The Department of Finance (DOF) said Monday it secured a 250-million-euro (P15.7 billion) concessional loan from France to help advance the Philippines’ climate actions.
The funding, provided through the Agence Française de Développement (AFD), aligns with President Ferdinand Marcos Jr.’s call for innovative strategies to address climate change and build resilience.
“This is a vote of confidence in the Filipino people and our shared vision of a greener, safer, and more resilient future,” Finance Secretary Ralph Recto said.
The agreement for the Climate Change Action Plan, Subprogram 2 (CCAP2) was formally exchanged between Recto and French Ambassador Marie Fontanel on June 2, 2025.
CCAP2, worth about P15.79 billion, builds on the achievements of its predecessor, CCAP1, to support the Philippines in meeting its Nationally Determined Contribution (NDC) commitments and assisting vulnerable sectors in transitioning to a resilient, low-carbon economy.
The CCAP comprises three subprograms focusing on: strengthening planning, financing, and institutional linkages for climate action; enhancing resilience to climate impacts; and strengthening low-carbon pathways.
CCAP1, implemented from January 2020 to March 2022, was supported by a $250 million financing from the Asian Development Bank (ADB) and 150 million euros from the AFD.
CCAP2 is co-financed by the ADB (449.12 million euros) and the Japan International Cooperation Agency (JICA) (35 billion Japanese yen).
“With this agreement, we strengthen our strategic cooperation on climate action, reinforce our institutional capacities, and accelerate the delivery of real, lasting change—especially for the most vulnerable,” Recto said.
“This is the kind of meaningful partnership the times demand—ambitious, strategic, and purposeful,” he said.
Recto thanked the French government for its continued support and decade-long partnership with the Philippines, strengthened by both nations’ common resolve to address climate change.
“France and the Philippines stand once again united in their commitment to address the urgent challenges of climate change, environmental degradation, and ocean protection,” Ambassador Fontanel said. “I would like to commend the government of the Philippines for its leadership and resolve in tackling those global issues.”
“As a development partner, we are proud to be a part of this effort and to be working at the policy level. We firmly believe that working on systemic change is essential to meet the scale and urgency of today’s climate challenges,” said AFD country director Benedicte Gazon.
Recto assured the French government of the Philippine government’s commitment to implementing the program with urgency and integrity. “We will ensure that every euro invested, and every collaboration, will translate to meaningful impact in the lives of ordinary Filipinos,” he said.
The AFD is a public financial institution that implements French government policy and works to combat poverty and promote sustainable development.
