CLIMATE FINANCING. The Department of Finance says on Thursday (Nov. 23, 2023) it is doubling efforts to mobilize resources for social protection. The DOF said it is also willing to provide local government units a quicker access to climate financing. (PNA file photo)
MANILA – The Department of Finance (DOF) said it is prepared to provide local government units (LGUs) with quicker access to climate financing through proper resource mobilization and private sector participation.
“The DOF stands ready to assist LGUs in the realization of their climate projects, thus advancing the Philippines’ climate agenda as envisioned in the President’s 8-Point Socioeconomic Agenda of establishing livable and sustainable communities,” Finance Secretary Benjamin Diokno said in a statement on Thursday.
With the theme “Bayanihan Para sa Klima: Bagong Bansang Matatag,” the Climate Change Commission (CCC) is hosting the 16th Global Warming and Climate Change Consciousness Week (CCC Week) from Nov. 19 to 25, 2023.
As part of the CCC Week, Finance Undersecretary Maria Luwalhati Dorotan Tiuseco attended the Stakeholders Forum for Accelerated Climate Action and Transformation for Local Communities (ACT LOCAL) on behalf of Diokno on Nov. 21 at the Crown Plaza Hotel.
Tiuseco said the DOF has been directing more strategic resources for better adaptive capacity at the local level, investing in resilient communities and local governments, and mobilizing resources for social protection.
She added the DOF, as Chair of the People’s Survival Fund (PSF) Board, swiftly approved 11 climate adaptation projects and six projects for Project Development Grant with a combined amount of PHP889.6 million.
This increased the PSF’s utilization rate to 89 percent, leaving 11 percent of the initial allocation of PHP1 billion.
The PSF was established under Republic Act 10174 in 2012 to finance adaptation programs and projects of LGUs and accredited local and community organizations.
With the implementation of the Mandanas-Garcia ruling, the DOF, through the Bureau of Local Government Finance, also assured the public that it is prepared to capacitate LGUs in efficiently utilizing the increased revenue stream to fund climate-related projects and programs.
Aside from these initiatives, the DOF is also set to attend the 2023 United Nations Framework Convention on Climate Change Conference of the Parties (COP28) scheduled from Nov. 30 to Dec. 12, 2023 in Dubai, United Arab Emirates.
At the COP28, the DOF said it will push for a transparent, accessible, predictable and efficient mobilization of climate finance, which includes a blended approach of grants, investments and subsidies over and above official development assistance. (PNA)
