The World Bank and the Asian Development Bank (ADB) will finance a study which would help the Philippines draw up a comprehensive clean energy investment plan.

According to Energy Undersecretary Datu Zamzamin Ampatuan, a mission from the multilateral organizations will be coming to Manila on Monday to conduct preliminary activities for the proposed investment plan. He said the study will list priority sites for clean energy projects.

He added the study be completed by July this year, just in time for the release of the implementing rules and regulations of the Renewable Energy Bill.

"The study will allow us to be more precise on where and what renewable energy projects should be placed in one area. It will serve as a marketing tool in promoting RE (renewable energy) investments," Ampatuan said in a recent ADB report launch.

Meanwhile, ADB warned that the Philippines is likely to face extreme weather events unless global warming is controlled. In a study, the multilateral lender said the country's rice production may suffer by 2020 due to climate change.

"Climate change seriously threatens the Philippine economic development, the worst is yet to come," ADB assistant chief economist Juzhong Zhuang said.

ADB said the Philippines and other Southeast Asian nations should address the dual threats of climate change and the global economic crisis by introducing green stimulus programs that can both strengthen economies and protect the environment.

"The Philippines has much to gain and nothing to lose by investing in these low-cost and no-cost adaptation and mitigation measures," Zhuang said.