This study examines public perceptions of climate change and emerging climate finance mechanisms in the Philippines through an analysis of the Asian Development Bank's (ADB) 2024 Climate Change Perception Survey and key informant interviews with institutional stakeholders. The research reveals that the Philippines demonstrates exceptionally high levels of climate concern, with 90 percent of respondents considering climate change a serious problem—the highest among 14 surveyed Asian economies. Strong public support exists for infrastructure investment (59%) and adaptation measures, particularly flood protection, which aligns with the institutional priorities of the Climate Change Commission (CCC).
The analysis identifies significant institutional capacity for climate finance development through the Bangko Sentral ng Pilipinas' (BSP) sustainable finance framework, the CCC's coordination mechanisms, and active regional engagement in ASEAN taxonomy development. However, critical constraints include a legal prohibition on BSP developmental financing mandates, capacity gaps in accessing international climate funds, and a need for enhanced climate risk integration in financial stability assessments.
Key findings demonstrate a positive alignment between public climate awareness and institutional development efforts, with public preferences for progressive and transparent climate finance mechanisms providing political support for policy implementation. The study recommends removing legal constraints on central bank climate finance intervention, strengthening capacity to access international climate funds, developing adaptation-focused finance mechanisms aligned with public priorities, and establishing regular climate perception monitoring systems.
The research contributes to understanding how public perception analysis can inform climate finance policy development in climate-vulnerable developing countries, highlighting the importance of aligning institutional capacity building with social acceptance factors for effective climate finance mobilization.
Comments to this paper are welcome within 60 days from the date of posting. Email publications@pids.gov.ph.
