MANILA, Philippines - The Senate has passed on second reading the bill creating a People’s Survival Fund (PSF), a trust fund that would be used for climate change adaptation programs and projects.
Senate Bill 2811, which would amend Republic Act 9729 or the Climate Change Act of 2009, calls for the creation of the PSF to be generated from both foreign and local sources.
Under SB 2811, a substitution of SB 2558 authored by Senate President Juan Ponce Enrile, 10 percent of the cash dividends declared by all government-owned and controlled corporations, five percent of the proceeds from the sale of certified or verified emission reduction carbon credits generated from domestic activities and 10 percent of the collections for the motor vehicle user’s charge would go to the PSF.
The bill also provides that P50 million would be taken from the President’s contingency fund as seed money for the PSF.
“The PSF is for local government units and communities that today stand at the frontline of the climate crisis. It is a fund that intends to provide incentives for early adaptation actions by dedicating finances for local resilience-building needs,” Enrile said.