PSF Board OKs P539M worth of climate adaptation projects

By Anna Leah Gonzales

October 24, 2023, 7:50 pm

MANILA – The People’s Survival Fund (PSF) Board chaired by Finance Secretary Benjamin Diokno has approved PHP539 million worth of new climate adaptation projects.

In a statement on Tuesday, the Finance department said the newly approved projects will be implemented in Mountain Province, Borongan City in Eastern Samar and the municipalities of Maramag in Bukidnon, Cabagan in Isabela, and Catanauan in Quezon.

These projects include the installation of drainage and early warning systems and the development of the agroforestry industry in Maramag worth PHP126.40 million; irrigation project in Cabagan, which involved the construction of three solar-powered irrigation systems worth PHP21.28 million; and mangrove rehabilitation project in Catanauan worth PHP2.63 million.

Other projects include the installation of embankment infrastructure and reforestation for enhanced flood control of Lo-om River in Borongan City worth PHP118 million, and climate field school for farmers in Mountain Province worth PHP271.15 million.

The PSF was established under Republic Act 10174 to finance adaptation programs and projects of local government units (LGUs) and accredited local and community organizations.

The PSF has an initial capitalization of PHP1 billion to help LGUs and accredited local or community organizations in implementing climate change adaptation projects.

To date, PHP887.63 million of the PHP1 billion has been allocated to 11 projects and six project development grants, leaving only a balance of PHP110.36 million in the PSF.

“I commend the Board and its members for its efforts to expedite the approval of the new projects, allowing us to fully utilize the disbursement of one billion pesos allocated to the PSF," Diokno said.

"For our part, the DOF shall continue to address the delays in the current system by improving processing time and providing sufficient resources to assist our proponents,” Diokno added. (PNA)