President Ferdinand Marcos Jr. has signed into law a landmark bill aimed at addressing the impact of climate change on vulnerable nations, including the Philippines.
The “Loss and Damage Fund Board Act,” or Republic Act No. 12019, was signed into law on Aug. 28, 2024, according to a statement from the Presidential Communications Operations Office.
The new law grants the Loss and Damage Fund Board juridical personality and full legal capacity to respond to loss and damage caused by climate change.
The board will serve as the governing body of the fund, which was established to finance and assist vulnerable developing countries in responding to and recovering from losses and damages caused by climate change.
Bohol First District Rep. Edgar M. Chatto, chairman of the House Committee on Climate Change, was instrumental in crafting the bill.
His chief of staff, lawyer Abeleon Damalerio, said the congressman is “elated and thankful” to the president for signing the bill into law.
“The congressman is grateful to the president for signing this bill, which will greatly benefit our country and other nations vulnerable to climate change,” Damalerio said in an interview with Ardy Araneta-Batoy on DYTR’s Newsmakers ug Uban Pa.
The Philippines, as a party to the United Nations Framework Convention on Climate Change and the Paris Agreement, has been a strong advocate for the creation of a fund to address loss and damage caused by climate change.
The government has adopted a whole-of-government approach to address climate change, including the creation of effective policy frameworks and mobilizing innovative sources of climate financing.
The establishment of the Loss and Damage Fund Board is seen as a paramount step towards advancing climate and disaster risk resilience in the Philippines.
The government has also expressed support for hosting the governing board of the fund in the country to accelerate access to critical climate finance and investments.
The new law is expected to have a significant impact on the country’s efforts to address climate change, particularly in terms of accessing international funding and support.