Global funding group approves ₱2.15B PH farming project

Metro Manila (CNN Philippines, March 17) - A global climate fund approved on Thursday a $39.2-million or ₱2.15-billion project seen to benefit 1.25 million Filipino farmers.

The project, approved by the Green Climate Fund (GCF), is said to "improve institutional capacities by provision of localized climate information services and through the adoption of climate-resilient agriculture practices, particularly enterprises led by women and indigenous peoples."

These include raising awareness on climate risks and risk-reduction measures, building capacities to develop enterprises, and to access finance and related technologies.

GFC said the initiative will reduce emissions by some 4.38 metric tons of carbon dioxide — equivalent to over a 20-year period of discharge.

The Food and Agriculture Organization of the United Nations and the Philippines government will also take part in the seven-year initiative titled "Adapting Philippine Agriculture to Climate Change."

The GCF will provide $26.2 of ₱1.4 billion, while the Department of Agriculture and the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) will co-finance with $12.9 or around ₱705 million.

"It is indeed a great opportunity that these valuable and innovative undertakings will be elevated to the next level with the support from GCF through this project," Vicente Malano, PAGASA administrator, said in a statement.

GFC was established as a financial system of the United Nations Framework Convention on Climate Change, which "allocates its resources to low-emission and climate-resilient projects and programmes in developing countries."

The project for Filipino farmers was approved during the GCF 36th board meeting in Songdo, Incheon in South Korea.