This paper was developed by the author and submitted to the World Bank eInstitute through the e-course, Low Carbon Development – Integrated Course. Views expressed in this paper are those of the author and do not necessarily reflect the views and policies of the Philippine institutions cited here or World Bank, the eInstitute, or the e-course’s instructors and facilitators and the departments they represent. Likewise, no part of this paper constitutes investment or commercial advice. The author does not guarantee the accuracy of the data in this paper, accepts no responsibility for any consequence of their use, or makes any recommendation for any low-carbon development strategy or program. Following the insights shared in this paper does not guarantee commercial success of any venture or the occurrence of any future event. By making any designation of or reference to a particular territory or geographic area, or by using the term “country” in this document, the author does not intend to make any judgments as to the legal or other status of any territory or area. The author encourages printing or copying of information exclusively for personal and noncommercial use with proper acknowledgment. Users are restricted from reselling, redistributing, or creating derivative works for commercial purposes without the expressed, written consent of the author.