A NATIONAL environmental accounting system that became a law last week is expected to boost the Philippine economy without harming the environment, a congressman said on Tuesday.
Republic Act No. 11955, the Philippine Ecosystem and Natural Capital Accounting System (PENCAS) Act, empowers the government to more accurately evaluate the country’s natural resources through detailed statistics on natural capital and assess their value to the economy.
“With the enactment of the PENCAS law, we are in a better position to achieve sustainable development while promoting the conservation of our environment,” Party-list Rep. Eduardo C. Villanueva said in a statement.
Palawan Rep. Alfredo D. Marañon, III, who chairs the House Committee on Natural Resources, said the newly enacted law would aid the government in formulating data-driven and effective environmental policies.
The law was signed by President Ferdinand R. Marcos, Jr. last May 22.
“With comprehensive data, this will serve as a guide for planning… and better policy and decision-making outcome,” Mr. Marañon told BusinessWorld in a Viber message. “[PENCAS] will also contribute to better conservation [and] protection of our environment.”
The accounting system would enable the government to quantify its progress in addressing environmental concerns and become more responsive in attaining the country’s sustainable development goals, Mr. Villanueva said.
“The establishment of an accounting system of our natural resources will greatly aid the country to be disciplined in attaining our sustainable development goals (SDGs), especially in the sectors of climate change, disaster risk management, and conservation of our marine and terrestrial resources,” he said.
The PENCAS law was passed in the Senate in November last year and was adopted by the House of Representatives in March this year. — Kenneth Christiane L. Basilio
