The government has approved P432 million worth of projects aimed at helping climate vulnerable areas in the Philippines. The People’s Survival Fund (PSF) Board has given the green light to these climate adaptation projects, which will benefit the provinces of Surigao del Sur and Ilocos Norte.
The PSF, which was established to finance adaptation programs and projects of LGUs and accredited local and community organizations, has now allocated the entire P1 billion initial capitalization to increase the resilience of communities and ecosystems to climate change.
When approving projects, the PSF Board considers various factors such as the level of risk and vulnerability to climate change, participation of affected communities in project design, poverty reduction potential, and cost-effectiveness. The board also looks at the identification of potential co-benefits, maximization of multi-sectoral benefits, responsiveness to gender-differentiated vulnerabilities, and the availability of a climate change adaptation action plan.
Chaired by the Department of Finance, the PSF Board is comprised of the Climate Change Commission, National Economic and Development Authority, Department of Interior and Local Government, and the Philippine Commission on Women. It also includes representatives from the academe, science community, business sector, and non-government organization sector.
