The Department of Finance (DOF) is hopeful that the government's plan to tackle climate change will improve how the country provides information with organizations that grant funding for climate-related initiatives.

Finance Secretary Benjamin E. Diokno said the Philippines’ Nationally Determined Contribution (NDC) and National Adaptation Plan (NAP) will resolve the information gap between the country and climate finance providers

The NAP seeks to help with successful planning for adapting to climate change in the medium and long term, and to make sure that adaptation is included in important policies and programs in different areas.

Meanwhile, the NDC Implementation Plan (IP) will outline the actions, costs, timing, and how to put the plan into action for the Philippines to fulfill its NDC, while always keeping in mind its benefits for adaptation.

Diokno admitted that the country is facing difficulties in accessing climate finance owing to a mismatch between the support that international partners are willing to offer and the priority initiatives and needs of the country in dealing with the effects of climate change.

“I’m sure that with this very close collaboration with ADB [Asian Development Bank]––and we’d like to thank ADB for helping us in preparing the NAP and Implementation Plan––that problem will be gone,” Diokno said.

He said that the Philippines is confident in its plan and that the next step is to secure funding.

Recognizing the contribution of the private sector in advancing the country’s climate goals, Diokno said the government has bolstered its public-private partnership (PPP) framework to promote investment in sectors that were previously restricted, such as renewable energy (RE).

Aside from the private sector, Diokno also highlighted the role of bilateral and multilateral partners as the Philippines pursues a blended mode of financing to achieve its climate goals.

The DOF has been establishing the necessary policies needed to encourage and mobilize support for climate-related initiatives.

One of these initiatives is climate tagging to determine which items in the budget are relevant to climate change.

“We’re okay, but we’ve got to do more. The challenges are huge, but with your help, we’ll get by,” Diokno told ADB.

He underscored the urgency of the climate crisis, saying it is in the interest of every nation, every community, and every individual to ensure that this is addressed.

Given the pressing issue of climate change, the People’s Survival Fund (PSF) Board chaired by Diokno, recently approved P539 million worth of new climate adaptation projects to ensure vulnerable communities are protected.

In closing, Diokno emphasized the need for the proper implementation of these projects to ensure genuine and lasting change.