QUEZON CITY, 22 February 2023 – The Standing Committee on Climate Change of the House of Representatives adopted today House Resolution No. 213, which supports the establishment of a Multi-Actor Partnership (MAP) on the enhancement of climate and disaster risk financing and insurance (CDRFI) in the Philippines. The resolution was sponsored by Climate Change Committee chair and Bohol First District Representative Edgar M. Chatto.
“CDRFI is critical in addressing the financial and socio-economic impacts of climate change and disasters in the country and the world. As a developing nation, it is our responsibility to ensure that CDRFI prioritizes the needs of the most vulnerable sectors in the Philippines, and this is for both the national and local governments,” Chatto said in his sponsorship remarks during today’s committee meeting.
In 2021, the Philippines was ranked as the fourth most affected country in terms of losses incurred from extreme episodic climate events from 2000 to 2019, according to the Global Climate Risk Index. In turn, the Department of Finance (DOF) estimated PHP 1.5 trillion worth of annual losses from natural disasters and climate change impacts in the next 50 years. CDRFI can serve as a mechanism to boost the financial safeguards of vulnerable countries and communities amid the climate crisis.
Through HR 213, “MAP would include representatives from the government – both Executive and Legislative branches – and attached agencies, local government units at the provincial, municipal/city, and barangay levels, private sector, insurance providers, and non-government actors such as cooperatives, as well as civil society and people’s organizations” in facilitating discussions for understanding and access to CDRFI.
“We really have to work together in looking for ways to protect our people. MAP is important so we can maximize synergies, develop effective policies, demand accountability, and leverage more access to climate finance in the Philippines,” added Chatto.
Representatives from the Department of Environment and Natural Resources (DENR), National Economic and Development Authority (NEDA), Department of Education (DepEd), Department of Labor and Employment (DOLE), and the Climate Change Commission (CCC) expressed their support for the resolution’s adoption.
“HR 213 is very much aligned with the Philippine Development Plan (PDP) 2023-2028, given the role of multi-stakeholder partnership to accelerate climate action and strengthen disaster resilience. It is high time that we ramp up our efforts to expand CDRFI, as it is an important aspect of the overall sustainable finance landscape in the Philippines,” said Julius Casabal, NEDA chief economic development specialist.
Institute for Climate and Sustainable Cities (ICSC) executive director Angelo Kairos Dela Cruz said MAP can also allow the Philippines to prepare for significant matters at the global scale, such as loss and damage negotiations and engagement with international financing mechanisms, such as the Global Shield against Climate Risks launched by the Vulnerable 20 (V20) Group of Finance Ministers and the Group of 7 (G7).
“The government is in the best position to lead MAP and maximize collaboration among key stakeholders. We are happy to see the current leadership of the Climate Change Committee taking a proactive approach. MAP and CDRFI are critical issues that need to be addressed across the government and non-government sectors,” said Dela Cruz.
He added, “Whatever we discuss in the international and national arena do not count for anything if it does not affect the life of the most vulnerable communities. Local government engagement should be at the front and center of the discussion.”
NOTE TO THE EDITOR
Last September 27, 2022, ICSC held a briefing on climate finance with the Standing Committee on Climate Change, covering specifically direct access funds, growing the Multi-Actor Partnership (MAP) network on climate and disaster risk finance and insurance (CDRFI), and climate finance accountability in the Philippines.
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