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Louise Maureen Simeon - The Philippine Star
May 3, 2025 | 12:00am
Locals walk over the dry part of Intang Lake in Pantabangan, Nueva Ecija on April 22, 2024.
STAR / Walter Bollozos
MANILA, Philippines — The Philippines is seeking a bigger role in a global fund mechanism that helps developing economies address the impacts of climate change.
In a statement, the Department of Finance (DOF) said the Philippines aims to further increase the country’s access to the Adaptation Fund following its appointment to the AF Board.
As such, the DOF is advancing its application to be a national implementing entity of the fund.
Being an implementing entity will allow the country to receive direct financial transfers to carry out adaptation projects and programs.
In order to become accredited, entities are required to meet the fiduciary standards and to commit to comply with the environmental and social policy and the gender policy adopted by the Board.
For now, the Philippines has joined the AF Board with Finance Undersecretary Maria Luwalhati Dorotan-Tiuseco as representative of the Non Annex I Parties, which are mostly developing economies.
The Philippines was also able to secure its first AF-financed project worth $10 million (P555.95 million) on harnessing the water-energy-food nexus to address and adapt to climate change impacts in Tawi-Tawi.
To be implemented by the United Nations Industrial Development Organization and the Mindanao Development Authority, the project includes deploying resilient water supply systems integrated with existing renewable energy infrastructure in Tawi-Tawi.
It also involves supplying local capacity building for sustainable water management, building local communities’ resilience and strengthening their livelihoods and providing knowledge management.
Meanwhile, the AF Board will scale up the mobilization of financing for adaptation projects.
This includes doubling the country spending cap to $40 million, increasing the single-country program size to $25 million and raising the regional program size to $30 million.
The resource mobilization goal of the fund was also set at $300 million for 2025, with a focus on implementing a robust and innovative strategy to meet its target.
