MANILA, Philippines — President Ferdinand Marcos Jr. signed into law a measure that grants the Philippines legal personality and capacity to be part of the body of the climate disaster fund called the 'Loss and Damage Fund.' Signed on Aug. 28, 2024, Republic Act 12019, also known as the ' Loss and Damage Fund Board Act,' gives the Board, being the governing body of the Fund, full legal capacity to contract, acquire and dispose immovable and movable property, as well as institute legal proceedings.

It will also have legal capacity to negotiate, conclude, and enter into a hosting arrangement with the World Bank as interim trustee and host of the Fund's secretariat, and undertake activities as necessary for discharging its roles and functions.