House Bill 3528 – Explanatory Note

In his explanatory note of House Bill 3528, Representative Lorenzo Tanada III of the Fourth District of Quezon explains that although there is a legislation made to confront the needs of the country in terms of climate change under Republic Act 9729, otherwise known as the ‘Climate Change Act of 2009’, the objectives of the law to a long-term, predictable, and transparent sources of finance for climate change adaptation projects based on the accepted fiduciary standards of the country should be strengthened. Consequently, this House Bill is created support the adaptation action plans of local government units and communities by establishing a People’s Survival Fund which will defend the interest of people who are vulnerable to the effects of climate change. The sources of the fund shall include but not be limited to: (a) the General Appropriations Act, (b) part of the cash dividends declared by all Government-Owned and Controlled Corporations; (c) a portion of the Certified Emission Reduction units earned under the UN-instituted Clean Development mechanism and other domestic transactions utilizing the international carbon market; and (d) a portion of the Motor Vehicle User’s Charge. The primary purpose of the fund is to support different programs and projects with regards to climate change adaptation.