President Ferdinand Marcos Jr. on Wednesday, August 28, enacted the Republic Act No. 12019, which bestows juridical personality and legal capacity upon the Loss and Damage Fund board.
Republic Act No. 12019, also referred to as “The Loss and Damage Fund Board Act,” was approved by the Senate as Senate Bill No. 2780 on August 19 and was subsequently adopted by the House of Representatives as an amendment to House Bill No. 10722 on August 21.
The board, hosted by the Philippines, consists of 26 Parties to the United Nations Framework Convention on Climate Change and the 2015 Paris Agreement.
The board will manage the fund aimed at assisting vulnerable nations in addressing the inevitable and irreversible effects of the climate crisis.
As a result, the Board, which governs the Fund, will possess juridical personality and full legal capacity.
This includes the authority to enter into contracts, acquire and manage both immovable and movable property, and initiate legal actions.
Additionally, the board will have the legal ability to negotiate and establish a hosting arrangement with the World Bank, which will serve as the interim trustee and host of the Fund’s secretariat.
It will also be empowered to undertake any necessary activities to fulfill its roles and responsibilities.
The board is also granted “status, immunities, privileges, and exemptions” as stipulated under relevant treaties, international agreements, and any agreements that may be established between the Government of the Philippines and the board.
In December of last year, the Philippine government obtained a seat on the board of the Loss and Damage Fund, which aims to assist impoverished nations in managing the financial impacts of climate disasters.
In July, President Marcos announced that the Philippines had been selected as the host of the Loss and Damage Fund Board, chosen from among seven other countries.
The Department of Environment and Natural Resources (DENR) stated that the Philippines was deemed “most qualified” to host the Fund due to its firsthand experience with the effects of climate change. (TCSP)
