Top domestic banks in the Philippines recorded their highest-ever levels of financing for both fossil fuels and renewable energy in 2025, according to an annual report by the Center for Energy, Ecology, and Development (CEED), a Manila-based policy think tank. Coal financing reached its highest point since a 2020 moratorium, gas funding totalled $3.37 billion, and renewable energy investment quadrupled from the previous year to $5.79 billion — though total coal and gas financing since 2009 still accounts for more than half of all energy funding at $21.18 billion. Environmental advocates are urging Philippine banks to adopt clear divestment timelines, warning that continued fossil fuel exposure leaves the country more vulnerable to global energy price shocks rather than protected from them.