BOOSTING climate resilience will be a key to achieving overall economic prosperity for Filipinos, a Cabinet official said.
“We cannot achieve overall economic prosperity for Filipinos without boosting climate resilience … because climate change is deeply unfair,” Finance Secretary Ralph Recto said in his speech on Wednesday at the Coalition of Finance Ministers for Climate Action (CFMCA) Regional Meeting.
“It strikes the hardest at the poorest. It makes poverty worse. And as climate impacts grow, so too will the difficulty and cost of eradicating poverty in the country. It is the ultimate injustice,” he added.
The CFMCA is a global alliance of finance ministers from 92 countries aimed at sharing knowledge and supporting climate action initiatives.
Filipinos classified as poor dropped to 15.5 percent last year from 18.1 percent in 2021, translating to about 17.54 million poor Filipinos last year. This is an improvement from the 16.0 to 16.4 percent target of the government in 2023.
The finance chief urged his fellow finance ministers to integrate climate action with poverty reduction, highlighting the need to balance economic development with climate resilience.
He shared that the Philippines prioritizes fiscal stability to support long-term climate action, with its Medium-Term Fiscal Program ensuring sustainable economic growth and strict fiscal discipline.
“This enables us to prudently finance green infrastructure, support local adaptation projects, educate our people on climate consciousness, create green jobs, and reduce poverty along the way,” Recto said.
In addition to the fiscal consolidation plan, Recto noted that the Philippines uses the National Adaptation Plan (NAP) and the NDC Implementation Plan (NDC IP) to achieve climate and economic goals.
He also highlighted the People’s Survival Fund (PSF) as a key climate solution, providing resources for community-led climate adaptation projects.
“Recognizing that the whole nation must be mobilized, we enacted our Public-Private Partnership Code to expedite sustainable and climate-resilient investments across the Philippine archipelago,” Recto said, adding that the Philippines is also utilizing fiscal policy to promote a regime to attract green investments into the country.
Recto, however, emphasized that their commitment extends beyond national borders, stressing that it is crucial to support regional neighbors as well.
Hence, the government took action to secure the Philippines’ hosting of the Loss and Damage Fund (LDF) Board, bringing it to the region.
“By doing so, we will not only spotlight our achievements but amplify our voices and galvanize our efforts to secure more financial resources for climate action,” Recto said.
“With your help, it is our hope that our LDF hosting will serve as the gold standard for climate finance and action, not just in Asia and the Pacific but all over the world,” he added.
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