The Department of Finance (DOF) is strengthening the role of the Inter-Agency Technical Working Group on Sustainable Finance (ITSF) in the development of sustainable finance policies as it unveils its strategic plans and priorities for 2025.
Also known as the Green Force, the ITSF aims to implement the Philippine Sustainable Finance Roadmap, harmonize all government policies concerning green and sustainable projects, and develop a pipeline for sustainable investments. It is co-chaired by the DOF and 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 that we have for the ITSF and its role in creating transformative changes in our nation’s sustainable finance landscape,” Chief of Staff and Undersecretary Maria Luwalhati Dorotan Tiuseco said in her opening remarks at the ITSF Meeting on March 28, 2025.
Considering the ITSF’s more active role, regular quarterly meetings will be held to help monitor sustainable finance policy updates and facilitate agency reports on sustainable finance initiatives.
In line with this, 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 mandates related to sustainable finance policies so as to expand the scope of the ITSF membership and have a more comprehensive approach to sustainable finance.
The ITSF also seeks to strengthen the pillars of the Sustainable Finance Roadmap (SFR) by creating the key three clusters to provide distinct and focused guidance in each identified area, namely the Policy, Financing, and Investment Clusters.
To support knowledge dissemination and expertise-building, a Center of Excellence for Sustainable Finance will also be established as a central hub for capacity building, policy support, and market development in sustainable finance.
During the meeting, the DOF also called on agencies to submit their priority projects and programs in line with the National Adaptation Plan (NAP) and Nationally Determined Contribution Implementation Plan (NDCIP) to develop a sustainable pipeline of projects for adaptation and mitigation.
Priority projects were identified during the meeting, including the exploratory study of Carbon Market Framework in line with the implementation of Article 6 of the Paris Agreement, with careful consideration of the country’s needs and specific circumstances.
Other priority initiatives include the Climate Finance Strategy, updating of the Sustainable Finance Framework, and development of the guidelines for green financing under the Public-Private Partnership (PPP) Code.
The principals present during the meeting were Securities and Exchange Commissioner (SEC) Commissioner Mcjill Bryant Fernandez, BSP Assistant Governor Pia Bernadette Roman Tayag, CCC Assistant Secretary Rommel Cuenca, and Deputy Executive Director Jeffrey Manalo of the PPP Center.
The ITSF meeting was also joined by representatives of the its 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).
