By: Atty. Gregorio B. Austral, CPA
The Loss and Damage Fund Board
Congress recently passed a law granting legal personality and legal capacity to the Loss and Damage Fund Board. The law is now known as Republic Act No. 12019 or ‘The Loss and Damage Fund Board Act.”
Section 2 of the said law declares that it is the policy of the State to protect and advance the right of the people to a balanced and healthful ecology in accord with the rhythm and harmony of nature.
As a party to the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement, the State lauds the creation of a fund for responding to loss and damage (Fund) under the Decision 2/CMA.4 of the Conference of Parties serving as the meeting of Parties to the Paris Agreement (CMA) and during the 27th Conference of Parties (COP) to the UNFCCC under Decision 2/CP.27 of the COP, and its operationalization during the 28th COP under COP Decision 1/CP.28 and CMA Decision 5/CMA.5. The State resolutely welcomes the Fund’s establishment to finance and assist the most vulnerable developing countries’ response and recovery from losses and damages caused by climate change.
To advance climate and disaster risk resilience, the State shall take a whole-of-government approach in creating and implementing effective policy frameworks and mobilizing broad and innovative sources of climate financing to address loss and damage.
To accelerate access to critical climate finance and investments for future-proofing the economy and ensuring sustainable and inclusive growth for all Filipinos, the State supports the hosting of the governing Board of the Fund in the Philippines. Towards this end, the State recognizes the need to grant juridical personality and legal capacity to the Board to enable it to discharge its roles and functions.
The Board, as the governing body of the Fund, shall have juridical personality with full legal capacity to: (a) Contract; (b) Acquire and dispose of immovable and movable property; (c) Institute legal proceedings; (d) Negotiate, conclude, and enter into a hosting arrangement with the World Bank as interim trustee and host of the Fund’s secretariat; and (e) Undertake activities as necessary for discharging its roles and functions. (Sec. 3)
The Board shall enjoy the status, immunities, privileges, and exemptions granted under relevant treaties, international agreements, and agreements that may be entered into between the Government of the Philippines and the Board. (Sec. 4) [The Loss and Damage Fund Board Act, Republic Act No. 12019, (August 28, 2024)]