MANILA, Oct 21 (Mabuhay) — Local government units and community organizations may start submitting proposals for climate change adaptation projects under the P1 billion People’s Survival Fund (PSF).
The government is now finalizing details for the fund’s utilization and will formally announce its call for proposals on October 28, the Department of Finance said Wednesday.
Republic Act 10174 created the fund aimed at enabling the government to tackle climate change. Passed in 2012, the law also required the creation of a board that will oversee the fund.
“The PSF is an example of the government’s commitment to protecting those most vulnerable from the effects of climate change,” said the finance secretary, who concurrently heads the fund’s board.
The P1 billion allocation covers adaptation activities that include water resources management, agriculture and fisheries. It also serves as guarantee for risk insurance needs of farmers and other sectors.
The government may utilize the fund to establish regional centers and information networks along with forecasting and early warning systems against climate-related hazards.
The fund may also serve as support to institutional development such as preventive measures, planning, preparedness and management of impacts relating to climate change.
The Philippines and 19 other countries considered most vulnerable to climate change impact collectively incur economic loses equalling 2.5 percent of their gross domestic product, according to the World Bank.
The amount is expected to balloon 10 folds to $418 billion in 2030 from the $45 billion estimated for 2010. (MNS)