The Department of Finance (DOF) has expressed its gratitude to President Ferdinand R. Marcos, Jr. for his strong support in the Philippines’ successful bid to host the Loss and Damage Fund (LDF) Board, and has credited the victory to the country’s leadership in tackling climate change through concrete solutions and actions.

“We were chosen because of our strong commitment and concrete climate actions on the ground, and we thank the President for his steadfast support and dedication in making this happen,” Finance Secretary Ralph G. Recto said.

“Hosting the LDF Board will unlock more opportunities for the Philippines to accelerate its access to climate finance and investments, which are critical for future-proofing our economy and ensuring sustainable and inclusive growth for all Filipinos,” he added.

The LDF is a global financial mechanism designed to provide support to countries’ response and recovery from losses and damages caused by climate change. The Philippines garnered a seat on the Board in December 2023.

With addressing climate change as one of his top priorities, President Marcos Jr. was very keen on securing the spot to host the LDF Board and immediately established a technical working group (TWG) on March 1, 2024 to strategically prepare the country’s bid submission.

This move exemplifies the country’s commitment to undertaking a whole of government approach to climate and disaster risk resiliency.

The country’s bid offer was spearheaded and prepared by the TWG interagency team composed of the DOF, the Department of Environment and Natural Resources (DENR), the Department of Foreign Affairs (DFA), the Department of Budget and Management (DBM), and the Climate Change Commission (CCC).

By hosting the LDF Board, the Philippines will play a leading role in helping attract significant support from developed countries and development partners to provide concrete financial contributions in averting, minimizing, and addressing losses and damages.

Moreover, the Philippines’ active engagement in the LDF will allow countries all over the world to collaborate with the Philippine government in tackling climate-related challenges.

It will also serve as an avenue for the Philippines to showcase its game-changing initiatives, transformative reforms, and science-based innovations on adaptation and mitigation actions as well as disaster risk management aligned with its national plans and strategies.

These plans and strategies are embodied in the country’s Nationally Determined Contributions Implementation Plan, National Adaptation Plan, National Disaster Risk Reduction and Management Plan, Sustainable Finance Roadmap, and Disaster Risk Financing and Insurance Strategy.

The Philippines was chosen among seven other contenders namely Antigua and Barbuda, Armenia, The Bahamas, Barbados, Eswatini, Togo, and Kenya.

The 26-member LDF Board selected the Philippines as the host during its second board meeting in Songdo, South Korea on July 9, 2024.