August 2, 2023 – CIBAC Party-List Representative Bro. Eddie Villanueva lauds the approval by the House of Representatives on 3rd and final reading of House Bill 8443 or the Philippine Ecosystem and Natural Capital Accounting System (PENCAS) bill.
The bill seeks to develop and institutionalize an information system and accounting framework that takes into account the state of country’s natural capital and its impact on the economy. Incorporating the health of the country’s natural capital into national accounts provides a broader picture of development progress than solely relying on traditional measures such as economic indicators (e.g. gross domestic product (GDP), etc.)
According to the Philippine Statistics Authority (PSA), the country’s natural resources composed of mineral, cropland, timber, and coastal and marine resources make up an estimated 19% of the nation’s wealth, contributing largely to national economic development. However, rapid growth and climate change are adding pressure to already strained natural resources.
“Economic growth must not be at the price of environmental degradation. The passage of PENCAS bill is a concrete step in our pursuit of sustainable development – a kind of progress that does not compromise the health and integrity of our natural resources but rather protects and promotes its conservation and well-being. By adopting a system that quantifies how we fare in taking care of our environment, we will be more conscious and apprised of the environmental implications of our actions and better plan our efforts towards growth. This will lead us to be more responsible stewards of our natural resources,” says the CIBAC solon.
CIBAC Rep. Villanueva is currently the Committee Chairperson of the House Committee on Sustainable Development Goals (SDG) and one of the principal authors of PENCAS bill. His bill, House Bill 8117, is one of the consolidated measures that form part of the final version of HB 8443.
CIBAC Rep. Villanueva awaits the swift passage of the measure into law, considering that PENCAS bill is one of the identified priority measures of the Marcos administration.#