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Manila Bulletin devider Philippines devider National devider France OKs new P15.9-B loan to PH for climate change agenda

France OKs new P15.9-B loan to PH for climate change agenda

Published Jun 3, 2025 01:05 pm
France is providing €250 million (approximately P15.89 billion) worth of loan to the Philippines to scale up its efforts to adapt to climate change and mitigate the economic risks and losses associated with the climate crisis.

DOF Secretary Ralph Recto and French Ambassador Marie Fontanel at the ceremonial exchange marking the approval of  the €250-million loan for the Climate Change Action Program – Phase 2 on June 2, 2025. (Photo from French Embassy in Manila)


The Department of Finance (DOF) and the Agence Française de Développement (AFD) held a ceremonial exchange on Monday, June 2, to mark the loan’s approval, with the Embassy of France to the Philippines and Micronesia as co-signatory.

The embassy said that the €250-million policy-based loan for the Climate Change Action Program – Phase 2 (CCAP2) was made possible by the AFD, France’s aid development program.

“France and the Philippines share a strong commitment to protecting the climate and the environment — from the Manila Call to Action on Climate Change in 2015 to the upcoming Third UN Ocean Conference in Nice in just a few days” French Ambassador to Manila Marie Fontanel stated.

“AFD, alongside our partners ADB (Asian Development Bank) and JICA (Japan International Cooperation Agency), are proud to support the Philippines in building a greener, more resilient future,” AFD Country Director Bénédicte Gazon added.

The CCAP2 is co-financed by the ADB and JICA to reinforce “a strong multilateral” in support of the Philippines climate change agenda. It also aims to boost critical reforms and strengthen national climate ambitions.

“It promotes a just transition by enhancing rural resilience and integrating gender-responsive strategies, recognizing the disproportionate impacts of climate change on marginalized groups,” a statement from the embassy said.

According to the French Embassy, the total loan package amounted to €917 million (approximately P58.3 billion)—€250 million from AFD, €449 million from ADB, and €218 million from JICA.

“Building on the momentum of CCAP Phase 1, this new financing operation supports the government’s efforts to scale up climate adaptation and mitigation, particularly through policy reforms and institutional frameworks necessary to implement its Nationally Determined Contributions (NDCs),” the embassy added.

Describing the Philippines as “one of the most climate-exposed countries in the world,” the embassy took note of the economic losses that could reach up to 13.6 percent of the country’s gross domestic product (GDP) by 2040 if it doesn’t take “significant climate action.”

“Key sectors like agriculture and natural resources remain especially susceptible to climate disruptions, while energy and transport — responsible for over half of national emissions — require urgent transitions toward renewable and sustainable systems,” it stated.

DOF Secretary Ralph Recto welcomed how the agreement would strengthen the country’s strategic cooperation on climate change, as well as deliver “real, lasting change” to Filipinos, especially the most vulnerable sectors.

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