Marcos signs Loss and Damage Fund Board Act into law

President Ferdinand “Bongbong” Marcos Jr. has signed into law a measure that will confer the Philippines' legal personality and capacity to be part of the board of the climate disaster fund called the "Loss and Damage Fund."

Republic Act No. 12019, also known as the “The Loss and Damage Fund Board Act,” was passed by the Senate as Senate Bill No. 2780 on August 19, and was adopted by the House of Representatives as an amendment to House Bill No. 10722 on August 21.

It was approved by the President on Wednesday, August 28.

With this, the Board, as the governing body of the Fund, shall have juridical personality with full legal capacity to contract, acquire and dispose immovable and movable property, as well as institute legal proceedings.

It will also have legal capacity to negotiate, conclude, and enter into a hosting arrangement with the World Bank as interim trustee and host of the Fund’s secretariat, and undertake activities as necessary for discharging its roles and functions.

The Philippine government in December last year secured a seat on the board of the Loss and Damage Fund, which seeks to help poor nations cope with costly climate disasters.

In July, Marcos said the Philippines has been elected host of the Loss and Damage Fund Board. It was chosen out of seven other countries.

The Department of Environment and Natural Resources (DENR) had said the Philippines is "most qualified" to host the Loss and Damage Fund because it is a living testament to the effects of climate change. --VAL, GMA Integrated News