Senate unanimously approves ecosystem accounting bill
THE SENATE on Wednesday approved on third and final reading a bill seeking to establish a national accounting system that would provide the government with data on ecosystems, forests, watersheds and coastal eras.
Voting unanimously, 23 senators approved Senate Bill No. 2439, which will establish the Philippine Ecosystem and Natural Capital Accounting System (PENCAS).
“We need a clear and reliable accounting system like PENCAS to steer our economic policies towards the right and sustainable direction,” Senator Mary Grace Poe-Llamanzares, who chairs the Senate Economic Affairs committee, said at the Senate plenary session on Wednesday.
Senator President Pro-Tempore Regina “Loren” B. Legarda, author and sponsor of the measure, said the approved version of the bill was a product of extensive consultations, hearings and technical working groups among lawmakers and experts.
She said Congress will still improve the measure in a Bicameral Conference Committee.
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.
Ms. Legarda earlier said adopting a data-driven approach to keeping track of the country’s natural resources would paint a more accurate picture of how the environment impacts the economy. — John Victor D. Ordoñez
