THE Department of Environment and Natural Resources was elated with the passage by Congress of a bill allowing the country to host the Loss and Damage Fund Board.
In a statement, the DENR thanked President Marcos and Congress for ratifying the measure.
“The hosting of the Loss and Damage Board will play a crucial role in the delivery of critically needed resources to climate vulnerable developing countries as they confront both economic and non-economic loss and damage due to the impacts of climate change,” the statement read.
“With the enactment of this law, the Board is now vested with juridical personality and legal capacity to fulfill its mandate. This landmark legislation represents the Philippines tangible commitment to the Fund’s purpose and manifests our continuing determination to support global climate action,” it added.
The agency said it is currently refining the Host Country Agreement, which will “imbue the Board with the essential privileges and immunities to effectively discharge its functions within our country.”
“I extend my sincerest gratitude as well to all in the Inter-agency Technical Working Group who worked tirelessly to bring this vital legislation to fruition,” DENR Secretary Maria Antonio Yulo Loyzaga said.
