Taxation~double Taxation

The Philippines is aiming to raise up to $12.5 billion in the next fiscal year to help meet its obligations under the United Nations Convention on Climate Change.

The finance ministry said it expects to have $6 billion in available revenues, or about $8 billion for the fiscal year, for which the government is also expected to spend about $2.5 million.

The rest of the money will come from other sources, including debt-financed projects, the finance ministry added.

The Philippines is expected to release the first annual report on climate finance this week.

The report is due on Nov. 28.