DOF pushes ASEAN climate finance agenda

As the Philippines leads the ASEAN chairship in 2026, the Department of Finance is taking a central role in advancing regional climate action through fiscal policy, public finance, investment solutions and resource mobilization.

The DOF pushed the country’s climate finance and national resilience strategies during ASEAN Climate Week 2026, held from April 27 to May 1, 2026.

The regional event focused on practical and finance-driven climate solutions anchored on the ASEAN Community Vision 2045, which sets the bloc’s long-term goal of becoming a resilient, innovative, dynamic and people-centered ASEAN by 2045.

The DOF said climate action must be integrated into government budgeting, economic planning and investment programming as countries face rising costs from climate-related disasters and the transition to low-carbon development.

On April 28, 2026, the DOF partnered with the Deutsche Gesellschaft für Internationale Zusammenarbeit to lead the session titled “Financing Climate and Biodiversity Action in ASEAN.”

The session used case studies and panel discussions to examine the regional finance landscape for climate and biodiversity action.

DOF Climate Finance Policy Director John Adrian Narag presented a “whole-of-society” strategy to scale up resources by linking domestic assets such as the People’s Survival Fund with regional mechanisms such as SEADRIF and international funding.

“We must integrate climate risks directly into our treasury and fiscal planning to ensure our national budgets serve as strategic shields for our people’s future,” Undersecretary Joven Balbosa said in a statement.

The DOF also led the “Virtual Knowledge Exchange on Climate Finance and Climate Modelling for Economic Planning & Finance Mobilization” from April 29 to 30, 2026.

The virtual exchange was organized with the United Nations Development Programme Philippines, the UNDP Bangkok Regional Hub, and the United Kingdom’s Foreign, Commonwealth & Development Office.

For the session, the DOF emphasized the importance of integrating climate considerations into fiscal design and planning.

The department said such integration would help guide communities toward a low-carbon economy and stronger climate resilience.

The DOF also presented the forthcoming Philippines’ Climate Finance Strategy.

The strategy is expected to serve as a blueprint for managing and mobilizing resources to achieve national climate targets.

The department also supported the development of a Climate-Economy Modelling tool.

The tool is designed to help government agencies make informed decisions on climate risks and strengthen overall public financial management.

The DOF said the Philippines’ climate finance work is also reinforced by the country’s role as host of the Board of the Fund for Responding to Loss and Damage.

The fund was operationalized under the United Nations climate process to respond to the needs of vulnerable communities and developing countries facing loss and damage from climate change impacts.

The Philippines was selected in 2024 to host the board of the Fund for Responding to Loss and Damage, a move that placed the country in a key governance role in the international climate finance system.

The DOF also cited the Philippines’ memberships in key governing structures of multilateral climate funds.

The department said these positions are vital in ensuring that the needs of vulnerable developing nations are prioritized in the international climate finance landscape.

The regional discussions also come as ASEAN prepares for its collective positioning at COP 31 in November 2026.

Coinciding with ASEAN Climate Week, the DOF joined the Asian Conference on Climate Change and Disaster Resilience titled “From Risk to Readiness: Investing in Climate Futures in Asia” on April 30, 2026.

The conference was convened by the Asian Institute of Management in partnership with the Climate Change Commission and other sponsors and partners.

During the panel session, the DOF discussed the country’s Climate and Disaster Risk Financing and Insurance strategy.

The strategy involves a range of financial protection measures, including national funds, innovative financing such as parametric insurance, and financing from bilateral, international and multilateral partners.

The DOF said its participation in ASEAN Climate Week 2026 reaffirmed its role as a solutions-oriented leader in climate finance.

The department said it remains committed to helping navigate a sustainable and resilient future for the Philippines and the wider ASEAN community.