DOF Pushes Sustainable Finance

The Department of Finance (DOF) is strengthening the role of the Inter-Agency Technical Working Group on Sustainable Finance (ITSF) as it unveils its strategic plans and priorities for 2025.

The ITSF or Green Force is tasked with implementing the Philippine Sustainable Finance Roadmap, harmonizing government policies on green and sustainable projects, and building a pipeline for sustainable investments. I Photo: Department of Finance Facebook

Also known as the Green Force, the ITSF is tasked with implementing the Philippine Sustainable Finance Roadmap, harmonizing government policies on green and sustainable projects, and building a pipeline for sustainable investments.

It is co-chaired by the DOF and the Climate Change Commission (CCC).

“Our agenda today is simple—to enable the ITSF to take a more active and targeted role in the development of sustainable finance policies in the country. Today is our opportunity to share the vision we have for the ITSF and its role in creating transformative changes in our nation’s sustainable finance landscape,” said DOF Undersecretary and Chief of Staff Maria Luwalhati Dorotan Tiuseco during the March 28, 2025 ITSF meeting.

To support the ITSF’s expanded role, quarterly meetings will be held to monitor policy updates and allow agencies to report on sustainable finance initiatives.

The DOF is also considering the inclusion of the Bureau of the Treasury (BTr), the Philippine Guarantee Corporation (PHILGUARANTEE), and other relevant government agencies with sustainable finance mandates to broaden the group’s reach and effectiveness.

The ITSF also aims to strengthen the pillars of the Sustainable Finance Roadmap (SFR) by forming three key clusters—Policy, Financing, and Investment—to provide focused guidance in each area.

To build capacity and promote knowledge-sharing, a Center of Excellence for Sustainable Finance will be established as a central hub for policy support, market development, and training.

During the meeting, the DOF urged agencies to submit their priority projects and programs aligned with the National Adaptation Plan (NAP) and the Nationally Determined Contribution Implementation Plan (NDCIP) to build a pipeline of sustainable adaptation and mitigation projects.

Key initiatives identified include an exploratory study on a Carbon Market Framework aligned with Article 6 of the Paris Agreement, taking into account the country’s unique needs and context.

Other top priorities include the Climate Finance Strategy, updates to the Sustainable Finance Framework, and development of green financing guidelines under the Public-Private Partnership (PPP) Code.

Among the principal attendees were SEC Commissioner McJill Bryant Fernandez, BSP Assistant Governor Pia Bernadette Roman Tayag, CCC Assistant Secretary Rommel Cuenca, and PPP Center Deputy Executive Director Jeffrey Manalo.

Also present were representatives from member agencies, including the Department of Environment and Natural Resources (DENR), Department of Budget and Management (DBM), Insurance Commission (IC), Department of Energy (DOE), Department of Public Works and Highways (DPWH), Bases Conversion and Development Authority (BCDA), Department of Trade and Industry (DTI), and the Mindanao Development Authority (MinDA).