The Philippines is taking significant strides in addressing society’s most pressing issues by embracing the Sustainable Development Goals (SDGs) and pursuing climate finance initiatives. The nation’s commitment is evident in its national development plans, active participation in global climate summits and innovative financial mechanisms.
SDGs in national strategy
The Philippines has integrated the 17 SDGs into its economic blueprint, recognizing their crucial role in ending poverty, protecting the environment and climate, and ensuring peace and prosperity for all. The UN is working closely with the Philippines to achieve these goals, aligning its efforts with the country’s development priorities. The UN’s 2024-2028 Sustainable Development Cooperation Framework complements the Philippine Development Plan (PDP) 2023-2028, which aims for deep economic and social transformation, reinvigorating job creation and accelerating poverty reduction.
Climate finance
At the recent COP29 in Baku, Azerbaijan, Finance Secretary Ralph Recto showcased the Philippines’ climate finance actions. He cited President Marcos Jr.’s leadership and commitment to achieving both rapid economic growth and climate resilience, a goal central to the PDP. Recto highlighted the Department of Finance’s (DOF) leading role in balancing economic development and climate action, emphasizing their harmonious relationship when properly contextualized.

The DOF has refined the Medium-Term Fiscal Program to support sustainable economic growth and fiscal discipline, enabling investments in green infrastructure, local adaptation projects, climate education, green jobs, and poverty reduction. The National Adaptation Plan (NAP) and Nationally Determined Contribution Implementation Plan (NDCIP) further guide the country’s climate and economic objectives.
Innovative mechanisms
The Philippines has established several innovative financial mechanisms to support its climate goals. The People’s Survival Fund, chaired by Recto, channels resources to locally tailored, community-led climate adaptation projects. The Bureau of the Treasury’s National Indemnity Insurance Program strengthens disaster preparedness and response by protecting national assets. The Philippines is also the first country to sign the World Bank’s Rapid Response Option (RRO), enabling quicker access to resources during crises.
The DOF and the Climate Change Commission co-chair the Inter-Agency Task Force on Sustainable Finance (Green Force) to accelerate the development of a sustainable finance ecosystem and attract green investments. The country is also a pioneer in requiring ESG standards and championing gender inclusivity across all Public-Private Partnerships (PPPs).
Public-private partnership
Both the government and the private sector are actively issuing sustainability bonds to finance green and social projects, aligning with the Philippines’ commitment to the SDGs through its Sustainable Finance Framework. The country’s successful bid to host the Loss and Damage Fund Board further strengthens its position in facilitating climate finance access for the Asia-Pacific region.
The UNDP, through the Climate Finance Network and the Accelerating Green and Climate Finance Project, is collaborating with the DOF to develop a comprehensive climate finance strategy for the Philippines.
The strategy aims to mobilize resources for climate action projects, consolidate funding, align public spending, and encourage private sector investment and innovation. It builds upon existing funding opportunities from the NAP and the NDCIP.
The Green Force is instrumental in mobilizing both public and private sectors for climate finance initiatives. The DOF emphasizes digitalization, sustainability, and diversification in its policies, aiming to create a foundation for both short-term wins and long-term viability for businesses.
The Philippines’ increasing leadership in international climate resilience and recovery initiatives, exemplified by hosting the Loss and Damage Fund Board, underscores its commitment to a sustainable future. The country recognizes that a climate-proof nation requires continuous effort and is eager to learn from global best practices to integrate climate action and poverty eradication effectively.