What
BIOFIN was developed in response to the 10th Conference of Parties of the Convention on Biological Diversity which identified the need for better information on current expenditures and financing needs and for a comprehensive methodology to develop resource mobilization strategies.

Goal
BIOFIN implements finance solutions targeting the public sector, the private sector, local government units and the citizenry.

Recent activities
BIOFIN has conducted studies that support biodiversity financing like its recently completed report entitled “Agricultural Practices and Programs as Applied in Ecologically Sensitive Hilly Lands: Environmental Footprints, Drivers and Strategic Recommendations.” The study is anchored on the Department of Agriculture and Department of Environment and Natural Resources Joint Administrative Order 2021-01 on Mainstreaming Biodiversity-friendly Agricultural Practices (BDFAP) in and around Protected Areas and Promoting the Same in Wider Agricultural Landscapes. It had identified agricultural programs with unintended environmental footprints in the Department of Agriculture (DA) estimated to be worth ₱471 million (PhP)/ $8.5 million (USD). Rice subsidies are recommended to be re-directed to heirloom rice with multiple cropping, 50-50 inorganic and organic fertilizer systems for heirloom rice, intensified bio control support and for indigenous knowledge system and practices-oriented support services.

Benefits
Reformed Corn subsidies can be utilized to expand work on soil conservation, promote sequential cropping and value chain support. Additionally, the use of open pollinated corn varieties can be expanded in areas with multiple cropping alongside proper use of agricultural land with respect to planning and zoning.

Lessons learned
Subsidies for high value crops can be re-directed to the expansion of good agricultural practices approach in highland vegetable production, intensive supervision on herbicide management and the expansion of the organic agriculture approach in highland vegetable production. The study will be presented to relevant DA officials to identify entry points for further work on subsidies.

Relevant links and resources
Philippines | BIOFIN