The People's Survival Fund Act of 2012 (Philippines)

The People's Survival Fund (PSF) Act aims to provide long-term finance streams to enable the government to effectively address climate change. It amends the Climate Change Act for this purpose by inserting the term "Climate Finance" which refers to resources that have been allocated or may be utilized towards climate change adaptation and mitigation requirements of the country and its vulnerable communities. The Act also specifically provides for the formulation of a National Strategic Framework on Climate Change which shall be reviewed every three years in a participatory process. The Framework shall serve as the basis for climate change planning, research and development, extension, monitoring of activities, and climate financing, to protect vulnerable and marginalized communities from the adverse effects of climate change. The Act creates the People's Survival Fund as a special fund in the National Treasury for the financing of adaptation programs and projects based on the National Strategic Framework. The Act directs that the amount of One billion pesos (P1,000,000,000.00) shall be appropriated under the General Appropriations Act (GAA) as opening balance of the PSF. Thereafter, the balance of the PSF from all sources including the amount appropriated in the GAA for the current year shall not be less than one billion pesos (P1,000,000,000.00). The fund shall he used to support adaptation activities of local governments and communities The PSF may be augmented by donations, endowments, grants and contributions, which shall be exempt from donor’s tax and be considered as allowable deductions from the gross income of the donor.