President Ferdinand Marcos Jr. said on Tuesday that the Philippines has been selected to host the Loss and Damage Fund (LDF) Board, prevailing over seven other contenders.

The Philippines was chosen following a two-and-a-half-hour closed-door session of the Loss and Damage Fund board in Incheon, South Korea, on Tuesday.

Countries that also showed interest in hosting included Antigua and Barbuda, Armenia, the Bahamas, Barbados, Eswatini, Kenya, and Togo.

The board's co-chairs, Richard Sherman of South Africa and Jean-Christophe Donnellier of France, will negotiate with the Philippine government to finalize the host country agreement.

"We are also honored to have a seat on the Board itself, ensuring that the Philippines will be a formidable voice in promoting and advancing global climate action — an issue of critical interest to the country," Marcos wrote on social media platform X (formerly Twitter).

"Hosting the LDF Board reinforces our dedication to inclusivity and our leadership role in ensuring that the voices of those most affected by climate change shape the future of international climate policies," Marcos added.

In 2023, Marcos expressed his intention for the Philippines to host the fund. The Philippines secured a seat on the board following the conclusion of the 28th session of the Conference of Parties,

During the closed-door session of the Loss and Damage Fund board in South Korea, former finance undersecretary Mark Joven said the host country is a critical building block in the establishment and the operationalization of the loss and damage fund.

“We do not take this matter lightly and we commit to fully comply with the undertaking and promises made in the bid of the Philippines,” Joven said.

“Rest assured that the government of the Philippines and the entire Filipino people are forever grateful for this trust bestowed upon us today,” Joven added.

Joven serves as the Philippine representative to the board, which consists of 26 members: 12 from developed country parties and 14 from developing country parties.

To date, wealthy countries responsible for the majority of global greenhouse gas emissions have pledged $700 million to the Loss and Damage Fund.