Press Release
July 7, 2011

Legarda: Government Financial Institutions Integral
to Climate Change Mitigation and Adaptation

Senator Loren Legarda praised the move by the state-owned Development Bank of the Philippines (DBP) to participate in the public-private initiative intended to aid local communities in combating the devastating impacts of climate change.

The DBP recently signed the memorandum of cooperation on a Public-Private Partnership on Climate Change, Disaster Preparedness, and Sustainability.

"Government financial institutions like the Development Bank of the Philippines play an important role in our climate change mitigation and adaptation agenda," the Senator said. "So-called 'green loans', for example, unlock project finance for clean energy and climate adaptation projects."

Legarda is the author and sponsor of the Climate Change Act 2009 that among many things required GFIs to provide preferential financial packages to climate change-related projects.

"PPPs have already been proven to be efficient and mutually beneficial to the government and the private enterprises in other areas, especially in building our country's communication and transportation infrastructures. There's no reason why it shouldn't work with mitigation and adaptation projects," she added.

Legarda said that adaptation projects that must be supported include agroforestry, community-based ecotourism, and alternative sustainable livelihoods for farming families.

"It is my hope that GFIs expand their financial packages that specifically support green projects and adaptation initiatives. Smart selection of projects to finance based on impact assessment and sustainability is also essential," Legarda concluded.

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