ADVERTISEMENT
Manila Bulletin devider Business devider DOF to assist LGUs with climate finance mobilization

DOF to assist LGUs with climate finance mobilization

Published Nov 23, 2023 05:50 am

At A Glance

  • The Department of Finance (DOF) is prepared to expedite local government units' (LGUs) access to climate financing through efficient resource mobilization and increased private sector participation.<br>Finance Secretary Benjamin E. Diokno has expressed the readiness of the DOF to support LGUs in achieving their climate projects, aligning with the Philippines' climate agenda outlined in the President's 8-Point Socioeconomic Agenda.<br>The Climate Change Commission (CCC) is hosting the 16th Global Warming and Climate Change Consciousness Week (CCC Week) with the theme "Bayanihan Para sa Klima: Bagong Bansang Matatag" from Nov. 19 to 25, 2023.<br>Finance Undersecretary Maria Luwalhati C. Dorotan Tiuseco represented Diokno at the Stakeholders Forum for Accelerated Climate Action and Transformation for Local Communities during the CCC Week.<br>During the panel discussion on Unlocking Climate Funds to LGUs, Tiuseco emphasized the government's commitment to protecting and building resilient communities, aligning with the development agenda.<br>In fulfilling its mandate, the DOF has been directing strategic resources for better adaptive capacity at the local level, investing in resilient communities and local governments, and mobilizing resources for social protection.

The Department of Finance (DOF) has announced its readiness to expedite local government units' (LGUs) access to climate financing through efficient resource mobilization and increased private sector participation.

In a statement, Finance Secretary Benjamin E. Diokno expressed the readiness of the DOF to support LGUs in achieving their climate projects to the advance the Philippines’ climate agenda outlined in the President’s 8-Point Socioeconomic Agenda.

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 Nov. 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 on behalf of Diokno.

During the panel discussion on Unlocking Climate Funds to LGUs, 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 P889.6 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-on-one 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.

Related Tags

Department of Finance (DOF) Finance Secretary Benjamin E. Diokno
ADVERTISEMENT
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1561_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1562_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1563_widget.title }}

{{ item.title }}

{{ articles_filter_1564_widget.title }}

{{ item.title }}
.mb-article-details { position: relative; } .mb-article-details .article-body-preview, .mb-article-details .article-body-summary{ font-size: 17px; line-height: 30px; font-family: "Libre Caslon Text", serif; color: #000; } .mb-article-details .article-body-preview iframe , .mb-article-details .article-body-summary iframe{ width: 100%; margin: auto; } .read-more-background { background: linear-gradient(180deg, color(display-p3 1.000 1.000 1.000 / 0) 13.75%, color(display-p3 1.000 1.000 1.000 / 0.8) 30.79%, color(display-p3 1.000 1.000 1.000) 72.5%); position: absolute; height: 200px; width: 100%; bottom: 0; display: flex; justify-content: center; align-items: center; padding: 0; } .read-more-background a{ color: #000; } .read-more-btn { padding: 17px 45px; font-family: Inter; font-weight: 700; font-size: 18px; line-height: 16px; text-align: center; vertical-align: middle; border: 1px solid black; background-color: white; } .hidden { display: none; }
function initializeAllSwipers() { // Get all hidden inputs with cms_article_id document.querySelectorAll('[id^="cms_article_id_"]').forEach(function (input) { const cmsArticleId = input.value; const articleSelector = '#article-' + cmsArticleId + ' .body_images'; const swiperElement = document.querySelector(articleSelector); if (swiperElement && !swiperElement.classList.contains('swiper-initialized')) { new Swiper(articleSelector, { loop: true, pagination: false, navigation: { nextEl: '#article-' + cmsArticleId + ' .swiper-button-next', prevEl: '#article-' + cmsArticleId + ' .swiper-button-prev', }, }); } }); } setTimeout(initializeAllSwipers, 3000); const intersectionObserver = new IntersectionObserver( (entries) => { entries.forEach((entry) => { if (entry.isIntersecting) { const newUrl = entry.target.getAttribute("data-url"); if (newUrl) { history.pushState(null, null, newUrl); let article = entry.target; // Extract metadata const author = article.querySelector('.author-section').textContent.replace('By', '').trim(); const section = article.querySelector('.section-info ').textContent.replace(' ', ' '); const title = article.querySelector('.article-title h1').textContent; // Parse URL for Chartbeat path format const parsedUrl = new URL(newUrl, window.location.origin); const cleanUrl = parsedUrl.host + parsedUrl.pathname; // Update Chartbeat configuration if (typeof window._sf_async_config !== 'undefined') { window._sf_async_config.path = cleanUrl; window._sf_async_config.sections = section; window._sf_async_config.authors = author; } // Track virtual page view with Chartbeat if (typeof pSUPERFLY !== 'undefined' && typeof pSUPERFLY.virtualPage === 'function') { try { pSUPERFLY.virtualPage({ path: cleanUrl, title: title, sections: section, authors: author }); } catch (error) { console.error('ping error', error); } } // Optional: Update document title if (title && title !== document.title) { document.title = title; } } } }); }, { threshold: 0.1 } ); function showArticleBody(button) { const article = button.closest("article"); const summary = article.querySelector(".article-body-summary"); const body = article.querySelector(".article-body-preview"); const readMoreSection = article.querySelector(".read-more-background"); // Hide summary and read-more section summary.style.display = "none"; readMoreSection.style.display = "none"; // Show the full article body body.classList.remove("hidden"); } document.addEventListener("DOMContentLoaded", () => { let loadCount = 0; // Track how many times articles are loaded const offset = [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]; // Offset values const currentUrl = window.location.pathname.substring(1); let isLoading = false; // Prevent multiple calls if (!currentUrl) { console.log("Current URL is invalid."); return; } const sentinel = document.getElementById("load-more-sentinel"); if (!sentinel) { console.log("Sentinel element not found."); return; } function isSentinelVisible() { const rect = sentinel.getBoundingClientRect(); return ( rect.top < window.innerHeight && rect.bottom >= 0 ); } function onScroll() { if (isLoading) return; if (isSentinelVisible()) { if (loadCount >= offset.length) { console.log("Maximum load attempts reached."); window.removeEventListener("scroll", onScroll); return; } isLoading = true; const currentOffset = offset[loadCount]; window.loadMoreItems().then(() => { let article = document.querySelector('#widget_1690 > div:nth-last-of-type(2) article'); intersectionObserver.observe(article) loadCount++; }).catch(error => { console.error("Error loading more items:", error); }).finally(() => { isLoading = false; }); } } window.addEventListener("scroll", onScroll); });
Join Our Newsletters

Sign up by email to receive news.

© 2025 Manila Bulletin The Nation's Leading Newspaper. All Rights Reserved.