PBBM underscores importance of Fund for Responding to Loss and Damage to calamity-prone nations

PTVPhilippines

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00:00The designation of the Philippines as this year's host for the fund responding to loss and damage is much appreciated by the government

00:07Which seeks to have a permanent office base in the country?

00:11PTV's Mella Lesmora tells us more on the president

00:14Getting his audience up to speed on the relevance of the loss and damage fund to the country in this report

00:21As a nation considered highly vulnerable to climate change

00:25President Ferdinand R. Marcus jr

00:27emphasized the importance of the fund for responding to loss and damage or

00:32FRLD in addressing the impacts of changing weather patterns and disasters affecting the country in

00:392023 the loss and damage fund board was established during the United Nations climate change conference

00:45To mobilize funds and provide financial assistance to countries suffering from climate change related damages

00:52This year the Philippines is hosting the loss and damage fund board during the courtesy call of

00:59FRLD members to President Marcus jr

01:02Yesterday, he expressed the government's efforts to establish an FRLD office in the country

01:08The president highlighted the critical role of the loss and damage fund in rebuilding damage

01:14infrastructure and supporting disaster victims

01:17The timing of this initiative is

01:19Particularly relevant after six consecutive typhoons struck the country beginning in late October up to the third week of last month

01:27from 2003 to 2022

01:30The climate crisis caused damage amounting to 100.91 billion dollars in the Philippines alone

01:37It is expected the guidelines for the utilization of the loss and damage fund

01:42Intended for countries most affected by climate change will be finalized before the year ends

01:48Simultaneously, the government is intensifying efforts to protect the environment and mitigate the threats of climate change

01:56for 2024 the budget allocation for climate change related programs activities and projects will increase to

02:04457 billion pesos or close to half a trillion pesos

02:07From PTV Manila, Melales Moras with Glazel Cordilla, Balitang Pambansa

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