Finance Sec. Ralph Recto secures concessional funding from France to accelerate PH climate actions
Finance Secretary Ralph Recto has successfully secured concessional funding from France, through the Agence Française De Développement (AFD), to help advance the Philippines’ climate actions.
The agreement is consistent with President Ferdinand R. Marcos, Jr.’s call for innovative strategies to address climate change and transform resilience into reality.
“[This] is a vote of confidence in the Filipino people and our shared vision of a greener, safer, and more resilient future,” the Finance Chief said.
The ceremonial exchange for the Climate Change Action Plan, Subprogram 2 (CCAP2) was formally executed between Secretary Recto and Ambassador of the French Republic to the Philippines, Her Excellency Ambassador Marie Fontanel, on June 2, 2025.
Worth EUR 250 million (about PHP15.79 billion), the CCAP2 builds on the achievements of CCAP1 to support the Philippines in achieving its Nationally Determined Contribution (NDC) commitments and in its efforts to assist vulnerable sectors in the transition to a resilient, low-carbon economy.
CCAP comprises three subprograms that support various climate-related policy reforms in the following areas: (i) strengthening planning, financing, and institutional linkages for climate action; (ii) enhancing resilience to climate impacts; and (iii) strengthening low-carbon pathways.
CCAP1 was implemented from January 2020 to March 2022 and was supported by a USD 250 million (about PHP 13.90 billion) financing from the Asian Development Bank (ADB) and a EUR 150 million (about PHP 9.47 billion) funding from the AFD.
Together with AFD, the CCAP2 is co-financed by the ADB (EUR 449.12 million or about PHP 28.36 billion) and the Japan International Cooperation Agency (JICA) (JPY 35 billion or about PHP 13.3 Billion).
“With this agreement, we strengthen our strategic cooperation on climate action, reinforce our institutional capacities, and accelerate the delivery of real, lasting change—especially for the most vulnerable,” Secretary Recto said in his speech.
“This is the kind of meaningful partnership the times demand—ambitious, strategic, and purposeful,” Secretary Recto stressed.
The Finance Chief thanked the French Government for its continued support and decade-long partnership with the Philippines, which is strengthened by both nations’ common resolve to address climate change.
“France and the Philippines stand once again united in their commitment to address the urgent challenges of climate change, environmental degradation, and ocean protection,” Ambassador Fontanel said in response.
“I would like to commend the government of the Philippines for its leadership and resolve in tackling those global issues,” she added.
“As a development partner, we are proud to be a part of this effort and to be working at the policy level. We firmly believe that working on systemic change is essential to meet the scale and urgency of today’s climate challenges,” AFD Country Director Benedicte Gazon said.
Secretary Recto likewise assured the French Government of the Philippine Government’s commitment to implementing the program with urgency and integrity.
“We will ensure that every euro invested, and every collaboration, will translate to meaningful impact in the lives of ordinary Filipinos,” the Finance Chief said.
The AFD is a public financial institution that implements French government policy and works to combat poverty and promote sustainable development.
Joining Secretary Recto during the ceremonial exchange were DOF Chief of Staff Maria Luwalhati Dorotan Tiuseco, International Finance Group (IFG) Undersecretary Joven Balbosa, Assistant Secretary Donalyn Minimo, and Director John Adrian Narag.
