• THE ASIAN Development Bank (ADB) is allocating $10 billion (P553 billion) in climate finance for the Philippines starting next year until 2029.
  • In a statement, the lender said the funds would allow the Philippines to implement its commitments to climate action under the Paris Agreement.
  • The Philippines is considered one of the countries that is most vulnerable to climate change, as seen with recent extreme weather events and rising sea levels.
  • In September, the ADB approved a $303-million loan to the Philippines to build resilience against floods and other climate hazards.