Environment Secretary Maria Antonia Yulo-Loyzaga announced Friday that Congress is close to passing a law that will allow the Philippines to officially host the Loss and Damage Fund Board.
During the Malacañang Insider program, Loyzaga expressed the government’s appreciation for this opportunity, which places the Philippines at the forefront of global efforts to secure compensation for countries suffering from climate-related disasters.
“The Loss and Damage Fund Board requires legislation because we actually need to view it with privileges and immunities as a legal entity. And therefore, we had to go to Congress and we had to go to the Senate,” Loyzaga said.
According to Loyzaga, the proposal is in its final stages of approval in both Houses of Congress, and once passed, the government will finalize the host country agreement, making the Philippines the official base for the board.
The Philippines earned a seat on the board during the 28th United Nations Climate Change Conference (COP28) in Dubai last December.
In July, President Ferdinand R. Marcos Jr. proudly announced that the Philippines had been chosen to host the board, outpacing seven other nations.
President emphasized that the Philippines is “honored” to have a place on the board, ensuring the country’s voice in global climate action is strong and influential.
The Fund is mandated to assist developing countries that are particularly vulnerable to the adverse effects of climate change in responding to economic and non-economic loss and damage associated with the adverse effects of climate change, including extreme weather events and slow onset events.
