The Senate yesterday passed on second reading the People’s Survival Fund (PSF) bill sponsored by Senator Loren Legarda. “The PSF bill is an important measure that will help achieve the objectives of the Climate Change Act of 2009,” said Legarda.
Legarda, chair of the Senate Committee on Climate Change, explained that the climate law was crafted to ensure the consideration of climate change impacts such as stronger typhoons, heavier rains, prolonged drought and other effects in the formulation of government plans and programs.
“The Committee on Climate Change, drawing from the expertise of Senate President Enrile on public finance, proposes to strengthen our climate change policy with a complementing policy on climate finance. This will bring into fruition our climate change strategies, plans, and programs in ways that will allow us to tailor these within the context of local, community-based realities,” Legarda stressed.
The PSF is a special trust fund for the financing of adaptation programs and projects based on the National Strategic Framework on Climate Change.
The fund shall be sourced from public sources, foreign or local, including 10 percent from cash dividends declared by all government-owned and controlled corporations; five percent of the proceeds from the sale of certified or verified emissions reduction carbon credits generated from domestic activities; and 10 percent of the monies collected under Republic Act 8794, otherwise known as the Motor Vehicles User’s Charge.
“This fund shall be used to support local governments’ adaptation activities, such as in the areas of land and water resources management, agriculture and fisheries, health, infrastructure development, and natural ecosystems.”
“This will also support the improvement of the monitoring, controlling and prevention of diseases triggered by climate change; establishment of forecasting and early warning systems; and strengthening institutional development, for local governments, for preventive measures, planning, preparedness and management of impacts relating to climate change,” Legarda said.
The Fund will be managed by the People’s Survival Fund Board, under the Commission on Climate Change, which will also approve project proposals submitted by local government units and community-based institutions for funding.
This PSF Board shall be composed of the Secretary of the Department of Finance as chair, Vice-chairperson of the Commission on Climate Change, Secretary of the Department of Budget and Management, Director-General of the National Economic and Development Authority, Secretary of the Department of Interior and Local Government, a representative from the academe and scientific community, a representative from the business sector, and a representative from the NGOs, to provide overall strategic guidance in the management and use of the fund.
“Localities are at the frontline of the climate crisis. The proposed People’s Survival Fund can be tapped by local governments in order to make their localities resilient to the worsening impacts of climate change,” Legarda concluded.
Photo by JC Valencia/iCSC