NextGen Day

The Department of Trade and Industry (DTI) highlighted on Tuesday the advantages that the proposed Blue Economy Act and the establishment of the Philippine Ecosystem and Natural Capital Accounting System (PENCAS) can bring to the economy.

During a public hearing led by the Senate Subcommittee on PENCAS Law and Blue Economy, DTI Undersecretary Bles Lantayona emphasized that the Blue Economy and PENCAS can effectively work alongside the Micro, Small, and Medium Enterprises (MSME) Act and the One Town One Product (OTOP) bill, which is on the verge of becoming law.

Lantayona informed the panel that these proposed measures will promote sustainable economic activities and facilitate informed decision-making for the benefit of communities and the environment.

“The Blue Economy approach can provide opportunities for sustainable economic activities to benefit MSMEs in the fisheries, aquaculture tourism, and maritime sectors. It can support the development and growth of MSMEs involved in marine-related industries such as seafood processing, boat building, eco-tourism, and sustainable fishing practices,” expressed Lantayona. He also emphasized that PENCAS can assist in assessing the economic value of marine resources.

Seaweed farming is expected to be a major beneficiary of these proposals.

“In relation to that, we see the connection—the livelihood of our fisherfolk who rely on seaweed farming. That’s the only source of food and employment for them. However, if the plastic waste originating from the uplands and mainland areas is disposed of in coastlines, causing destruction and pollution in the ocean, what will happen to the livelihood of seaweed farmers?” Legarda questioned.

In her opening statement, Senator Legarda emphasized the urgent need for decisive action in response to the current state of the country’s ecosystems, resulting from climate change, habitat loss, and pollution.

“The PENCAS Act introduces an innovative approach that allows us to account for the value of our natural resources and ecosystems by integrating their worth into our national accounts. By doing so, we can make more informed decisions that balance economic growth with environmental protection, ensuring the long-term sustainability of our ecosystems,” Legarda explained.

“Moreover, the Blue Economy bill seeks to bolster our efforts in achieving a vibrant and sustainable blue economy. With one of the longest coastlines in the world and an abundance of marine resources, the Philippines has the potential to become a leader in blue economy development,” she added, emphasizing the need for a holistic approach that addresses the needs of coastal communities, promotes sustainable practices, and protects marine biodiversity.

Among other provisions, the Blue Economy bill proposes a framework for the sustainable and safe use and development of marine wealth within maritime zones, stewardship of seas and coasts, protection and conservation of the health and resilience of marine and coastal ecosystems and habitats, preservation of maritime heritage, and advancement of scientific understanding of marine and coastal ecosystems.

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