MANILA, Philippines – Philippine government agencies and the United Nations Development Programme (UNDP) convened in Manila for the UNDP Climate Finance Network (CFN) Midterm Stocktaking Activity to assess progress​​,​​ consolidate lessons learned, and identify priority actions to strengthen climate finance systems and implementation in the Philippines. The UK Government supports the CFN through the Foreign, Commonwealth & Development Office's Climate Action for Resilient Asia (CARA) programme. 

​​​     ​​Led by the Department of Finance (DOF), together with the Climate Change Commission (CCC), Department of Environment and Natural Resources (DENR), Department of Budget and Management (DBM), ​ Department of Economy, Planning, and Development​ (DEPDev), ​​Bangko Sentral ng Pilipinas (BSP), Commission on Audit (COA), ​ ​Department of Social Welfare and Development (DSWD), ​​Office of Civil Defense (OCD),​ ​Department of Science and Technology (DOST), Department of Human Settlements and Urban Development (DHSUD), Landbank of the Philippines (LBP)​ ​Development Bank of the Philippines (DBP)​​, and UNDP, the discussions focused on four key CFN initiatives: 

1. Results-based climate budgeting 
2. Climate-economic modelling,  
3. Climate Finance Dashboard 
4. Financing for climate change-related displacement.  

As CFN enters the latter half of its implementation, participants reviewed progress across these workstreams and explored opportunities to strengthen climate finance governance, data systems, policy coherence, and institutional coordination to improve access to and manage climate finance through impactful expenditure and investments.  

​​​​“The Midterm Stocktaking Mission provides an important opportunity to reflect on our progress and chart the way forward,"​​ said ​​​​Climate Finance Policy Group ​​​​Director John Adrian Narag on behalf of Undersecretary Joven Z. Balbosa of the Department of Finance.​​​​ ​​​​"Mobilizing finance and technical expertise, while strengthening coordination among institutions, will be critical to advancing our climate and development priorities and expanding access to climate finance.”​​​ 

Across the four workstreams, participants identified opportunities to advance climate finance reforms and strengthen institutional arrangements. Discussions on results-based climate budgeting highlighted the importance of building on existing mechanisms, including the Climate Change Expenditure Tagging (CCET), while improving alignment across planning, budgeting, climate action, and disaster risk reduction processes anchored on the Public Financial Management Reforms Roadmap. Stakeholders also explored how existing governance structures, including the Program Convergence Budgeting (PCB) Steering Committee, could support stronger cross-sectoral coordination and oversight as reforms progress. 

"A plan without a budget is just a piece of paper. Our commitment is to manage fiscal space to drive genuine, long-term resilience," said Director Elenida Basug, Director of the Climate Change Service of DENR. "Through results-based climate budgeting, we hope to demonstrate a practical and scalable framework that strengthens the link between climate investments and development outcomes." 

Participants further discussed next steps for the Climate Finance Dashboard, including opportunities to improve the consolidation and accessibility of climate finance information, enhance tracking of public and private climate finance flows, and strengthen the dashboard's role as a knowledge resource for government agencies and other stakeholders. According to Lorraine Goyena, Enterprise Data Architect of UNDP Philippines, "We wanted it to be more responsive to needs. Participants requested for a dashboard that can be used for reporting and preparation of reports, specifically the CCC Biennial Transparency Report, DEPDev ODA Report, and the DBM Program Convergence Budgeting," Discussions underscored the importance of fostering interoperability among existing systems and minimizing additional reporting burdens on institutions. 

On climate change-related displacement financing, stakeholders examined ways to strengthen financing approaches that support vulnerable communities facing climate-related risks. Discussions emphasized the importance of combining preparedness, anticipatory action, risk financing instruments, social protection measures, and longer-term resilience investments, as well as leadership and mandates to strengthen coordination across agencies involved in disaster risk management, finance, housing, and social services.  

"The CCC supports efforts to strengthen results-based and climate-responsive public financial management, including improved planning, monitoring, and reporting of climate and disaster-related expenditure,” said Atty. Rommel Cuenca, Assistant Secretary of the Climate Change Commission, “From CCC’s point of view, there is value in exploring how climate and DRRM tagging initiatives can complement and converge with each other rather than to establish parallel or overlapping mechanisms.” 

The discussion on climate-economic modelling reviewed progress in developing and applying the Climate-Economy Impact Tool to support evidence-based policymaking. Participants highlighted opportunities to enhance the tool's application in fiscal planning, climate policy analysis, and long-term development planning, with plans to incorporate the tool into the ​development of the annual ​Fiscal Risk Statement (FRS) and ​establish​​ ​a sub-national version, while strengthening partnerships with government agencies, academic institutions, and technical experts to support its continued use and refinement. 

The Midterm Stocktaking Activity concluded with a shared commitment among participating agencies and partners to deepen collaboration and advance priority actions across the four workstreams, contributing to stronger systems and institutions for climate action in the Philippines. 

​​"​​We are grateful for the extent of support of the UNDP Bangkok Regional Hub and the UNDP Country Office in delivering on and keeping us in pace, or if not, pushing us further on what other activities we can harness,​​" said Director Narag. "​​We are called to support the President's call for intensified action in mobilizing highly concessional non-debt creating instruments, increased access to international climate finance and opportunities to simplify and directly access modalities to help in the transition towards a low carbon economy for the Philippines​​."​  

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In the Philippines, UNDP fosters human development for peace and prosperity. Working with central and local governments as well as civil society, and building on global best practices, UNDP strengthens capacities of women, men and institutions to empower them to achieve the Sustainable Development Goals (SDG) and the objectives of the Philippine Development Plan. Through advocacy and development projects, with a special focus on vulnerable groups, UNDP works to ensure a better life for the Filipino people. Learn more at ph.undp.org or follow at @UNDPPH. 

About the UNDP Climate Finance Network (CFN) 

The UNDP Climate Finance Network (CFN) supports Asia-Pacific countries bridge the gap between climate goals and the investment needed to reach them. As a regional platform, CFN provides technical and policy support to integrate climate into public finance, mobilize private and innovative capital, and create the enabling environment required for lasting impact through regional knowledge exchange and peer learning.  

Learn more at https://go.undp.org/climate-finance-network.  

Contact Information:  Erica Jeniece Zafra erica.jeniece.zafra@undp.org