The Philippines is keen on hosting the Loss and Damage Fund (LDF) Board to secure increased climate financing and wider opportunities for cooperation to effectively tackle the impacts of climate change.
In a statement on Tuesday, April 23, Finance Secretary Ralph G. Recto announced that President Marcos has formed an interagency technical working group to lead the Philippines' efforts to host the LDF Board.
The LDF is a global financial mechanism that provides aid to countries that are most affected by climate change.
Previously, the President had expressed the country's interest in hosting the LDF Board and had called for its immediate operationalization to assist developing nations.
By hosting the LDF Board, the Philippines will be able to attract significant attention and support from developed countries and development partners, who can offer voluntary contributions to finance the fund.
Furthermore, the Philippines' active engagement in the LDF will enable countries from all over the world to collaborate with the Philippine government in addressing climate-related challenges.
It can also serve as a platform for the Philippines to showcase its initiatives in the adaptation and mitigation of climate change.
Under the Marcos administration, the Philippine government pushed forward strategic investment and financing frameworks for climate and development positive actions.
It also enabled policies and measures to make the Philippines a destination for sustainable investments such as the initiatives under the National Adaptation Plan (NAP) and Nationally Determined Contributions Implementation Plan (NDC IP) and its Financial Strategy.
“The DOF will lead the country’s bid to host the Loss and Damage Fund. We have already begun thorough preparations on this matter, and we believe that the Philippines is more than ready to take on this important role, Recto said.