Bill seeking to establish framework to account PH ‘natural capital’ gets House nod
House Speaker Martin Romualdez delivers an address before Congress adjourned sine die on Wednesday, May 31, 2023. (Photo from a video posted on Facebook by the House of Representatives)
MANILA, Philippines — The bill which seeks to create a system that would assist in planning the proper allocation of the country’s natural capital has been approved by the House of Representatives.
Voting, 215-0-0, House Bill No. 7728 hurdled the third and final reading during Monday’s plenary session.
This bill seeks the establishment of the Philippine Ecosystem and Natural Capital Accounting System (Pencas) that would establish a system for the collection, compilation, and development of natural capital accounts in the government as a tool for development planning and programming, policy analysis, and decision-making.
The Pencas will also serve as a comprehensive data framework in the generation of natural capital statistics and accounts for their progressive integration in macroeconomic indicators.
“We acknowledge that solid data is crucial in preserving and developing our natural capital and with this proposed legislation, we hope to provide tools and measures that can contribute to the protection, conservation, and restoration of ecosystems,” said House Speaker Ferdinand Martin Romualdez, in a statement.
“This bill also intends to provide a framework in the generation of natural capital statistics and accounts toward their progressive integration in macroeconomic indicators that is why the Philippine Statistics Authority, the Interagency Committee on Environment and Natural Resources Statistics, the Department of Environment and Natural Resources, and the National Economic and Development Authority shall work hand-in-hand in the implementation of the measure,” Romualdez added.
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