The main objective of this study is to assess the flood risk in the Pampanga river basin that consists of the flood hazard, exposure, and risk in terms of potential flood fatalities and economic losses under the climate change. The Rainfall-Runoff-Inundation (RRI) model was calibrated using 2011 flood and validated with the 2009, 2012 and 2013 floods. The calibrated RRI model was applied to produce flood inundation maps based on 10-, 25, 50-, and 100-year return period of 24-hr rainfall. The rainfall data is the output of the downscaled and bias corrected MRI -AGCM3.2s for the current climate conditions (CCC) and two cases of future climate conditions with an outlier in the dataset (FCC-case1) and without an outlier (FCC-case2). For this study, the exposure assessment focuses on the affected population and the irrigated area. Based on the results, there is an increasing trend of flood hazard in the future climate conditions, therefore, the greater exposure of the people and the irrigated area keeping the population and irrigated area constant. The results of this study may be used as a basis for the climate change studies and an implementation of the flood risk management in the basin.