Financing is a critical aspect in implementing climate change actions. The passage of Republic Act No. 10174 in 2012 amending Republic Act No. 9729 which created the People’s Survival Fund (PSF) offers Local Government Units (LGUs) dedicated source for financing adaptation programs and projects.
The Government has demonstrated commitment in implementing comprehensive reform agenda to respond to climate change. In addition to the amendment, policies and strategies were developed in promoting mobilization of climate finance. Two separate Joint Memorandum Circular (JMC) were issued by the Department of Budget and Management (DBM), Climate Change Commission (CCC) and Department of Interior and Local Government (DILG) for the implementation of Climate Change Expenditure Tagging at the national and local level. The purpose of the initiative is to track, monitor and report climate change programs, activities and projects. This is to support the assessment of the status of the country’s response to climate change and in guiding improvements of its effectiveness. This will facilitate valuation of the readiness for accessing and administering processes of domestic and international climate finance support.