Statement delivered by Hon. Maria Luwalhati Dorotan Tiuseco, Deputy Minister and Chief of Staff, The Philippines, Founding V20 Presidency
V20 MINISTERIAL DIALOGUE XII
16 April 2024
Washington D.C., USA
Hon. Maria Luwalhati Dorotan Tiuseco, Deputy Minister and Chief of Staff, The Philippines, Founding V20 Presidency
Thank you, Chair.
The Philippines is a prime example of the climate crisis paradox. We are among the least contributors to climate change, but among the most vulnerable to it. That is why the Philippines is committed and has adopted an integrated investment and financing strategy until 2020-2030 to mobilize climate finance.
As the Philippines continues to actively tap into international climate finance sources, we are pushing forward improvements in our country’s programming such as with the Green Climate Fund and Global Environment Facility. These sources can also co-finance and design innovative mechanisms to fund the national adaptation plan and channel financing and technical assistance towards scaling up our national funds such as our dedicated domestic fund, the People’s Survival Fund, which champions adaptation, risk financing and loss and damage implementation at the local level.
We have also established supportive policies that enable foreign direct investments and optimize private sector participation in green investments. To ease pressures on our national budget, we have actively fostered public-private partnership. This allows us to leverage the expertise and resources of our private sector for sustainable economic and climate responsive development. Our new PPP code has a specific provision on green financing.
Another mechanism is the issuance of sustainability bonds, which have not only funded critical climate projects, but as always resonated with global investors amplifying our impact. With the publication of the Philippines’ first ever sustainable taxonomy guidelines, stakeholders in the financial sector are empowered to make informed decisions, aligning investments with our climate agenda.
In terms of disaster resilience, we have fortified our resources with insurance and preparedness mechanisms, complementing our future access to the Loss and Damage Fund. As part of our commitment to this movement, we have expressed our intention to host the Loss and Damage Fund Board. No less than the Philippines sovereign — first sovereign wealth fund, the Maharlika Investment Fund is in the process of formulating investment strategies in the environment, social and governance sphere.
With your support, we will be designing the Philippines Climate Prosperity Plan to support priority adaptation and mitigation sectors, including power systems and modern — system modernization, especially in our small and isolated as well as grid modernization.
I will end here. Thank you very much.
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