Defining the News
President Marcos has recently enacted a crucial piece of legislation aimed at enhancing the Philippines’ environmental management framework through the institutionalization of ecosystem and natural capital accounting.
On May 22, 2024, Executive Secretary Lucas Bersamin, representing the President, signed Republic Act No. 11995, known as the Philippine Ecosystem and Natural Capital Accounting System Act, according to the Presidential Communications Office . The new legislation seeks to boost the country’s ecological balance and resilience by adopting internationally recognized environmental and economic accounting frameworks. PENCAS will formalize the documentation of various environmental statistics, including the depletion, degradation, and restoration of natural capital; expenditures on environmental protection; and the pollution and quality of land, air, and water. The enactment of this law is considered a major step towards enhancing Philippine environmental laws, as it integrates environmental considerations into economic decision-making processes. By doing so, it supports the development of informed government policies that address economic, environmental, and health issues. To ensure the law’s effective implementation, the Philippine Statistics Authority Board will oversee the process, with an interagency committee assisting in addressing sectoral concerns. The PSA is mandated to form an interagency working group responsible for issuing the necessary rules and regulations within one year of the law’s effectivity. The Department of Agriculture will collaborate with the PSA to generate and provide information related to natural capital in agricultural and fisheries sectors. Additionally, the DA will coordinate closely with the Department of Environment and Natural Resources on matters related to associated ecosystems. Other key agencies involved in implementing PENCAS include the Department of the Interior and Local Government , the Department of Education , the Professional Regulation Commission , and the Department of Finance.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Philippines falls 2 places in 2024 World Press Freedom IndexHarassment against the Philippine press persists during the second year of the Marcos Jr. administration
Read more »
Marcos: PH won't use water cannons to avoid tension in West Philippine SeaDefining the News
Read more »
Marcos: No water cannons for Philippine ships in WPSPresident Ferdinand Marcos Jr. rejected a proposal to equip Philippine ships patrolling the West Philippine Sea with water cannons in response to China's aggressive actions against the country's vessels.
Read more »
Marcos laments Philippine universities’ exclusion from Asia top 100 rankingPresident Ferdinand Marcos Jr. says 'much work is still to be done' to boost higher education in the country
Read more »
Marcos acknowledges more work to be done to boost Philippine higher educationDefining the News
Read more »
Marcos welcomes Dutch Queen Maxima's offer to boost Philippine financial healthDefining the News
Read more »