President Ferdinand Marcos Jr. has approved a law that will provide the government an accounting of the country’s natural resources.
Mr. Marcos signed on May 22 this year, the Philippine Ecosystem and Natural Capital Accounting System (PENCAS) law which aims to recognize, protect and promote the ecological balance and resilience of the country.
Also known as Republic Act No. 11995, the law institutionalizes environmental and economic accounting frameworks that are accepted internationally .
Included under the law’s accounting framework is the list of officially designated statistics on the depletion, degradation, and restoration of natural capital; environmental protection expenditures; pollution and quality of land, air and water; and environmental damages.
The law is expected to support the government’s economic, environmental and health policy development and decision-making. It will also help provide tools and measures that contribute to the protection, conservation and restoration of the country’s ecosystems.
To ensure effective implementation of the law, the Philippine Statistics Authority (PSA) Board has been tasked to oversee its implementation.
The PSA Board will direct a relevant interagency committee to assist the body in addressing agency and sectoral concerns that may arise in the development of natural capital accounts.
Under the law, the PSA is ordered to constitute an interagency working group to issue the rules and regulations necessary for the effective implementation of PENCAS within one year from its implementation.
The law will take effect 15 days after its publication in the Official Gazette, or in a newspaper of general circulation
Meanwhile, the Department of Agriculture (DA) will assist the PSA in the generation and provision of the National Capital Accounting (NCA) information related to agricultural areas, and fisheries aquatic resources.
The DA will also closely coordinate with the Department of Environment and Natural Resources (DENR) with regards to associated ecosystems.
Also playing important roles in the implementation of PENCAS are the Department of the Interior and Local Government (DILG), the Department of Education (DepEd), the Professional Regulation Commission (PRC) and the Department of Finance.