MANILA, Philippines — President Ferdinand Marcos Jr. has signed into law the "Loss and Damage Fund Board Act," the enabling measure that grants legal personality to the board governing the international climate change fund.
The Philippines was selected as the host of the Loss and Damage Fund, an initiative from the United Nations Climate Conference aimed at assisting countries negatively impacted by climate change.
The law was signed on Wednesday and uploaded to the Official Gazette on Thursday.
“To accelerate access to critical climate finance and investments for future-proofing the economy and ensuring sustainable and inclusive growth for all Filipinos, the state supports the hosting of the governing Board of the Fund in the Philippines,” Republic Act 12019 read.
“Towards this end, the State recognizes the need to grant judicial personality and legal capacity to the Board to enable it to discharge its roles and functions,” it added.
Under the "Loss and Damage Fund Board Act," the Loss and Damage Fund Board (LDFB) will have the authority to enter into contracts, acquire and dispose of immovable and movable property, initiate legal proceedings, and more.
The law also allows the LDFB to enter into hosting arrangements with the World Bank.
During his third State of the Nation Address, Marcos urged Congress to pass a bill enabling the Philippines to host the fund. His sister, Sen. Imee Marcos, oversaw the bill's passage in the Senate.
Marcos has been mentioning the Loss and Damage Fund since 2023, saying that smaller countries like the Philippines have been disproportionately affected by climate change.
The Philippines secured a seat in the Loss and Damage Fund in December 2023 and was eventually chosen as the host, beating out Antigua and Barbuda, Armenia, Barbados, Bahamas, Togo, Kenya and Eswatini.