Finance Secretary Ralph Recto has secured PHP 15.8 billion (USD 270 million) in concessional funding from the French government through Agence Française de Développement (AFD) to support the Philippines’ Climate Change Action Plan Subprogram 2 (CCAP2).
The agreement, formalized on June 2, 2025, reflects a deepening partnership between France and the Philippines in promoting climate resilience and low-carbon development. CCAP2 builds on the success of CCAP1 and will help the country meet its Nationally Determined Contributions (NDCs) under the Paris Agreement by supporting vulnerable sectors in transitioning to a greener economy.
The program is part of a broader climate financing initiative, with additional support from the Asian Development Bank and the Japan International Cooperation Agency. It focuses on climate-related policy reforms, enhancing resilience, improving institutional coordination, and strengthening low-carbon pathways.
Recto described the agreement as a “vote of confidence” in the Philippines’ climate agenda and pledged transparency and urgency in its implementation. French Ambassador Marie Fontanel reaffirmed France’s commitment to joint action on climate change, while AFD emphasized the importance of systemic reform to address today’s environmental challenges.
(Source: Philippine News Agency)
