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Manila Bulletin devider Business devider Banking & Finance devider Philippines secures $6.8-million green climate fund grant to shield vulnerable communities

Philippines secures $6.8-million green climate fund grant to shield vulnerable communities

Published Jul 15, 2026 03:03 pm

At A Glance

  • The Philippine government, through the Department of Finance (DOF), has secured a $6.8-million, about ₱417-million, technical assistance grant from the Green Climate Fund (GCF), boosting the country's capacity to access and implement climate investments.
The Philippine government, through the Department of Finance (DOF), has secured a $6.8-million, about ₱417-million, technical assistance grant from the Green Climate Fund (GCF), boosting the country’s capacity to access and implement climate investments.
The approval of the Third Readiness and Preparatory Support Programme (RPSP 3) distinguishes the Philippines as the first nation in the Asia-Pacific (APAC) region to successfully access GCF readiness support under the Fund’s second replenishment period, which covers 2024 through 2027.
Unlike traditional loans, these funds are provided as aid by development partners with no obligation for repayment, specifically targeted at protecting communities from climate volatility and accelerating the shift toward a clean energy economy.
Finance Undersecretary Joven Z. Balbosa stressed the strategic nature of the 60-month program, which was officially approved on June 24.
“We welcome the GCF’s approval of this grant. More than financial support, it is an investment in the Philippines’ ability to turn climate ambition into action and deliver lasting benefits for the Filipino people,” Balbosa said in a July 15 statement.
The initiative is designed to ensure that upcoming climate investments are strictly synchronized with the National Adaptation Plan (NAP) and the Nationally Determined Contribution Implementation Plan (NDCIP).
To facilitate this transition, the Global Green Growth Institute (GGGI) will serve as the primary delivery partner, working alongside the United Nations Development Programme (UNDP) and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).
This coalition aims to mobilize international financing for projects that enhance food and water security while safeguarding the country’s most vulnerable populations.
Hemant Mandal, GCF regional director for APAC, emphasized that the grant serves as a catalyst for structural improvement.
“This readiness grant from the GCF will strengthen climate action in the Philippines by enhancing institutional capacity, reinforcing existing coordination mechanisms, and accelerating the development of a strong project pipeline further supporting country ownership,” Mandal noted.
The program’s development involved an extensive consultative process with the Department of Environment and Natural Resources (DENR) and the Climate Change Commission (CCC), reflecting a high degree of national ownership.
Building on this momentum, the DOF has already initiated a second proposal that could provide up to $3 million in additional grant support. (Derco Rosal)

Related Tags

Department of Finance (DOF) Green Climate Fund (GCF) Joven Z. Balbosa National Adaptation Plan (NAP) grant
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