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May 27, 2024

Steering climate finance: Philippines forms taskforce to lead loss and damage fund hosting

A newly established interagency technical working group (TWG) has been created to lead the Philippines’ efforts in hosting the Loss and Damage Fund (LDF) Board.

This initiative aims to increase the country’s access to climate financing and enhance opportunities for collaboration in addressing the impacts of climate change, according to the Department of Finance (DOF).

The LDF serves as a global financial mechanism to provide assistance to countries most affected by climate change. By positioning itself as the host nation for the LDF Board, the Philippines expects to receive increased support from developed countries and international development partners, who can provide voluntary contributions to strengthen the fund.

Finance Secretary Ralph G. Recto, who heads the TWG, affirmed the nation’s readiness for this crucial role.

“The DOF will lead the country’s bid to host the Loss and Damage Fund. We have already initiated thorough preparations, and we believe that the Philippines is fully prepared to undertake this significant responsibility,” Recto said.

The Philippines has secured a board seat for the years 2024 to 2026.