Manila, Philippines – BIOFIN Philippines expanded the membership of its project steering committee (PSC) and technical working group (TWG) to include the Department of Interior and Local Government (DILG) and the Philippine Business for the Environment (PBE).
PBE gladly accepted the invitation to be part of the BIOFIN PSC and TWG. The Bureau of Local Government Development (BLGD) and the Local Development Planning Division (LDPD) of DILG are the official representatives to the Project’s Board and Technical Working Group. Both PBE and DILG are expected to provide policy and strategic oversight and support to the implementation of the project especially for activities involving private sector and local government units (LGUs), respectively.
DILG’s oversight of LGUs through the BLGD and LDPD will be valuable, as BIOFIN has been working with several local governments for its localization initiative within the provinces of Occidental Mindoro and Oriental Mindoro. As it embarks on its second phase of implementation, more innovative finance solutions will be tested and thus, more LGUs will be involved.
PBE is a non-profit organization assisting Philippine business to address its environmental issues and concerns through sustainable development in accordance with the 17 UN Sustainable Development Goals. It has 53 company members from various medium-to-large-scale enterprises. PBE will contribute largely on BIOFIN’s initiatives on increasing investment and corporate social responsibility (CSR) funding from the private sector.
BIOFIN contributes to closing the financing gap for the conservation and sustainable use of biological diversity by identifying, accessing, combining and sequencing sources of biodiversity funding to finance the Philippine Biodiversity Strategy and Action Plan (PBSAP), the country’s roadmap to conserving its biodiversity. The PBSAP implementation will cost PhP 24B a year or PhP 334B (USD 7.4B low estimate) from 2015-2028.
However, public expenditure was estimated at only PhP 4.9B per year (USD 110M) thus a gap of almost PhP19B (USD 349M) annually. Several finance solutions to address the gap were identified and are being piloted by BIOFIN at present. (BIOFIN/ Angelique F. Ogena)