MANILA, Philippines — The government has greenlighted some P432 million worth of projects meant to aid climate vulnerable areas in the Philippines.
In a statement, the Department of Finance said the People’s Survival Fund (PSF) Board recently approved P432-million worth of climate adaptation projects.
The PSF was established to finance adaptation programs and projects of LGUs and accredited local and community organizations.
The projects are expected to benefit the provinces of Surigao del Sur and Ilocos Norte.
As such, the entire P1 billion initial capitalization of the PSF has already been allocated in a bid to increase the resilience of communities and ecosystems to climate change.
In approving projects, the PSF Board considers the level of risk and vulnerability to climate change, participation of affected communities in the design of the project, poverty reduction potential and cost effectiveness and attainability of the proposal.
The board likewise takes into account the identification of potential co-benefits extending beyond local government territory, maximization of multi-sectoral or cross-sectoral benefits, responsiveness to gender-differentiated vulnerabilities and availability of climate change adaptation action plan.
Chaired by the DOF, the PSF Board is composed of the Climate Change Commission, National Economic and Development Authority, Department of Interior and Local Government and the Philippine Commission on Women, as well as representatives from the academe and science community, business sector and the non-government organization sector.