Department of Finance (DOF) Secretary Carlos Dominguez III and the newly appointed Minister for Asia of the United Kingdom (UK), the Right Honorable Amanda Milling MP, met recently to discuss a broad range of issues concerning the climate crisis ahead of the 26th United Nations (UN) Climate Change Conference of the Parties (COP26).
They exchanged views on shifting the implementation of climate change mitigation and adaptation plans at the level of the local government units (LGUs), the effects of changing weather patterns on agricultural production, the need to adopt clean energy sources, and the Philippines’ ongoing efforts to ban single-use plastics, among other concerns.
Secretary Dominguez informed Minister Milling about the enactment of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which lowers the Philippines’ corporate income tax (CIT) rate from 30 percent to 20 percent for micro, small and medium enterprises (MSMEs), and to 25 percent for the rest of the corporations.
The CREATE Law also allows the government to tailor-fit incentives for investors, with the goal of bringing in high-value investments, including green energy projects, Secretary Dominguez said.
Secretary Dominguez also noted that climate change mitigation and adaptation measures should involve the LGUs, especially in the remote localities outside Metro Manila as these areas are the most affected by the worsening environmental crisis.
He cited, for instance, agricultural communities where planting seasons and irrigation needs have been altered because of the widespread changes in weather patterns.
Minister Milling pointed out that such realities have made people realize that climate change is real, and prompted nations to rethink their priorities, especially in the post-pandemic era.
She said the private sector and non-government organizations (NGOs) should get involved in introducing innovations that provide solutions to the climate crisis, which would be among the discussion points in the upcoming COP26.
The climate change conference will be hosted by the UK in Glasgow, Scotland from Oct. 31 to Nov. 12, 2021.
Also present at the meeting with Secretary Dominguez was Ambassador Ken O’ Flaherty, UK’s COP26 Regional Ambassador to Asia-Pacific and South Asia.
He said that as host of COP26 this year, the UK will help amplify the voices of vulnerable countries in the conference.
During the meeting, Ambassador O’Flaherty also underscored the need to shift to green energy, which, he said, creates three times more jobs than coal-dependent energy sources.
Secretary Dominguez and Minister Milling also briefly discussed the Philippines’ ongoing COVID-19 vaccination program during the meeting.
-oOo-
