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Manila Bulletin devider Business devider Banking & Finance devider JICA, Philippine agencies launch climate finance transparency project

JICA, Philippine agencies launch climate finance transparency project

Published May 10, 2026 11:24 am  |  Updated May 10, 2026 07:38 pm
Takashi Baba
Takashi Baba

Japan International Cooperation Agency (JICA) and the Philippine government have launched a technical cooperation project aimed at strengthening sustainable finance and climate-related transparency frameworks in the country.

In a statement on Saturday, May 9, JICA Philippines said that it signed the record of discussions for the Project on Strengthening Sustainability and Transparency Framework with the Department of Finance (DOF), which will serve as the lead implementing agency in partnership with the Securities and Exchange Commission (SEC) and the Department of Environment and Natural Resources (DENR).

The agreement was signed by JICA Philippines chief representative Takashi Baba and DOF Secretary Frederick D. Go last May 6.

The project, which will run from 2026 to 2029, seeks to enhance sustainable finance and transparency through improved disclosure frameworks, strengthened greenhouse gas (GHG) inventory and reporting systems, and monitoring of climate-related initiatives.

JICA Philippines said the initiative aims to strengthen the implementation and monitoring of climate change measures by improving the capacities of relevant Philippine agencies and enhancing institutional arrangements supporting the country’s commitments under the Paris Agreement.

Citing a 2025 discussion paper by state-run policy think tank Philippine Institute for Development Studies (PIDS), JICA Philippines noted that the DOF’s Sustainable Finance Roadmap estimated annual climate finance flows at only $2.5 billion to $3 billion, significantly below the estimated $12 billion to $15 billion needed yearly, resulting in a financing gap of around $9 billion to $12 billion annually.

“As one of the countries most vulnerable to climate change, the Philippines faces escalating risks from stronger typhoons, flooding, and rising temperatures,” JICA Philippines noted.

“These impacts affect communities, critical infrastructure, and key sectors such as agriculture and energy. Addressing these challenges requires robust systems for planning, financing, and monitoring climate action, including strengthened approaches to managing and tracking climate-related investments,” it added.

Under the project, JICA will dispatch Japanese experts specializing in climate change, sustainable finance, sustainability reporting, and transparency and GHG inventory systems.

The DOF will oversee policy integration and overall implementation, while the SEC will support sustainability reporting enhancements, and the DENR will strengthen the country’s transparency framework.

JICA Philippines said the project would also support the implementation of article 6 of the Paris Agreement, including the joint crediting mechanism (JCM), through capacity-building and knowledge exchanges involving Philippine government agencies.

In a separate May 7 statement, JICA said Japan’s expertise in corporate sustainability disclosure and GHG inventory development would be shared with the Philippines to help strengthen corporate sustainability reporting and climate-related monitoring systems.

“The advancement of corporate sustainability disclosure in the Philippines is expected to better inform Japanese investment decisions and further encourage activities of Japanese companies that consider climate change,” JICA said.

The Japanese government’s aid arm added that improved national GHG inventory systems would help establish the foundation for implementing market mechanisms under article 6 of the Paris Agreement.

JICA said the project forms part of its broader climate-related support for the Philippines, including the Climate Change Action Program-Subprogram 2 worth 35 billion yen in 2025, as well as technical cooperation initiatives on forest monitoring, hydropower inventory systems, disaster risk reduction, and climate-related training and scholarship programs.

JICA added that the initiative also reflects 70 years of bilateral cooperation between Japan and the Philippines in supporting low-carbon growth, climate resilience, and environmental sustainability.

Related Tags

Japan International Cooperation Agency (JICA) Department of Finance (DOF) Takashi Baba Frederick D. Go Securities and Exchange Commission (SEC) Department of Environment and Natural Resources (DENR)
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