The Philippines was awarded a seat on the inaugural Loss and Damage Fund Board at the 28th United Nations Climate Change Conference (COP28) in Dubai, President Ferdinand Marcos Jr. and Environment Secretary Ma. Antonia Yulo-Loyzaga said yesterday.

In a video message, Marcos said he was elated that the Philippines could participate in managing the funds allocated to climate change adaptation and mitigation with its membership on the Loss and Damage Fund Board.

The Loss and Damage Fund will also give the nation another stage to develop climate solutions grounded in justice, shared but distinct duties, and national capacities. It represents the country's dedication to global solidarity, enhanced international cooperation and multilateralism, he said.

The purpose of the Loss and Damage Fund is to give money to nations struggling to cope with the loss and damage brought on by climate change, such as the Philippines and other island states.

The Philippines will represent the Asia Pacific Group as a full board member in 2024 and 2026 and as an alternate member in 2025 under a term-sharing arrangement with the United Arab Emirates, Saudi Arabia and Pakistan.

"The next step we are hoping to achieve is to host the fund here in the Philippines, so that, because after all, we are very much in the mix (regarding) climate change effects," Marcos said.

"So, I think this is a good development, and we'll keep working to make sure that the Philippines has a very strong voice when it comes to all the issues of climate change of which we are very severely affected," he added.

In a Palace briefing, Loyzaga said the Philippines will work with the rest of the board to see about a proper host for the board.

''And as you may expect, when it gets to the point that we would take a vote, the Philippines may have to recuse itself from the vote because we are, in fact, vying to host the board,'' Loyzaga said.

''So, aside from the hosting of the board and the establishment of the fund, there were great strides, I think, in recognizing the value of science in everything that we need to do in terms of finance and implementation,'' she added.

She said commitments to the fund have exceeded $700 million.