Fostering climate resilience at the grassroots level

What happens when the world’s most vulnerable communities face the harshest impacts of climate change — without the financial tools to adapt?

- JAIME ARISTOTLE B. ALIP, PHD

This is a pressing question because climate change is no longer a distant threat; it is already reshaping economies, livelihoods, and financial systems, especially at the grassroots level. For microfinance institutions (MFIs), the challenge is not just to provide financial services to the poor and marginalized but also to ensure that vulnerable communities have the tools to build resilience and thrive in an increasingly unpredictable world.

Last March 21, the Rafael B. Buenaventura Micro Finance Resource Center Foundation (RBBMFFI), in collaboration with the Bankers Association of the Philippines (BAP), hosted a forum titled “The Importance of Adapting Climate-Resilient Products for Microfinance Institutions.” Held at the BAP Conference Room in Makati City, the event gathered 33 participants from various MFIs and featured expert-led discussions on climate change, sustainable development, and the role of green financing in building resilient financial products and services.

I am pleased that RBBMFFI, under the leadership of Patty Calilong, spearheaded this initiative. It reflects our strong commitment to the vision set forth by Bangko Sentral ng Pilipinas Governor Eli Remolona, who challenged us in our meeting last year to integrate climate change adaptation into our microfinance operations.

Empowering Communities

The RBBMFFI forum provided valuable insights into how MFIs can empower communities to adapt to the increasing threats of climate change.

The keynote speaker, Mr. Ludwig O. Federigan, director of Climate Tracker Asia, Inc., kicked off the discussion with a session on climate change concepts, sustainable development, and the socioeconomic impact of climate-related changes on vulnerable communities.