Photo Release

May 29, 2023

Managing, preserving Philippines' natural resources: Senate President Pro Tempore Loren Legarda presides over the Economic Affairs' subcommittee hearing Monday, May 29, 2023, on bills seeking to institutionalize a Philippine natural capital accounting system and a framework for the country's "blue economy," comprising economic activities related to oceans, seas, and coastal areas. Legarda said it is high time to examine the role and impact of the country's natural resources on economic growth amid worsening climate change and biodiversity loss. She enumerated the importance of institutionalizing the Philippine Ecosystem and Natural Capital Accounting System (PENCAS), saying it will provide vital information for economic management and policymaking, especially for promoting sustainable development. "We hope to integrate environmental inputs and outputs in the determination of national income accounts to reflect a more accurate state of development and economic performance of the country," Legarda said. (Bibo Nueva España/Senate PRIB)

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