Aquino to sign into law People’s Survival Fund bill

CLARK FREEPORT – Pres. Aquino is expected to sign into law the People’s Survival Fund (PSF) bill after the congressional bicameral committee finished the final version of the proposal that will provide P1 billion fund annually for projects to mitigate the effects of climate change in the country.

“It will provide the seed capital as the sister law of the Climate Change Act of 2009,” said Sen. Loren Legarda, chair of the Senate Committee on Climate Change.

In a press conference here during a regional forum on climate change adaptation and disaster risk Reduction, she said the bicameral committee ironed out the final version of Senate bill 2811 or the PSF bill the other day, although Senate approved it way back last December. In the House, the counterpart proposal was principally authored by Rep. Erin Tanada.

Under the bill, some P1-billion shall be used for the fund under the General Appropriations Act (GAA). This will improve the country’s forecasting and early warning systems against climate change-related hazards.

It shall also improve the monitoring and prevention of diseases triggered by climate change.

Legarda said the fund will also be managed by the People’s Survival Fund Board headed by a commissioner and representatives from the Climate Change Commission, and representatives from the Department of Finance, Department of Budget and Management, National Economic and Development Authority, Bangko Sentral ng Pilipinas, government financial institutions, business sector and non-government organizations.

The board, she said, will also approve project proposals submitted by local government units and community-based institutions for funding.

“The PSF bill will help achieve the objectives of the Climate Change Act of 2009 by providing funds to local governments and communities to support their adaptation activities,” she added.

She expressed gratitude to Senate Pres. Juan Ponce Enrile for pushing the bill which she and Sens. Ralph Recto, Franklin Drilon, and Lito Lapid also co-authored.
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