Using harvested wood products (HWPs) in a circular bioeconomy, such as veneer and plywood, is a promising approach to addressing environmental concerns and ensuring sustainable resource management. This paper attempts to conceptualize a veneer and plywood circular bioeconomy system (VPCBES) model and analyse the opportunities and challenges these wood-based industries face in contributing to the circular economy of the Philippines. A systematic literature review and contextualized SWOT analysis were employed to explore potential pathways for sustainable development and circular practices in the country. It adopts the butterfly framework and presents the VPCBES model, exploring the continuous flow of materials, emphasizing waste reduction, products and materials circulation, and nature regeneration. The opportunities for the veneer and plywood industry in the circular bioeconomy include using recycled wood waste, adopting resin as a binding agent, and cascading wood waste in time and value. However, challenges persist, including meeting demands while ensuring regeneration goals, low innovation investments, harvesting practices, waste routes issues, non-compliance to cleaner production and industrial symbiosis, and policy‐related barriers. Addressing these challenges and capitalizing on opportunities will enable the veneer and plywood industry to play a vital role in the Philippine circular bioeconomy.
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