House approves LDF bill
THE HOUSE of Representatives on Tuesday approved on second reading a bill that seeks to give the Loss and Damage Fund (LDF) Board a legal personality and allow it to operate in the Philippines.
Approved via voice vote, House Bill No. 10722 gives juridical and legal personality to the LDF Board, allowing it to buy assets and enter into contracts in the Philippines. It will also authorize the Board to negotiate with the World Bank.
The LDF Board is exempt from property and transaction taxes under the measure. It also exempts visiting Board officials from income taxes.
“The task of providing an enabling law conferring legal personality to the Board has fallen to this august chamber,” Bohol Rep. Edgar M. Chatto said in a sponsorship speech in plenary. “The Board is accorded legal personality and capacity where it can enjoy certain privileges and immunities.”
The Philippines in July won the bid to host the LDF. Philippine President Ferdinand R. Marcos, Jr. earlier said this reinforces the country’s dedication to become a leader in shaping international climate policies. — Kenneth Christiane L. Basilio