PASIG CITY, October 25, 2022 – A broad range of stakeholders led by legislators, national agencies, and non-government groups pledged together to accelerate the roll out of climate and disaster risk finance and insurance (CDRFI) initiatives to protect vulnerable communities from the worsening impacts of climate change.

“I, along with the rest of the leadership of the House Standing Committee on Climate Change, commit to do our part in advocating for enabling policies for the protection of the most vulnerable Filipinos to the impacts of climate change, because everything counts and everyone matters in this fight,” said Climate Change Committee vice chairperson and Negros Oriental First District Representative Jocelyn Sy-Limkaichong in a forum on CDRFI yesterday.

The event was held to conclude the first phase of the pioneering Multi-Actor Partnership (MAP) project in the Philippines, a global initiative promoting CDRFI while enabling effective collaboration between government, academe, civil society organizations, and the private sector at the national and international levels. The Manila-based think tank Institute for Climate and Sustainable Cities (ICSC) is the main implementer of MAP in the country.

“We 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,” added Congresswoman Sy-Limkaichong.

In the Philippines, Republic Act 10121 or the National Disaster Risk Reduction and Management Act of 2010 provides a legal basis for CDRFI as a finance policy for risk transfer, where it is largely anchored in financing and insurance mechanisms to address agricultural loss and damages in the country.

Dr. Felino Lansigan, University of the Philippines Los Baños professor emeritus and ICSC climate adaptation advisor, presented existing CDRFI instruments in the country offered by the Philippine Crop Insurance Corporation (PCIC) along with private insurance providers. He highlighted the high potential of weather-index based insurance as an inclusive and effective approach to climate change adaptation.

“Let us take advantage of these opportunities for collaboration. Graduating from the piloting stage to the actual roll-out of CDRFI across different areas, particularly the most vulnerable ones, can be done now. We do not have to wait for typhoons and other climate change impacts to occur before we act,” Lansigan added.

The initial phase of MAP in the country involved the conduct of multi-sectoral consultations on CDRFI in Eastern Visayas, Northern Mindanao, and the Cordillera Administrative Region led by the Visayas State University (VSU), Xavier University – Ateneo de Cagayan, and Benguet State University. Consultation outcomes will serve as basis for the next phase of the project.

“Financing and insurance are things that require local technical backgrounds, taking into account the knowledge and experiences of local communities. Having a localized process is called for if we will pursue the implementation of CDRFI, and proper coordination with key actors, particularly local governments taking lead, will ensure its effectiveness and sustainability,” said Dr. Eduardo Mangaoang, director of the VSU Regional Climate Change Research and Development Center and member of the National Panel of Technical Experts of the Climate Change Commission (CCC).

The House Standing Committee on Climate Change, the Congressional Policy and Budget Research Department (CPBRD), Senate Economic Planning Office (SEPO), Department of Finance (DOF), CCC, and PCIC, joined other sector representatives and private insurance providers to sign up to a common agreement as active members of MAP.

“The clamor among developing country nations, particularly members of the Vulnerable 20 (V20) Group of Finance Ministers, is stronger and has never been this clear. Developed countries and international organizations must provide resources to help us walk our talk when it comes to protecting our economies, our cultures, and our people,” said ICSC deputy executive director Angelo Kairos Dela Cruz in his closing remarks.

“The importance of a strong enabling environment that will help us thrive and having active champions in the House, including Congressman Edgar Chatto and Congresswoman Sy-Limkaichong, complement the strong and solid push from DOF, CCC, and the National Economic and Development Authority, giving us a strong sense of hope. It’s time to roll up our sleeves,” added Dela Cruz.

CONTACT
AC Dimatatac, ICSC: media@icsc.ngo, +63 998 546 9788, +63 917 149 5649

Photo by AC Dimatatac/ICSC