Republic Act No. 11995, establishing the Philippine Ecosystem and Natural Capital Accounting System (PENCAS), was signed into law on May 22, 2024. The Implementing Rules and Regulations (IRR) are expected to be released by mid-2025. The Philippine Statistics Authority (PSA) leads the interagency working group formulating the IRR.
Republic Act No. 11995 or the Philippine Ecosystem and Natural Capital Accounting System was signed into law on May 22, 2024. It is mandated that the Implementing Rules and Regulations be issued one year 15 days after the publication of the law in the Official Gazette or newspaper of general circulation. My Internet search if and when the publication was done does not disclose any details.
The PENCAS establishes an internationally recognized environmental and economic accounting framework called the National Capital Accounting System . The law will be based mainly on the System of Environmental-Economic Accounting , which is an internationally recognized framework designed to measure the relationship between the environment and the economy in a comprehensive and standardized way.
While the SEEA will provide major inputs to the accounting framework for PENCAS, there are other global initiatives that support the mandate of the law and which can also be used as reference.
PENCAS Philippines Environmental Accounting National Capital Accounting System (NCAS) Philippine Statistics Authority
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