Government, civil society tackle unlocking finance for urban climate action
Institute for Climate and Sustainable Cities PRESS RELEASE PASIG CITY, August 15, 2024 – Officials from the Department of the Interior and Local Government (DILG), Department of Finance (DOF), Department of Budget and Management (DBM), and representatives from government agencies and civil society discussed the importance of unlocking climate finance to support the implementation of effective climate action in cities and urban areas across the Philippines in a roundtable discussion on August 8. “Cities are not infallible; in fact, having cities as concentration hubs for essential services, businesses, investments, and governance make them highly vulnerable to shocks. Now [...]
ICSC: PSF selection should be transparent, fair, and equitable
QUEZON CITY, November 22, 2023 – The Board of the People’s Survival Fund (PSF), chaired by the Department of Finance (DOF), approved five climate change adaptation projects endorsed by the Climate Change Commission (CCC) last October 23, amounting to a total of PHP 540.3 million. In the 20th meeting of the PSF Board, the Development Bank of the Philippines (DBP) presented seven projects from the first batch of PSF proposals recommended for approval by the CCC. Among these proposals, five were approved – specifically Mountain Province; Maramag, Bukidnon; Catanauan, Quezon; Cabagan, Isabela; and Borongan, Eastern Samar – one was [...]
DOF, other V20 finance ministers call for global finance reforms to manage debt, climate impacts
WASHINGTON DC, 19 October 2022 – At the recently held annual meetings here of the International Monetary Fund (IMF) and World Bank, the Vulnerable 20 Group of Finance Ministers (V20) called for debt restructuring and other global financing reforms to help them manage the economic threats of both debt and climate change. The Philippines was the founding chair of the V20 in its establishment in 2015.
ICSC lauds higher ambition in draft climate plan (Current draft proposes 75% reduction in emission)
3 FEBRUARY 2021, Quezon City – The Department of Finance (DOF) and Climate Change Commission (CCC) today organized a public consultation on the Philippines’ climate action plan, or Nationally Determined Contribution (NDC) to the Paris Agreement. The latest draft NDC would see the country committing to reduce emissions by 75 percent, 2.33 percent of which is unconditional, from 2020 to 2030, in the sectors of agriculture, waste, industry, transport, and energy. The country’s Initial Nationally Determined Contribution (INDC), submitted in 2015, committed to a fully conditional target of 70 percent below business as usual levels by 2030, meaning it [...]
DOF Sec. Dominguez underscores need for climate-smart insurance in vulnerable economies
MANILA, 16 August 2019 – “The Philippine government is keen on strengthening its policies on climate financing,” Department of Finance (DOF) Secretary Carlos Dominguez stated in his remarks for today’s forum on climate-smart micro, small, and medium enterprise (MSME) insurance in vulnerable and emerging economies. “The challenges posed by climate change demand all hands be on deck,” Dominguez said in his statement, which was read in the forum by DOF Assistant Secretary Paola Alvarez. “Green financing will allow us to mobilize investments, from the wider use of renewable energy to improving the resilience of our communities.” The forum was [...]