Loss and Damage Fund bill OKd
THE SENATE on Wednesday approved on second reading a bill that seeks to allow the United Nations Loss Damage Fund (LDF) Board to operate in the Philippines.
Under Senate Bill No. 2780, the LDF may buy assets and land, enter into contracts in the Philippines and negotiate with the World Bank.
The House of Representatives approved a similar measure on final reading on Tuesday.
“This, indeed, is a breakthrough in the decades-long and oft-acrimonious debate on funding for loss and damage brought about by climate change,” Senator Maria Imelda “Imee” R. Marcos told the Senate floor on Tuesday during her sponsorship speech — John Victor D. Ordoñez