President Ferdinand R. Marcos Jr. said the country would be weathering the worst effects of climate change by ramping up government spending for mitigation and adaptation initiatives with help from the Asian Development Bank (ADB).
President Ferdinand R. Marcos Jr. said the country would be weathering the worst effects of climate change by ramping up government spending for mitigation and adaptation initiatives with help from the Asian Development Bank .
“Our options are limited, we must mitigate, we must adapt, and if we don’t do that we must suffer,” he added.Marcos said he is now eagerly waiting for the completion of the Country Partnership Strategy with ADB for 2024-2029, which will focus on investments related to climate change and the country’s workforce.
“The Philippines is especially vulnerable to the impacts of climate change because of its exposure to severe weather events with 70 percent of the population residing along the coast,” Asakawa said. Among the new initiatives they are considering with ADB is a food stamp program to help minimize local hunger incidents, according to the President.Asakawa said for this year alone, they expect to extend $4 billion funding to Philippines for its socio-economic agenda.
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