P1.42B earmarked for 24 Philippine climate adaptation projects
MANILA, Philippines — The People’s Survival Fund (PSF) is funding 24 climate adaptation projects for local communities with a financing commitment totaling P1.42 billion, Finance Secretary Ralph Recto said on Tuesday.
Recto, who also serves as chair of the PSF, said the fund was tapping local and international resources and facilitating sustainable investments that build resilience among communities facing the effects of climate change.
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The PSF is the government’s flagship financing mechanism to support local government units and accredited community organizations in designing and implementing climate adaptation projects.
These include mangrove rehabilitation, coastal protection, capacity building and the establishment of early warning systems in climate-vulnerable areas.
The PSF is allocated at least P1 billion yearly from the national budget. That amount is in addition to regular state funding for climate-related programs.
Watershed management
Among the flagship projects that the PSF supports is the Establishment and Sustainable Management of River Ecosystem in Kitcharao, Agusan del Norte. The PSF granted this project a fund of P33.48 million.
This initiative promotes watershed management, resilient livelihood and settlement protection with its farmers and fisherfolk as the main beneficiaries.
Another is the Building Resilience through Community-based Ecological Farming, which received P33.89 million. The project intends to establish rainwater catchment facilities, expand water distribution systems and formulate a Water Development and Management Framework.
Recto said this project has significantly improved the community’s water resource management and its agricultural production.
New proposals
The PSF Secretariat is set to call for new proposals to be funded under the PSF within the year.
In a related development, the Philippines last April secured a $10-million (about P585.8 million) funding from the Washington DC-based Adaptation Fund (AF). This is for enhancing climate-resilient water access in Tawi-Tawi.
Earlier this month, the AF board approved another grant to the Philippines — $150,000 or about P8.78 million for developing a project to strengthen the resilience of Mindanao’s farmers and safeguard national food security.
