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Manila Bulletin devider Business devider Banking & Finance devider Philippines secures ₱16-billion loan from France for climate action

Philippines secures ₱16-billion loan from France for climate action

Published Jun 3, 2025 10:50 am  |  Updated Jun 3, 2025 02:10 pm

The Philippine government has secured concessionary funding worth € 250 million, or approximately ₱15.8 billion, from France to enhance the country’s climate actions through a subprogram of the previous action plan.

According to a Department of Finance (DOF) statement released on Monday, June 2, the funding will be provided by the Agence Française de Développement (AFD). The bilateral deal was formalized between Finance Secretary Ralph G. Recto and France’s Ambassador Marie Fontanel.

In particular, the financing will be allocated for the Climate Change Action Plan, Subprogram 2 (CCAP2), which builds upon CCAP1. This project aims to help vulnerable sectors in the transition to a resilient, low-carbon economy.

The CCAP2 program is jointly funded by the Manila-based Asian Development Bank (ADB), which is contributing 449.1 million euros, and the Japan International Cooperation Agency (JICA), which is providing JPY 35 billion in partnership with AFD.

The CCAP is made up of three subprograms that back climate-related policy reforms in areas including improving climate action planning, financing, and institutional coordination; boosting resilience to climate change impacts; and promoting low-carbon development.

CCAP1 was implemented from January 2020 to March 2022, with funding support of $250 million from the ADB and € 150 million from the AFD.

“With this agreement, we strengthen our strategic cooperation on climate action, reinforce our institutional capacities, and accelerate the delivery of real, lasting change—especially for the most vulnerable,” Recto said during the event.

Fontanel said that both countries “stand once again united in their commitment to address the urgent challenges of climate change, environmental degradation, and ocean protection.”

“As a development partner, we are proud to be a part of this effort and to be working at the policy level. We firmly believe that working on systemic change is essential to meet the scale and urgency of today’s climate challenges,” AFD country director Benedicte Gazon said.

Recto assured the French government of the Marcos administration’s commitment to implementing the program “with urgency and integrity.”

“We will ensure that every euro invested, and every collaboration, will translate to meaningful impact in the lives of ordinary Filipinos,” Recto said.

AFD is a public financial institution that carries out France’s official development policy, focusing on reducing poverty and promoting sustainable development.

Related Tags

Department of Finance (DOF) Climate Change Commission (CCC) France
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