The Loss and Damage Fund Board Act (Republic Act No. 12019)

S. No. 2780 H. No. 10722 ~ll:publir: of tip: l~litlippiucs filrrngress rrf f¼e Jl1ilip:p:ines #~ctro #~auilir ~incfccntlr (ffougrcss Begun and held in Metro Manila, on Monday, the twenty-second day of July, two thousand twenty-four. • [ REPUBLIC ACT No.l2019 AN ACT GRANTING JURIDICAL PERSONALITY AND LEGAL CAPACITY TO THE BOARD OF THE FUND FOR RESPONDING TO LOSS AND DAMAGE DUE TO CLIMATE CHANGE Be it ena.ct:ed by the Senate a.nd Honse of Representatives of the Philippines in Congress assembled: SECTION 1. Sharl Tille. - This Act shall be known and referred to as "Th.e Loss and Damage Fund Board Act". SEC. 2. Declo.ration of Policy. - It is the policy of the State t.o protect and adw,mce the right of the people to a balanced and healthful ecology in accord with the rhythm and harmony of nature. As a party to the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement, the State lauds the creation of a fund for responding to loss and damage (Fund) under the Decision 2/CMA.4 of the Conference of Parties serving as the meeting of Parties to the Paris 2 Agreement (CMA) and during the 27th Conference of Parties (COP) to the UNFCCC under Decision 2/CP.27 of the COP, and its operationalization during the 28th COP under COP Decision l/CP.28 and CMA Decision 5/CMA.5. The State resolutely welcomes the Fund's establishment to finance and assist the most vulnerable developing countries' response and recovery from losses and damages caused by climate change. To advance climate and disaster risk resilience, the State shall take a whole-of-government approach in creating and implementing effective policy frameworks -and mobilizing broad and innovative sources of climate financing to address loss and damage. To accelerate access to critical climate finance and investments for future-proofing the economy and ensuring sustainable and inclusive growth for all Filipinos, the State supports the hosting of the governing Board of the Fund in the Philippines. Towards this end, the State recognizes the need to grant juridical personality and legal capacity to the Board to enable it to discharge its roles and functions. SEC. 3. Juridical Personality and Legal Capacity of the Board. - The Board, as the governing body of the Fund, shall have juridical personality with full legal capacity to: (a) Contract: (b) Acquire and dispose of immovable and movable property; (c) Institute legal proceedings; (d) Negotiate. conclude, and enter into a hosting arrangement with the World Bank as interim trustee and host of the Fund's secretariat; and (e) Undertake activities as necessary for discharging its roles and functions. SEC. 4. Priuileges, Immunilics, and Exemplions. - The Board shall enjoy the status, immunities, privileges, and exemptions granted under relevant treaties. international agreements, and agreements that may be entered into between the Government of the Philippines and the Board. 3 SEC. 5. Separability Clause. - If any portion or provision of this Act is declared unconstitutional, the remainder of this Act or any provision not affected thereby shall remain in force and effect. SEC. 6. Repealing Clause. - All laws, presidential decrees, executive orders, administrative orders, and rules and regulations inconsistent with this Act are hereby repealed, modified, or amended accordingly. SEC. 7. Effectiuity. - This Act shall take effect upon publication in the Official Gazette or in a newspaper of general circulation. Approved, ~,;1~ EZ Speaker of the I-fow·:'<f-D of Representatives FRANCIS '·CI-IIZ'. G. ESCUDERO Preside11t rf the Senate This Act was passed by the Senate of the Philippines as Senate Bill No. 2780 on August 19, 2024 and adopted by the House of Representatives as an amendment to House Bill No. 10722 on August 21, 2024. Secretw:v General House of Representatives Approved: AUG 2 e 202~ • i1J~LDEZ MARCOS JR. FERDINAND REPUBLIC OF THE PHILIPPINES 111111111111111 IIII IIII I I Ill PBBM005490 Philippines Office of the President MALACANANG RECORDS OFFICE CERTIFIED COPY A ua A JJ ,\ r ESPINO 9 ~-->t-"~7cr~croR rv