The House of Representatives on Tuesday approved on third and final 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, a measure included in President Ferdinand Marcos’s State of the Nation Address (SONA) as a legislative priority.
With an overwhelming vote of 208-0, the House approved House Bill 10722, the bill establishing the Philippines’ legal capacity to participate in the Global Loss and Damage Fund (LDF), a climate disaster relief fund.
The measure grants juridical personality and legal capacity to the LDF Board. This bill enables the board to enter into a host country agreement with the President of the Philippines, facilitating the operationalization of the Loss and Damage Fund.
The bill aims to provide the LDF Board with independence and freedom of action akin to those of an international organization. The bill also confers various immunities and privileges, including exemptions from taxes, duties, and other charges imposed by the Philippine government and local authorities.
House Committee on Ways and Means Chairman Joey Sarte Salceda emphasized the importance of this measure, stating that it asserts the country’s leadership in the fight for climate justice. “This is the most concrete demonstration that we have recovered our moral ascendancy in climate advocacy,” Salceda said.
Salceda, who played a crucial role in previous climate negotiations, highlighted the significance of the Loss and Damage Fund for developing countries like the Philippines. He recalled his efforts in Lima, Peru, where he chaired the predecessor of the LDF, the UN Green Climate Fund, raising approximately $13 billion.
In his SONA, President Marcos urged Congress to pass enabling legislation that would grant the Philippines legal personality and the right to serve on the LDF Board. He announced that the Philippines has secured a seat on the board and has been chosen as the host country for the fund, a development expected to bolster the nation’s climate change efforts.
Also, the House approved House Bill 10592 with a vote of 201-0-1. This bill aims to rationalize the mandate of the Power Sector Assets and Liabilities Management Corporation (PSALM), an essential agency for managing the government’s energy-related assets.
The bill, which seeks to amend the Electric Power Industry Reform Act, clarifies PSALM’s powers and functions concerning the management and final disposition of energy assets, ensuring that funds generated from these activities are also used for government energy projects.
Additionally, it affirms the supervisory authority of the Governance Commission for Government-owned and Controlled Corporations in evaluating PSALM’s performance.
Image credits: House of Representatives/Facebook
