The Department of Finance (DoF) said it is ramping up support for local government units (LGUs) on climate financing.
“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 E. Diokno said.
The department said it 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.”
To date, the DoF as chair of the People’s Survival Fund Board has approved 11 climate adaptation projects and six projects for project development grants worth P889.6 million.
The Bureau of Local Government Finance is also planning to help LGUs allocate their revenue towards climate-related projects.
“Furthermore, the DoF has actively formulated fiscal policies such as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, the Strategic Investment Priority Plan (SIPP), and the Sustainable Finance Roadmap to foster a more enabling environment for private sector participation in green investments,” it added.
Earlier, the department announced that the Philippines joined the board of the Vulnerable 20 Group of Finance Ministers, organized under the Group of Seven Global Shield Against Climate Risks program.
This helps countries vulnerable to climate risks have more access to financing for disaster protection.
Source: Business World