Andrew Steer, a special climate envoy to the World Bank, said the Philippines is "badly threatened" by climate change because of the growing severity of typhoons and related tropical surges in the region.
A green energy agenda adopted by the Philippines government includes plans for a low-carbon economy, renewable energy and ecotourism.
The bank said it was backing the initiatives with $240 million in low-interest funds allocated under the bank's Clean Technology Fund that promotes renewable energy initiatives.
The government there, said Steer, deserves praise for passing a series of climate change laws aimed at mobilizing a green economy.
"It's such a very important country," he said in a statement. "I want to ensure that we are doing our part."