By Tracy Cabrera
DOF Says Philippines Obtains $6.78-Million GCF Grant for Climate Programs
MALATE, Manila — The Philippines has secured a US$6.78-million grant from the Green Climate Fund to help strengthen climate-related investments and support the country’s transition to a cleaner and more resilient economy, the Department of Finance said.
Unlike a loan, the technical assistance grant does not need to be repaid, Finance Undersecretary Joven Balbosa emphasized.
According to Balbosa, the funding will improve the country’s ability to attract climate finance and implement projects that promote renewable energy, climate adaptation, and sustainable economic growth.
The grant forms part of the Third Readiness and Preparatory Support Programme (RPSP 3), making the Philippines the first nation in Asia-Pacific to receive readiness support from the GCF under its second replenishment period covering 2024 to 2027.
Through the five-year program approved last month, the government aims to build a stronger portfolio of investment-ready climate projects that are aligned with the National Adaptation Plan and the Nationally Determined Contribution Implementation Plan.
Balbosa described the approval as a significant step toward converting the country’s climate commitments into tangible projects that will benefit communities and businesses alike.
He said the initiative is expected to open more opportunities in sectors such as renewable energy, climate-resilient infrastructure, sustainable agriculture, and water security by encouraging greater international financing for green investments.
The program will also enhance coordination among government agencies, improve project development processes, and strengthen monitoring and knowledge-management systems to accelerate the rollout of climate initiatives.
The Global Green Growth Institute will serve as the DOF’s delivery partner, while UNDP and GIZ will help implement the program.
The proposal was prepared through consultations involving key agencies, including the Department of Environment and Natural Resources, Climate Change Commission, Department of Agriculture, and Department of Science and Technology, among others.
Balbosa also revealed that the government is preparing another proposal under the GCF’s Country-Driven Readiness window that could bring in up to US$3 million in additional grant support.
GCF Regional Director Hemant Mandal said the grant will help strengthen climate action in the Philippines by improving institutional capacity, reinforcing coordination mechanisms, and accelerating the development of a robust climate project pipeline.
The DOF, acting as the Philippines’ National Designated Authority to the GCF, oversees efforts to access global climate financing and ensure that supported projects align with national development goals.
If the additional proposal receives approval, the combined grants will further boost the country’s capacity to direct international climate funding toward high-impact projects and create a more attractive environment for investors in the Philippines’ low-carbon and climate-resilient sectors.
ia/xf
