LDF Board gets House nod
A HOUSE of Representatives committee on Tuesday approved a bill operationalizing the Loss and Damage Fund (LDF) Board in the Philippines, authorizing it to negotiate with the World Bank and buy assets.
The House committees on climate change and foreign affairs in a joint session approved the measure providing “juridical personality and legal capacity” to the LDF Board, letting it perform its duties.
The measure allows the board to enter into contracts, acquire property, institute legal proceedings and negotiate with the World Bank on matters concerning the fund and perform its mandate.
“The bill specifically provides juridical personality to the fund board that we are hosting in the country,” Bohol Rep. Edgar M. Chatto, House climate change committee chairman, told BusinessWorld in an interview. “It gives the entity all the required elements so they can enter into agreements and contracts.”
The Philippines won the bid to host the LDF in July, which Philippine President Ferdinand R. Marcos, Jr. said reinforced the country’s dedication to become a leader in shaping international climate policies. — Kenneth Christiane L. Basilio