The Board of the Fund for responding to Loss and Damage selected the Philippines as its host country during the body’s second meeting in Songdo, South Korea, last week.
The Philippines’ bid won over seven other contenders. As the host of the Board of the Fund, the Philippines will continue to contribute to the fast and seamless operationalization of the L&D Fund.
The selection is a major milestone, as the Philippines as host will grant the board the legal personality needed, for example, to negotiate and enter into a hosting arrangement with the World Bank. The country will be the interim trustee of the fund, operationalize the financial intermediary fund and host the fund’s secretariat.
The fund, which was operationalized at the COP 28 UN Climate Change Conference in December, was established to help vulnerable countries recover from climate impacts.
The board expressed its gratitude to the governments of Antigua and Barbuda, Armenia, Bahamas, Barbados, Eswatini, Kenya, Philippines and Togo, which submitted proposals to host the board.
The Philippines’ bid was strongly supported and prioritized by President Ferdinand Marcos Jr. and crafted through a whole-of government approach led by the Department of Environment and Natural Resources, and supported by the Department of Foreign Affairs, Department of Finance, Department of Budget and Management, Climate Change Commission, Department of Justice and the National Economic Development Authority.
President Marcos warmly welcomed the development.
“I am proud to announce that the Philippines has been elected to host the Loss and Damage Fund Board, out of seven other contenders. We are also honored to have a seat on the Board itself, ensuring that the Philippines will be a formidable voice in promoting and advancing global climate action—an issue of critical interest to the country,” he said.
“Hosting the Loss and Damage Fund Board reinforces our dedication to inclusivity and our leadership role in ensuring that the voices of those most affected by climate change shape the future of international climate policies.”
DENR Secretary Maria Antonia Yulo Loyzaga also welcomed the development saying the Philippines is one of the countries most vulnerable to the adverse effects of climate change.
“The Loss and Damage Fund is a long-fought struggle to directly assist those who bear the greatest impact of climate-induced losses and damage to recover and build. We take on this responsibility in solidarity with all countries vulnerable to the impacts of climate change,” she said.
