The Bangko Sentral ng Pilipinas (BSP) is calling for stronger use of blended finance to support climate adaptation and resilience projects across the country. Speaking at the Blended Finance Forum for the Philippines held at the BSP Head Office on October 15–16, BSP Governor Eli M. Remolona, Jr. said blended finance can help unlock more funding for climate solutions.
“It is about being ready before the disaster strikes,” Remolona said, noting that communities protected by mangroves recovered faster after Typhoon Yolanda — an example of what he called the “resilience dividend.” He pointed out that adaptation finance currently makes up only about 5 percent of total climate funding, underscoring the need for new approaches to close the gap.
According to Ritesh Thakkar, senior advisor and head of Asia Pacific at Convergence, blended finance uses public or philanthropic capital to attract private investment for sustainable development projects.
The two-day event, co-organized by the BSP, Australia’s Department of Foreign Affairs and Trade (DFAT), and Convergence, gathered representatives from government, financial institutions, private companies, and development partners. Discussions centered on creating a pipeline of investable adaptation projects, mobilizing local capital, and applying blended finance to sectors like agriculture, MSMEs, and nature-based solutions.
A high-level roundtable, attended by Australian Ambassador Marc Innes-Brown and Climate Change Commission secretary Robert E.A. Borje, was also held to explore policy and partnership opportunities.
The forum is part of the BSP’s Sustainability Agenda, which aims to align financial strategies with the National Adaptation Plan 2023–2050 and help the Philippines build resilience against climate risks.
