Aside from the greenhouse gas reduction ability of palm oil-based biofuel as alternative to fossil fuels, another essential greenhouse gas mitigation ability of oil palm plantation is in terms of offsetting anthropogenic carbon emissions through carbon sequestration. In this context, this study was done to determine the carbon sequestration potential of oil palm plantations specifically in two areas in Mindanao, Philippines. Allometric equation was used in calculating the biomass of oil palm trunk. Furthermore, destructive methods were used to determine the biomass in other oil palm parts (fronds, leaves, and fruits). Carbon stocks from the other carbon pools in the oil palm plantations were measured which includes understory, litterfall, and soil. Results revealed that the average carbon stock in the oil palm plantations is 40.33 tC/ha. Majority of the carbon stock is found in the oil palm plant (53%), followed by soil (38%), litterfall (6%), and understory, (4%). The average carbon sequestration rate of oil palm plants is estimated to be 4.55 tC/ha/year. It is advised that oil palm expansions should be done on grasslands and barren lands instead of forest lands to avoid incurring "carbon debts". It is also recommended that oil palms should be mixed with shrub crops species to enhance soil organic carbon as well as increase the aboveground biomass in oil palm plantations.