MANILA: The Department of Finance (DOF) said the Philippines’ successful bid to host the Loss and Damage Fund (LDF) Board is due to the country’s leadership in tackling climate change through concrete solutions and actions.
‘We were chosen because of our strong commitment and concrete climate actions on the ground, and we thank the President for his steadfast support and dedication in making this happen,’ Finance Secretary Ralph Recto said in a statement on Wednesday.
‘Hosting the LDF Board will unlock more opportunities for the Philippines to accelerate its access to climate finance and investments, which are critical for future-proofing our economy and ensuring sustainable and inclusive growth for all Filipinos,’ he added.
The LDF is a global financial mechanism designed to provide support to countries’ response and recovery from losses and damages caused by climate change.
The Philippines secured a seat on the Board in December 2023.
To secure the spot to host the LDF Board, President Ferdinand R. Mar
cos Jr. established a technical working group (TWG) on March 1, 2024 to prepare the country’s bid submission.
The country’s bid offer was spearheaded and prepared by the TWG interagency team composed of the DOF, the Department of Environment and Natural Resources, the Department of Foreign Affairs, the Department of Budget and Management, and the Climate Change Commission.
The Philippines was chosen over seven other contenders namely Antigua and Barbuda, Armenia, The Bahamas, Barbados, Eswatini, Togo, and Kenya.
The 26-member LDF Board selected the Philippines as the host during its second board meeting in Songdo, South Korea on July 9, 2024.
The DOF said that by hosting the LDF Board, the Philippines will play a leading role in helping attract significant support from developed countries and development partners to provide concrete financial contributions in averting, minimizing, and addressing losses and damages.
It will also serve as an avenue for the Philippines to showcase its initiatives, transform
ative reforms, and science-based innovations on adaptation and mitigation actions as well as disaster risk management aligned with its national plans and strategies.
Source: Philippines News Agency
