Recto secures 250M euros from France for CCAP2

Finance Secretary Ralph Recto secured 250 million euros from France through the Agence Française De Développement for the Philippines' Climate Change Action Plan, Subprogram 2.

The agreement was formalized between Recto and French Ambassador Marie Fontanel on Monday, aligning with President Marcos Jr.'s call for innovative climate strategies.

CCAP2 builds upon CCAP1 to support NDC commitments and aid vulnerable sectors in transitioning to a resilient, low-carbon economy.

For CCAP2, the Asian Development Bank will provide PHP28.36 billion while JICA will contribute PHP13.3 billion; additionally, AFD and ADB will co-finance with €449.12 million and ¥35 billion respectively.

Recto emphasized the importance of strategic cooperation on climate action and assured the French government of the Philippine government's commitment to implementing the program with urgency and integrity.