NEDA moves to develop system to account for use of environment and natural resources - an Official Gazette PH Special Section
NEDA Deputy Director-General Emmanuel F. Esguerra said that such a system, called natural capital accounting (NCA), is important because the Philippines has not been able to maximize the benefits of its natural resources, as evidenced by the pervasiveness of poverty in sectors that are dependent on them. Natural capital accounting or NCA refers to how a country recognizes and measures the use of its environment and natural resources to be able to determine how much these resources contribute to the economy and livelihoods.
“Despite the challenges faced in the past, current conditions in the country already make it possible to have natural capital accounting included in the country’s programming and policy formulation process,” said Esguerra in a session during the World Bank’s 4th Wealth Accounting and the Valuation of Ecosystem Services (WAVES) Partnership Meeting in Washington, D.C. on May 14, 2014. “There is now a methodology in place that is generally acceptable,” said Esguerra.
He added that a greater demand for NCA has been noted as governments, civil society, and the private sector are increasingly being challenged to incorporate environmental and natural resource concerns in development planning and policy.
“The implementation of natural capital accounting could not therefore have come at a more opportune time. The NCA results will serve as bases for analysis and as indicators in preparing national and regional development plans,” said Esguerra.