“We acknowledge that solid data is crucial in preserving and developing our natural capital and with this proposed legislation, we hope to provide tools and measures that can contribute to the protection, conservation, and restoration of ecosystems,” said Speaker Ferdinand Martin G. Romualdez, leader of the 312-strong House of Representatives.
Source: Senate of the Philippines
Similar legislation has been independently submitted to the Senate in an effort to institutionalize the Philippine Ecosystem and Natural Capital Accounting Systems (PENCAS). It aims to create and implement an environmentally applicable ecosystem and natural capital accounting system for the Philippines that emphasizes the role, value, and economic impact of natural resources.
The House of Representatives approves on third and final reading the House Bill No. 8443 which seeks to establish the PENCAS. When passed into law, the bill will create a system for the collection, compilation, and development of natural capital accounts in the government as a tool for development planning and programming, policy analysis, and decision-making. Also, it will serve as a comprehensive data framework in the generation of natural capital statistics and accounts and take into consideration their gradual inclusion in macroeconomic indicators.
The Philippine Statistics Authority (PSA) will be in-charge of the overall institutionalization and gradual implementation of PENCAS in accordance with the System of Environmental-Economic Accounting (SEEA) framework. SEEA is a framework that combines data on the economy and the environment to give a more thorough and multifaceted view of the interactions between the economy, the environment, and ecosystems, as well as the stocks and changes in stocks of natural resources, as they benefit humanity.
Reference:
House of Representatives. (2023, August). Proposed Philippine ecosystem and natural capital accounting system approved. Retrieved August 2, 2023 from https://www.congress.gov.ph/press/details.php?pressid=12605
