THE People’s Survival Fund (PSF) has approved two fresh climate adaptation projects for local governments worth P76.33 million, the Department of Finance (DoF) said in a statement.
The DoF said the PSF — headed by Finance Secretary Carlos G. Dominguez III — approved last Aug. 11 the two projects. This puts the total tally to P196.08 million since the new administration took over.
This includes the two projects first approved by the PSF last November worth P119.75 million. Beneficiaries of these projects include the local government of Lanuza, Surigao del Sur; Del Carmen, Surigao del Norte; San Francisco, Camotes Island, Cebu; and Gerona, Tarlac, according to the DoF.
The creation of the PSF was mandated under Republic Act No. 10174, which was enacted in 2012, to act as an annual fund intended for local government units and accredited local/community organizations to implement climate change adaptation projects.
The PSF has an annual fund of P1 billion as stated by law. Projects eligible for PSF funding are those concerning water resources management, land management, agriculture and fisheries, health, and other activities “that serve as guarantee for the risk insurance needs for farmers, agricultural workers and other stakeholders.”
The law also states that recipients of the PSF to be prioritized are “local government units with high poverty incidence, (that) are exposed to climate risks, and (have) a key biodiversity area….” — E.J.C. Tubayan