THE SENATE approved on second reading measure proposing the establishment of the Philippine Ecosystem and Natural Capital Accounting System (PENCAS) which would provide the government with essential data about ecosystems, forests, watersheds, and coastal areas.
Senator President Pro Tempore Regina “Loren” B. Legarda, author and sponsor of Senate Bill No. 2439, highlighted the need for an accounting system to recognize the value of these ecosystems, which form the foundation of the country’s economy.
“Our economic indicators have been nature blind,” Ms. Legarda told a plenary session in September. “We undervalue or do not value at all our ecosystems that are the very basis of our economy.”
In August, the House of Representatives passed on third reading a similar measure. House Bill No. 8443 seeks to offer a more accurate assessment of natural resources and their impact on the economy.
Senator Legarda emphasized the importance of adopting a data-driven approach to inform policymaking, allocate resources efficiently, and underscore the significance of preserving these invaluable natural assets for both economic and environmental well-being. — John Victor D. Ordoñez
