(LGUs) with
quicker access to climate
financing through proper
resource mobilization and
private sector participation.
“The DOF stands
ready to assist LGUs in the
realization of their climate
projects, thus advancing
the Philippines’ climate
agenda as envisioned in
the President’s 8-Point
Socioeconomic Agenda
of establishing livable and
sustainable communities,”
Finance Secretary Benjamin E. Diokno commented.
With the theme
“Bayanihan Para sa Klima: Bagong Bansang
Matatag,” the Climate
Change Commission
(CCC) is hosting the 16th
Global Warming and Climate Change Consciousness Week (CCC Week)
from November 19 to 25,
2023.
As part of the
CCC Week, Finance Undersecretary Maria Luwalhati C. Dorotan Tiuseco
attended the Stakeholders
Forum for Accelerated Climate Action and Transformation for Local Communities (ACT LOCAL) on
behalf of Secretary Diokno
on November 21, 2023 at
the Crown Plaza Hotel.
During the panel
discussion on Unlocking
Climate Funds to LGUs,
Undersecretary Tiuseco
underscored that the protection and resiliency of individuals and communities
lie at the core of the government’s development
agenda.
In fulfillment of
its mandate, the DOF has
been directing more strategic resources for better
adaptive capacity at the
local level, investing in
resilient communities and
local governments, and
mobilizing resources for
social protection.
For instance, as
Chair of the People’s Survival Fund (PSF) Board,
the DOF has made history
by swiftly approving 11 climate adaptation projects
and 6 projects for Project
Development Grant (PDG)
with a combined amount
of PHP 889.6 million. This
increased the PSF’s utilization rate to 89 percent,
leaving only 11 percent of
the initial allocation of PHP
1 billion.
The PSF was established under Republic
Act No. 10174 in 2012 to
finance adaptation programs and projects of
LGUs and accredited local
and community organizations.
In the past, two
primary issues hindered
the swift processing of
project approval by the
PSF Board: the lack of capacity to prepare bankable
projects and the tedious
procedures.
Upon taking up
the role of PSF Secretariat
in 2017, the DOF initiated
measures to expedite fund
utilization and streamline
the project proposal process.
Moreover, the
capacity-building function was delegated to the
CCC, which now collaborates individually with
LGUs to conduct one-onone consultations to guide
proponents through the
drafting process and necessary paperwork for PSF
grants.
With the implementation of the Mandanas-Garcia ruling, the DOF,
through the Bureau of Local Government Finance
(BLGF), is also prepared
to capacitate LGUs in
efficiently utilizing the increased revenue stream
to fund climate-related
projects and programs.
Furthermore, the
DOF has actively formulated fiscal policies such as
the Corporate Recovery
and Tax Incentives for Enterprises (CREATE) Act,
the Strategic Investment
Priority Plan (SIPP), and
the Sustainable Finance
Roadmap to foster a more
enabling environment for
private sector participation
in green investments.
Through the
Build Better More program, the government is
heavily investing in 197
strategic, sustainable, and
climate-resilient infrastructure projects with a more
diversified funding strategy developed by the DOF
using domestic resources,
official development assistance, and public-private
partnerships.
The DOF is gearing up to attend the 2023
United Nations Framework Convention on Climate Change (UNFCCC)
Conference of the Parties
(COP 28) scheduled on
November 30 to December 12, 2023 in Dubai,
United Arab Emirates.
At COP28, the
DOF will champion transparent, accessible, predictable, and efficient
mobilization of climate
finance, which includes
a blended approach of
grants, investments, and
subsidies over and above
official development assistance.DOF.GO
