President Ferdinand Marcos, Jr. seals 12 deals worth PhP86 billion with partners in Australia, March 4, 2024. | PHOTO: Official facebook page of Bongbong Marcos
MANILA, Philippines — President Ferdinand Marcos Jr. has signed into law a measure establishing the country’s juridical personality and legal capacity in the Loss and Damage Fund (LDF) Board.
According to the Presidential Communications Office (PCO) in a statement, Marcos signed the act or Republic Act No. 12019 into law on Wednesday, August 28.
READ: Philippines elected to host Loss and Damage Fund Board
The PCO said that with the passage of the law, the Board, as the governing body of the LDF, shall have juridical personality with full legal capacity to contract, acquire and dispose immovable and movable property, as well as institute legal proceedings.
“It will also have legal capacity to negotiate, conclude, and enter into a hosting arrangement with the World Bank as interim trustee and host of the Fund’s secretariat, and undertake activities as necessary for discharging its roles and functions,” the PCO added.
It was in July when the Philippines was elected to host the Loss and Damage Fund (LDF) Board.
The LDF Board, created at a United Nations climate change summit in Dubai last year, is a financing facility created under the auspices of the United Nations to help vulnerable countries cope with the increasingly costly and damaging impacts of climate disasters.