MANILA, (PIA) -- The Climate Change Commission (CCC) today welcomed the accreditation of the Development Bank of the Philippines (DBP) as a medium-sized accredited entity to access financing from the Green Climate Fund (GCF) for climate projects of up to US$250 million (P12.605 billion).

"We congratulate the Development Bank of the Philippines for this very timely accreditation, as the country continues to open up channels to access climate finance. We urge the DBP to leverage GCF funds to support our country's shift to climate-resilient development pathway, veering away from fossil fuels while we continue to grow our economy," said CCC Commissioner Rachel Herrera, who also serves as GCF alternate Board Member.

"The DBP went through a stringent accreditation process and was favorably assessed in its ability to manage funds consistent with the GCF’s fiduciary standards, and avoid environmental and social risks that may arise in implementing projects," Herrera added.

Accredited entities serve as the GCF’s partners at the national level to develop and submit transformative proposals that allow countries to adapt to climate impacts and also reduce or avoid carbon emissions. As they serve as channels through which GCF financing shall flow, they work with the country stakeholders to ensure that the portfolio of climate projects respond to actual country needs.

With the approval, made during the Board's 29th Meeting on 1 July 2021, the DBP is now the country’s second national institution to access the GCF, with the Land Bank of the Philippines earlier accredited in 2018.

The GCF Accreditation Panel, which assessed the DBP’s accreditation proposal before endorsing to the GCF Board, also noted of the bank’s commitment to contributing to the realization of the Philippines Nationally Determined Contributions (NDC) and to deploy GCF resources for projects that are considered risky due to financial, social or market barriers, but which have significant potential impacts on climate change mitigation and adaptation.

To recall, the Development Bank of the Philippines is a state-owned development bank headquartered in Makati City and provides development banking, financing, management, and remittance services to the agricultural and industrial enterprises in the Philippines. (CCC/PIA-NCR)