President Ferdinand Marcos Jr. has approved Republic Act (RA) 11995, also known as the Philippine Ecosystem and Natural Capital Accounting System (Pencas), which mandates the accounting of all of the Philippines’ natural resources.
The law, signed on May 22, aims to safeguard the ecological balance and resilience of the country, instituting internationally accepted environmental and economic accounting frameworks.
RA 11995 will provide crucial data on the depletion, degradation, and restoration of natural capital, aiding in policy development and decision-making concerning the environment, economy, and health.
To ensure its effective implementation, the Philippine Statistics Authority (PSA) Board will oversee Pencas, with support from various government agencies like the Department of Agriculture and Environment and Natural Resources.
Additionally, an interagency working group will be formed within the PSA to issue necessary regulations within a year of the law’s effectiveness.
Source: PhilNews24 | May 27, 2024
