JAKARTA, Indonesia — President Ferdinand "Bongbong" Marcos Jr. has urged the Association of Southeast Asian Nations (ASEAN) to set up the Loss and Damage Fund (LDF) as part of the region's efforts to combat climate change.

Marcos said this in his intervention during the 18th East Asia Summit here on Thursday, Sept. 7.

In his remarks, the President noted that countries with the smallest carbon footprints disproportionately bear the heaviest burden of climate change.

"We need to urgently realize the Loss and Damage Fund (LDF) to catalyze assistance to address climate change,” he said.

According to Marcos, climate financing is needed to expedite a just transition to a climate-resilient economy.

He said this is complemented by viable and effective technology transfer and country-specific capacity-building,

“We seek your support towards the development of our strategic minerals supply and value chains, which would boost our efforts in ensuring a resilient and sustainable future for our region,” Marcos said.

For the Philippines, President Marcos assured the ASEAN leaders that the Philippines will continue to champion an open and inclusive regional order “where the rule of law and ASEAN Centrality remain the bedrock of an evolving regional architecture.”

During the first day of the summit, President Marcos urged ASEAN members to call on developing countries to strengthen their commitment to climate action, saying climate change continues to threaten a country’s progress.

“The most urgent threat to our progress is the impact of climate change. It is a looming reminder of the injustice of disproportionate impact on our people,” he said.

According to the President, the ASEAN must call on developed countries to heighten the implementation of their commitments during the COP28 in Dubai in December.

“Their commitments include climate finance, technology development and transfer, and capacity building in order to drive ASEAN’s capabilities to prevent, mitigate, manage, and adapt to the impacts of climate change,” he said.

With the Philippines among the most disaster-prone countries in the world, Marcos said the government will continue prioritizing international cooperation that will make ASEAN climate-smart and disaster-ready, including through the ASEAN Centre for Biodiversity.