growing11 Green finance is growing in the Philippines12 Snapshot: The Philippines Green Bond Market20 Brown to green transition in the Philippines24 Green infrastructure investment opportuni