Marcos asks oil-rich Arab nations for contributions to Loss and Damage Fund
Security force members use an inflatable raft to bring residents to safety from a flooded area near the bank of the overflowing Bagmati River following heavy rains, in Kathmandu, Nepal, September 28, 2024. REUTERS/Navesh Chitrakar
KUALA LUMPUR - Philippine President Ferdinand "Bongbong" Marcos Jr. asked oil-rich Arab countries for contributions to the Loss and Damage Fund.
During the 2nd ASEAN – Gulf Cooperation Council (GCC) Summit, Marcos emphasized that climate change remains ''one of the most defining challenges of our time—not the most defining challenge of our time.''
''Both our regions are climate vulnerable,'' Marcos said.
''Our populations face significant climate-related risks, such as sea level rise, rising temperatures, desertification, and loss of biodiversity, amongst others. As host of the Fund Corresponding to Loss and Damage, or FRLD, the Philippines would like to encourage contributions through that fund,'' he added.
The member states of the GCC include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
Marcos said the Philippines' hosting of the FRLD would accelerate the unhindered access of developing nations to climate finance.
This shall help in the development and implementation of transformative and science-based strategies and initiatives for climate change adaptation, mitigation, and disaster risk management, Marcos said.
Marcos has made a commitment to push for evidence-based solutions in addressing the impacts of climate change, adding that its unprecedented impact has the potential to disrupt communities and supply chains.
The Philippines was elected to host the Loss and Damage Board in July 2024. The Loss and Damage Fund aims to provide financial assistance to vulnerable countries dealing with the devastating effects of climate change. — VBL, GMA Integrated News
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
GMA Network
2 hours ago
- GMA Network
Marcos urges Filipinos to reflect on nation-building this Eid'l Adha
President Ferdinand "Bongbong" Marcos Jr. urged Friday Filipinos to reflect on what kind of offering truly strengthens a nation as he joined the Muslim communities observe Eid'l Adha or the Feast of Sacrifice. In a message, Marcos said it is not in how much is given but in what is restored "the dignity where there was dismissal, fairness where there was neglect, and compassion where there was indifference." He said Eid'l Adha calls on Filipinos to remember that devotion reveals itself when they are asked to release what they once believe they could not give just like what Prophet Ibrahim did. "The story of Prophet Ibrahim endures because it leads us to the edge, to that thin border between obedience and resistance, where the soul must decide what truly matters. What stays in us is not the moment of sacrifice, but the silence that came before it. In that hush, we recognize something achingly familiar: the private reckonings, the sleepless discernments, and the places where we are caught in between," he said. Marcos said that what people brings closest to the Almighty is the giving up of certainty and letting go of pride. "Eid'l Adha invites us to embark on a more difficult journey—not towards a place, but towards a state of heart," he added. He further said when the people fully lay down their temporal concerns, they leave a special place for the Divine to take root "in our hearts and in our nation, where truth becomes a force that can shape the public good." "May the spirit of this sacred remembrance inspire Filipinos of all faiths to respond to what our times ask of us, and to leave behind not only victory but renewal. In doing so, we affirm that sacrifice, at its best, does not vanish but uplifts, and leaves something stronger," said Marcos.—AOL, GMA Integrated News
GMA Network
15 hours ago
- GMA Network
PH's P16.75-T debt lower than Asian neighbors —DOF
The Department of Finance (DOF) on Thursday reiterated that the country's rising sovereign debt remains at a sustainable level, noting that it is lower compared to its peers in the region. In a statement, the DOF said the national government's total outstanding debt of P16.75 trillion is 'relatively lower' than that of several countries in Asia. Citing the latest available data, the Finance Department said Japan's total debt was P485.94 trillion, Singapore's was P53.68 trillion, South Korea's was P46.89 trillion, Indonesia's was P31.37 trillion, and Thailand's was P17.73 trillion. Moreover, the DOF said it continues to manage the government's debt, bringing the debt-to-gross domestic product (GDP) ratio down below the post-pandemic internationally considered comfortable threshold of 70%. The Finance Department said when the Marcos administration came in 2022, it inherited a P12.79-trillion debt stock. Nearly half of it, or about P6.84 trillion, was due to efforts to boost state coffers for economic stimulus and response amid the COVID-19 pandemic. It surpassed the combined debt pile acquired by previous administrations (President Ferdinand Marcos Sr.'s P365 billion, President Corazon Aquino's P372 billion, President Fidel Ramos' P681 billion, President Joseph Estrada's P766 billion, President Gloria Arroyo's P2.40 trillion, and President Benigno Aquino III's P1.37 trillion). 'Despite inheriting the larger debt stock, the Department of Finance has already made improvements to the country's debt statistics by reducing the debt-to-GDP ratio to 60.7% in 2024 via a prudent debt management strategy,' the agency said. 'With the economy continuing to grow faster—reaching about P36.8 trillion in 2028—compared to its obligations, the country remains firmly on track to reduce the debt-to-GDP ratio to below 60% by the end of the President's term,' it added. As of the end of April this year, domestic debt continued to comprise the majority, or 69.2%, of the total debt stock, while external obligations accounted for 30.8%. 'Since a large chunk of the borrowing remains local, this means that the interest payments are being circulated back into the economy,' the DOF said. The Finance Department said the Marcos administration is adopting an 80:20 borrowing mix strategy in favor of domestic sources to support the development of local capital markets and mitigate foreign exchange risks. 'Moreover, 91.5% of the government's borrowing consists of fixed interest rates, which shields the country from sudden increases in interest and exchange rates,' it said. 