New law allots P1-B climate change survival fund
MANILA, Philippines - President Benigno Aquino III on August 16 signed into law a measure that guarantees at least P1 billion annual budget to make the Philippines adaptable to climate change.
Republic Act 10171, or the People's Survival Fund law, amends the Climate Change Act of 2009 to provide the special funding and create the 9-member People's Survival Fund board tasked to oversee policy and strategy on how the funds will be used.
The board will be chaired by the finance secretary. The budget will be funded under the General Appropriations Act and may be augmented by donations, endowments, grants and contributions.
The long title of the bill is "An Act Establishing the People's Survival Fund to provide long-term finance streams to enable the government to effectively address the problem of Climate Change, Amending for the purpose Republic Act. No. 9729, otherwise known as the Climate Change Act of 2009," and for other purposes."
"There is a pressing need to financially support disaster prevention efforts of local government units. The President's approval of the PSF affirms our nation's commitment to building communities' resilience to disasters," said Sen Loren Legarda, chair of the Senate Committee on Climate Change.
"The degradation of our environment, coupled with the effects of climate change, such as heavy monsoon rains, prolonged droughts, and other extreme weather events, places us on a highly precarious position and endangers the lives of our citizens. The PSF will help local governments' adaptation activities, such as in the areas of land and water resources management, agriculture and fisheries, health, infrastructure development, and natural ecosystems," Legarda added. - Rappler.com