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
