Finance Secretary Ralph G. Recto asked his fellow finance ministers to prioritize integrated solutions to address climate action and poverty eradication, stressing the need to balance economic development and climate resilience.
Established in 2019, the CFMCA is a global alliance of finance ministers in 92 countries to foster knowledge exchange and support climate action initiatives. The program enables the government to prudently finance green infrastructure, support local adaptation projects, educate people on climate consciousness, create green jobs and reduce poverty along the way.
Apart from the fiscal consolidation plan, the Philippines is armed with the National Adaptation Plan and the NDC Implementation Plan as playbooks that outline strategies to fully achieve both climate and economic objectives.