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Manila Bulletin devider Business devider Funding secured for P539 M climate adaptation projects

Funding secured for P539 M climate adaptation projects

Published Oct 24, 2023 08:15 am

At A Glance

  • The People's Survival Fund (PSF) has approved P539 million worth in new climate adaptation projects to be implemented in Mountain Province, City of Borongan, and Municipalities of Maramag, Cabagan, and Catanauan<br>These include: Installation of drainage and early warning systems, and agroforestry development in Maramag, Bukidnon (P126.40 million); Irrigation project with solar-powered systems in Cabagan, Isabela (P21.28 million)<br> Mangrove rehabilitation project in Catanauan, Quezon (P2.63 million); Installation of embankment infrastructure and reforestation for flood control in Borongan City, Eastern Samar (P118 million) and Climate field school for farmers in Mountain Province (P271.15 million)<br>Factors considered for project approval: climate change risk and vulnerability, community participation, poverty reduction potential, cost effectiveness, co-benefits, multi-sectoral benefits, gender-differentiated vulnerabilities, and alignment with climate change adaptation plans.

The Department of Finance (DOF) said the People's Survival Fund (PSF) has greenlit about P539 million worth of fresh climate adaptation projects.

The DOF said the PSF Board’s newly-approved adaptation projects will be implemented in Mountain Province, the City of Borongan, and the Municipalities of Maramag, Cabagan, and Catanauan.

In Maramag, Bukidnon, a project valued at P126.40 million will be implemented to install drainage systems and promote agroforestry, while Cabagan, Isabela will receive P21.28 million for a solar-powered irrigation project. 

Meanwhile, Catanauan, Quezon has been allocated P2.63 million for a mangrove rehabilitation initiative. In Borongan City, Eastern Samar, P118 million will be utilized for embankment infrastructure and reforestation along the Lo-om River. 

Additionally, Mountain Province will benefit from a P271.15 million climate field school project aimed at educating farmers. 

PSF is an annual fund that helps local governments and community organizations implement projects to adapt to climate change. 

The PSF Board, chaired by Finance Secretary Benjamin E. Diokno, provides extra funding alongside existing government allocations for climate change programs. 

The PSF Board considers multiple factors when approving projects. 

These include the level of climate change risk and vulnerability, community participation, poverty reduction potential, cost-effectiveness and feasibility, identification of co-benefits, multi-sectoral benefits, responsiveness to gender-specific vulnerabilities, and alignment with climate change adaptation plans.

The PSF has an initial capitalization of P1 billion to aid local government units and accredited local/community organizations in implementing climate change adaptation projects. 

To date, P887.63 million of the P1 billion has been allocated 11 projects and six Project Development Grants, leaving only a balance of P110.36 million in the PSF. 

“I commend the Board and its members for its efforts to expedite the approval of the new projects, allowing us to fully utilize the disbursement of one billion pesos allocated to the PSF,” Diokno said in a statement. 

“For our part, the DOF shall continue to address the delays in the current system by improving processing time and providing sufficient resources to assist our proponents,” he added.

Upon taking up the role of PSF Secretariat in 2017, the DOF initiated measures to expedite fund utilization and streamline the project proposal process. 

This has resulted in the formulation of a Financing Agreement template—a crucial document that facilitates the transfer of funds to the recipients. 

Related Tags

Department of Finance (DOF) Finance Secretary Benjamin E. Diokno Climate change
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