'On the other hand, 81.3% of the country's borrowings have long-term repayment periods, creating ample fiscal space for the government to allocate funds to grow the economy,' it added. The DOF said that with intensified tax administration efforts, the government's tax collections continue to post double-digit increases, 'allowing the government to fund the President's priority programs and projects without imposing new taxes on the people and keeping debt growth well within sustainable levels.' For the first four months of the year, tax collections grew by double digits to 11.49%, reaching P1.43 trillion. The DOF expressed confidence that it would hit its collection targets for 2025. In particular, the Bureau of Internal Revenue (BIR) collected P1.11 trillion as of end-April, up 14.50% year-on-year. The Bureau of Customs (BOC), on the other hand, booked P306.1 billion in collections during the period, up 2.16% from a year ago. The DOF said the country's fiscal deficit has also been steadily narrowing, dropping to 5.7% of GDP in 2024 —from the pandemic peak of 8.6% in 2021, 7.3% in 2022, and 6.2% in 2023. 'This is on track to decline to about 3.8% by 2028,' the Finance Department said. 'The government's strict adherence to fiscal discipline has earned it a recent credit rating upgrade of A- from Japan's Rating and Investment Information Inc. (R&I) and an outlook upgrade to positive from S&P Global,' it said. The DOF said that securing a credit rating upgrade and affirmation signals high investor confidence in the Philippines' economic performance, increasing investor interest in Philippine bonds, and resulting in lower borrowing costs for the government. 'In return, these borrowings are reinvested into the economy through growth-enhancing investments, such as infrastructure, education, agriculture, health, and social services that produce more jobs for the Filipino people,' it said. —VBL, GMA Integrated News
GMA Network
17 hours ago
- GMA Network
JV Ejercito says Sara Duterte impeachment trial should proceed
Senator-elect JV Ejercito talks to media before attending the briefing for neophyte and returning senators of the 19th Congress on Tuesday, June 28, 2022, at the Senate. Voltaire Domingo/Senate PRIB Senator JV Ejercito maintained Thursday that the impeachment trial of Vice President Sara Duterte should push through as the Senate is duty-bound to conduct the proceedings despite other lawmakers' efforts to block it. Ejercito, however, clarified that even if he is pushing for the impeachment trial to start, it does not necessarily mean that he wants a conviction for Duterte. He said the proceedings would give the Vice President a chance to clear her name. "Whether I am for it or not for it is irrelevant. The Senate is duty-bound to convene the impeachment court, according to our Constitution. Kumbaga ano namin 'yan, responsibilidad namin 'yan (That is our responsibility)," he said. "Itutuloy naman 'tong impeachment eh, whether we like it or not. As I've mentioned, we are duty-bound. Sana matapos agad, so whatever the decision is, whatever the verdict is, I hope we can go back to our normalcy as soon as possible," he added. (This impeachment will continue, whether we like it or not. As I've mentioned, we are duty-bound. But I hope it ends soon, so whatever the decision is, whatever the verdict is, I hope we can go back to our normalcy as soon as possible.) He also said it would be up to the 20th Congress to decide if the impeachment trial would push through, stressing that the plenary will always be supreme. Imee wants dismissal Meanwhile, Senator Imee Marcos expressed belief that the impeachment case should be dismissed, citing concerns on the timing and validity of the transmission of the Articles of Impeachment from the House of Representatives to the Senate. "Dapat i-dismiss na ito kaagad dahil unang-una, hindi na talaga kaya matapos bago 'yung 19th Congress, may sariling rules ang Senado. Pero ang totoo, I have very serious concerns about the validity of the impeachment complaint arriving here in the Senate," said Marcos, the elder sister of President Ferdinand "Bongbong" Marcos Jr. (This should be dismissed immediately because first of all, it really can't be finished before the 19th Congress ends as the Senate has its own rules. But the truth is, I have very serious concerns about the validity of the impeachment complaint arriving here in the Senate.) Marcos alleged that the House of Representatives "withheld" the complaints against the Vice President as these were filed in December 2024. However, she said the lower chamber only acted on it in February 2025. "Kung winithhold nila, aba'y sila pala ang nagpatagal nitong lahat (If they withheld the complaints, then they are the reason for the delay). Despite the lapse of two months, no action was taken to transmit to the Senate or refer any of the first three verified complaints," she said. "Para sa akin, kinakailangan alamin kung tama rin ang ginawa ng Kongreso. Sinasabi nila dinelay ng Senado. Ang akin, teka muna, sino ba talaga ang nag-delay niyan at ngayon violative na of the one-year ban on filing impeachment?" she added. (For me, it's important to know if Congress did the right thing. They are saying the Senate delayed the process. But wait, who was the one who delayed their action and now it is violative of the one-year ban on the filing of impeachment complaints?) Admin senators, too? Marcos also believes that efforts to derail Duterte's impeachment case do not only come from the Vice President's allies in the Senate, but even those allied with the administration. "Tuwing may panukala, lahat talaga tulong-tulong. Ganu'n talaga 'yun at walang kinalaman sa partido, sa Duterte 5, sa kung sinu-sino. Talagang lahat ay interesado," she said. (Whenever there are proposals, everyone really helps one another. That's just the way it is and it has nothing to do with any party, with the Duterte 5, or anyone else. Everyone is really interested.) "Mismo ang admin, sa palagay ko, interesado na mawalang bisa na 'yan kasi kinakabahan din na matalo," she continued. (I think even those allied with the administration are interested in dropping the case because they're afraid of losing.) Senator Ronald "Bato" dela Rosa admitted Wednesday that he was behind the draft Senate resolution seeking to drop Duterte's impeachment trial. Duterte was impeached by the House of Representatives on February 5, with over 200 lawmakers endorsing the complaint against her. She was accused of betrayal of public trust, culpable violation of the constitution, graft and corruption, and other high crimes. — VDV, GMA Integrated News
