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Survival fund fully commits P1 billion for climate adaptation projects

Business

Survival fund fully commits P1 billion for climate adaptation projects

By Chino S. Leyco

The Department of Finance (DOF) announced the full allocation of a P1-billion budget to support key climate adaptation projects across the country.

During the 21st People's Survival Fund (PSF) Board Meeting last May 10, Finance Secretary Ralph G. Recto signed five financing agreements for local adaptation projects.

Recto also approved two new initiatives to strengthen community resilience against climate change impacts.

The two newly approved climate adaptation projects, costing P432.0 million, will provide resilience benefits to Surigao Del Sur and Ilocos Norte.

The PSF, a sustainable financing platform for adaptation projects by local government units (LGUs) and community organizations, is a pillar in the government’s fight against climate.

Recto, who chairs PSF, also finalized agreements for five climate adaptation projects worth P539.4 million, previously approved by the Board last October 23.

These projects are slated for implementation in Borongan City, Eastern Samar; Kitcharao, Agusan del Norte; Mountain Province; Maramag, Bukidnon; and Catanauan, Quezon.

With 11 projects and six Project Development Grants approved as of October 23, 2023, in addition to the two new initiatives, the full P1 billion PSF budget has now been fully utilized.

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Department of Finance (DOF)

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