Manila hosts LDFB meeting in December

Department of Environment and Natural Resources (DENR) Secretary Maria Antonia Yulo-Loyzaga on Wednesday said the Philippines will host the first meeting of the Loss and Damage Fund Board (LDFB) in December.

“There will be a meeting here of the Loss and Damage Fund Board — we will be the host and we hope that there will be certain agreements reached. One of which is, who will be actually funding the Loss and Damage Fund Board,” Yulo-Loyzaga said in a Palace briefing.

“The whole idea of the board and the fund is actually so that there can be funding sources from other than countries specifically,” she added.

The DENR chief also disclosed that the current funding of the board sits at 700 million dollars most of the fund will be used in setting up operations of the fund. 

In the meantime, the World Bank will serve as the repository for the fund. However, the rules and the guidelines for the availments will be decided by the board.

Last August, President Ferdinand Marcos Jr. signed the Loss and Damage Fund (LDF) Board Act which grants the Philippines’ juridical personality and legal capacity to the LDF Board.

Acting as the governing body of the fund, it shall have the juridical personality and capacity to contract, acquire and dispose of immovable and movable property and institute legal proceedings.