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Manila Bulletin devider Business devider Banking & Finance devider DOF revamps climate finance strategy to strengthen national resilience

DOF revamps climate finance strategy to strengthen national resilience

Published Jun 15, 2026 04:39 pm
The Department of Finance (DOF) is revamping how the country finances and manages climate and resilience initiatives through a comprehensive national framework aimed at reshaping its approach to environmental economics.
This upcoming Philippine Climate Finance Strategy is set to “serve as a blueprint in managing and mobilizing resources to achieve national climate targets,” the DOF said in a June 15 statement.
This move coincides with the country's leadership of the ASEAN Chairship for 2026, a position the DOF is utilizing to drive a regional agenda focused on “finance for climate action, resilience, and sustainable development through fiscal policy, public finance, investment and economic solutions, and resource mobilization.”
According to the DOF, a core component of this strategy is the fundamental integration of climate variables into the nation's financial heart.
DOF Undersecretary Joven Balbosa said that this is no longer an optional consideration but a fiscal necessity. “We must integrate climate risks directly into our treasury and fiscal planning to ensure our national budgets serve as strategic shields for our people’s future,” he said during a recent virtual exchange on climate modeling.
To support this integration, the DOF has introduced a Climate-Economy Modelling tool to help government agencies make informed decisions that safeguard public financial management.
To meet the massive capital requirements of these climate targets, the department is looking beyond traditional budgeting.
DOF Climate Finance Policy Director John Adrian Narag detailed a “whole-of-society” strategy aimed at scaling up resources. This involves “linking domestic assets like the People's Survival Fund (PSF) with regional mechanisms like SEADRIF and international funding” to create a multi-layered financial defense.
The country is also broadening its climate and disaster risk financing and insurance strategy, using tools like parametric insurance alongside funding from bilateral, international, and multilateral partners to shift from a risk-based approach to one focused on preparedness.
The Philippines' domestic strategy is closely linked to its growing influence on the global stage. The nation currently serves as the host of the Board of the Fund for Responding to Loss and Damage (FRLD) and holds key memberships in multilateral climate funds.
This leadership role is seen as “vital for ensuring that the unique needs of vulnerable developing nations are prioritized” as the Association of Southeast Asian Nations (ASEAN) region prepares its collective position for the COP 31 summit in November 2026. (Derco Rosal)

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