(UPDATE) PRESIDENT Ferdinand Marcos Jr. called on world leaders to back the Philippines' bid to host the 'Loss and Damage Fund' as he sought the prompt operationalization of the program to support developing and vulnerable countries from the impact of the climate crisis.

In his speech delivered by Special Assistant to the President Antonio Ernesto Lagdameo Jr. at the opening of the United Nations Framework Convention on Climate Change (COP28) in Dubai on Friday, Marcos said 'the Philippines will announce its intent to host the Loss and Damage Fund.' 'The Philippines call for the immediate operationalization of this Fund to assist developing and vulnerable countries to respond to droughts, floods, and rising sea levels exacerbated by climate change,' Marcos said. 'We urge partners from the private sector, civil society, partner countries and governments, and developing funding institutions to support the Philippines in this bid. You have been there for meaningful collaboration with our government to tackle the climate crises.' Almost 200 nations on Friday backed the launch of the 'loss and damage fund' to support countries hit by global warming.