Manila – The Senate has passed the Philippine Ecosystem and Natural Capital Accounting System (PENCAS) Act with unanimous support, marking a significant step toward integrating environmental considerations into national policy and decision-making. Senate Bill No. 2439, a priority bill of the Legislative-Executive Development Advisory Council (LEDAC), was approved with 23 affirmative votes.
According to Philippines News Agency, The bill seeks to institutionalize PENCAS, mandating its use in policy-making and designating responsible agencies for its implementation. Senate Pro Tempore Loren Legarda, who sponsored the measure, emphasized the importance and urgency of PENCAS, noting that it is essential for measuring what is treasured in terms of environmental assets. NEDA Secretary Arsenio Balisacan indicated that PENCAS would support the Philippine Development Plan 2023-2028, particularly in strengthening resilience to natural hazards and climate change. Senator Grace Poe highlighted PENCAS as a clear and reliable accounting system that would guide the country toward sustainable economic policies. She also pointed out the importance of data transparency and accountability, suggesting that the measure could pave the way for increased government transparency, including a more comprehensive Freedom of Information (FOI) law. Senator Pia Cayetano echoed these sentiments, emphasizing the need for sustainability concepts to be fully integrated and understood across government agencies, especially those involved in finance and budgeting. The PENCAS Bill introduces an innovative approach that accounts for the value of the country's natural resources and ecosystems, integrating their worth into national accounts. This methodology aims to enable more informed government decisions that balance economic growth with environmental protection, ensuring the sustainability of the Philippines' ecosystems in the long term.