Loyzaga: LDFB host agreement being refined

Environment and Natural Resources Secretary Maria Antonia Yulo-Loyzaga expressed her gratitude on Friday for the passage of the Loss and Damage Fund Board (LDFB) Act, which was signed into law by President Ferdinand Marcos Jr. on 29 August.

“We are deeply grateful to the President for his visionary leadership and to the members of both the Senate and the House for the passage of the Loss and Damage Fund Board Act,” Loyzaga said.

She explained that the Philippines’ hosting of the Loss and Damage Board will play a crucial role in delivering 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.

Loyzaga emphasized that the new law will strengthen the country’s climate change initiatives.

“With the enactment of this law, the Board is now vested with juridical personality and legal capacity to fulfil 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,” the DENR chief said.