The Philippine government established an interagency team to spearhead its bid to host the Loss and Damage Fund (LDF) Board, allowing the country to access more climate financing and open wider opportunities for cooperation.
“The DOF will lead the country’s bid to host the Loss and Damage Fund. We have already begun thorough preparations on this matter, and we believe that the Philippines is more than ready to take on this important role,” said Finance Secretary Ralph Recto.
The LDF is a global financial mechanism designed to provide support to countries that are mostly impacted by climate change.
President Ferdinand Marcos Jr. previously expressed the Philippines’ intent to host the LDF Board and called for LDF’s immediate operationalization to assist developing countries.
By hosting the LDF Board, the Philippines will gain significant traction from developed countries and development partners that can pledge voluntary contributions to finance the fund, according to the DOF.
It said the Philippines’ active engagement in the LDF would allow countries all over the world to collaborate with the government in tackling climate-related challenges.
It can also serve as an avenue for the Philippines to showcase its game-changing initiatives in the adaptation and mitigation front, the DOF said.
The government pushed forward strategic investment and financing frameworks for climate and development positive actions.
It also enabled policies and measures to make the Philippines a destination for sustainable investments such as the initiatives under the National Adaptation Plan (NAP) and Nationally Determined Contributions Implementation Plan (NDC IP) and its Financial Strategy.
“Preparing to win the Philippines’ bid to host the LDF Board won’t be easy, but it is a lofty and worthwhile endeavor,” said DOF Undersecretary Maria Luwalhati Dorotan Tiuseco.
The Philippines is a strategic international hub with a strong presence of regional and international organizations hosted in the country, the DOF said. Darwin G. Amojelar