This expenditure review provides an analysis of the Philippine government’s climate change spending from 2019 to 2023, with a focus on alignment with the National Climate Change Action Plan (NCCAP). Following the enactment of the Climate Change Act in 2009 and the institutionalization of the Climate Change Expenditure Tagging (CCET) system in 2015, national budget allocations for climate-related activities have significantly increased. The proposed 2025 climate budget exceeds P1 trillion, reflecting both expanded agency participation and enhanced tagging processes. In order to examine tagged expenditures, all of the seven strategic priorities outlined in the NCCAP was assessed based on the identified outcomes and targets. The majority of climate expenditures was found to be concentrated in Water Sufficiency and Sustainable Energy priorities, primarily through large-scale infrastructure projects such as flood control and urban transit systems, most of which are centered in Metro Manila and Luzon. This geographic and typological concentration raises concerns about equity and alignment with NCCAP’s broader goals, including the enhanced adaptive capacity and resiliency of communities to climate change. Recommendations include reassessing expenditure allocations, enhancing institutional capacity, and expanding impact assessments to ensure more balanced, inclusive, and effective climate action across the country, especially in underserved regions such as Visayas and Mindanao. The report also underscores the urgent need for updated monitoring and evaluation frameworks, as the latest official report only covers up to 2016.