President Marcos Jr. Signs Republic Act 12019: Philippines Gains Legal Standing in Global Loss and Damage Fund

Republic Act 12019, which was signed by President Ferdinand Marcos Jr., gave the Philippines the ability to join the Loss and Damage Fund and legal personality. This allowed the governing body to enter into contracts, buy and sell property, file lawsuits, and house the Fund's secretariat with the World Bank.

The Philippine government, a signatory to the Paris Agreement and the United Nations Framework Convention on Climate Change (UNFCCC), applauds the establishment of a Loss and Damage Fund as a means of addressing loss and damage resulting from climate change, in accordance with the provisions of earlier climate conferences and agreements.

The formation of the Fund to support the overall response and recovery of vulnerable developing countries from climate change is being welcomed by the Philippine government.

In order to expedite access to vital climate finance and investments for future-proofing the economy and guaranteeing sustainable and equitable growth for all Filipinos, it also supports hosting the governing Board of the Fund in the Philippines.