Multilateral lender Asian Development Bank, or ADB, has approved a $1 million, or P56 million, technical assistance program for the Philippines to help it craft a climate action plan.

"The formulation of such a strategy will seek to ensure that future climate policies of the Philippines are underpinned by an overarching framework rooted in robust targets and catalytic outcomes," ADB said.

The multinational institution said the project involves the creation of policies toward a zero-carbon emission and disaster resilient economy.

Carbon emissions worsen the effects of climate change, causing extreme drought, flood and wildfires which most heavily affect key economic sectors, such as farmers and fisherfolk.

Effect on productivity seen

According to the Intergovernmental Panel on Climate Change, 75 percent of Filipino farmers will see lower productivity by 15 to 20 percent by 2050 if climate action is delayed.

Along with other Southeast Asian countries, the Philippines could face $97.3 billion in economic losses from climate change in a decade, the panel added.

"The project will help in accelerating low-carbon and climate-resilient development based on the best available science and technologies to foster economic and social transformation," the ADB said.

The technical aid for climate change mitigation is part of the government's Philippine Development Plan anchored on the United Nations' 17 Sustainable Development Goals.

The ADB project will also be carried out by the Climate Change Commission and the Department of Environment and Natural Resources.