Manila, Philippines - The Department of Finance (DOF) has expressed its readiness to assist local government units (LGUs) in accessing climate financing, aligning with the Philippine government's commitment to establishing sustainable communities.
According to Philippines News Agency, Finance Secretary Benjamin Diokno, in a statement, outlined the DOF's support for LGUs in realizing their climate projects, a key aspect of the President's 8-Point Socioeconomic Agenda. The commitment was reiterated during the 16th Global Warming and Climate Change Consciousness Week hosted by the Climate Change Commission (CCC) from November 19 to 25, 2023. Finance Undersecretary Maria Luwalhati Dorotan Tiuseco represented the DOF at the Stakeholders Forum for Accelerated Climate Action and Transformation for Local Communities (ACT LOCAL), emphasizing strategic resource allocation for adaptive capacity at the local level and investment in resilient communities. The DOF, as the Chair of the People's Survival Fund (PSF) Board, has approved 11 climate adaptation projects and six projects for Project Development Grant, totaling PHP889.6 million. This accounts for 89 percent utilization of the initial PHP1 billion allocations under the PSF, established in 2012 to finance LGU and community organization adaptation programs.
Following the implementation of the Mandanas-Garcia ruling, the DOF, through the Bureau of Local Government Finance, is prepared to help LGUs efficiently use increased revenues for climate-related projects. The DOF also plans to participate in the upcoming COP28 in Dubai, where it will advocate for transparent and efficient mobilization of climate finance, encompassing grants, investments, and subsidies.