Philippines okays 21.43 mln USD fund for climate adaptation projects

The Philippine government has readied 1-billion-peso (21.43 million U.S. dollars) fund, which could be disbursed for climate adaptation projects to be proposed by the local government units and community organizations, a senior government official said Wednesday.

Department of Finance Secretary Cesar Purisima, chairman of the People's Survival Fund (PSF) Board, said the 1-billion-peso fund, known as the PSF, is a locally funded effort of the Philippines to meet the investment challenge, enabling communities under threat of climate change to adapt and live sustainably.

"We look forward to seeing every peso in the fund count towards more climate-resilient communities. This is an investment for the future that we hope will expand further," Purisima said.

Specifically, the fund is intended for adaptation activities that include water resources management, land management, agriculture and fisheries, health, among others, and serve as guarantee for risk insurance needs for farmers, agricultural workers and other stakeholders, he said.

The PSF was created by virtue of Republic Act No. 10174 to enable the government to address the problem of climate change. It has mandated the allocation of a 1-billion-peso fund to be accessed by local government units and community organizations to finance their climate change adaptation projects.

Under the law, the Climate Change office (CCO) of the Climate Change Commission will serve as secretariat of the board and will receive and evaluate the proposals to be approved by the board. Enditem