EDITORIAL
Economic planning has been in place since several decades ago under different presidents, and the exigencies of global and national events have either stunted growth or spurred it, leaving the national leadership to innovate for the sake of survival.
Plans with a time frame of 5 years may have some degree of permanence, but those encompassing 10 years or more are always subject to review and tweaking, for many global events and geopolitical considerations may occur.
Such is the reason for a law that seeks to institutionalize an ecosystem and natural capital accounting of the natural resources of the nation.
President Ferdinand Marcos Jr. approved such a law last May 22.
Executive Secretary Lucas Bersamin, on the authority of the President, signed Republic Act No. 11995 or the Philippine Ecosystem and Natural Capital Accounting System (PENCAS) Act on May 22, 2024, the Presidential Communications Office (PCO) said.
The new law aims to recognize, protect and promote the ecological balance and resilience of the country by institutionalizing environmental and economic accounting frameworks that are accepted internationally.
One good thing about this measure is that the government will soon have--and utilize--a 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 damage.
The law's relevance is in national economic planning. It 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, directing 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 effectivity.
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.
How can you plan well without knowing the sum and current status of your resources? This is what the new law passed by Congress and signed by the President will handle.
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