President Ferdinand R. Marcos Jr. has approved the Philippine Ecosystem and Natural Capital Accounting System (PENCAS) law, which mandates a comprehensive accounting of the country's natural resources. Signed on May 22, Republic Act No. 11995 aims to recognize, protect, and promote ecological balance and resilience in the Philippines.
The PENCAS law institutionalizes internationally accepted environmental and economic accounting frameworks. It includes a detailed accounting framework listing officially designated statistics on various environmental aspects such as the depletion, degradation, and restoration of natural capital, environmental protection expenditures, pollution levels, and environmental damages.
This law is expected to bolster the government's policy development and decision-making in economic, environmental, and health sectors. It aims to provide tools and measures essential for the protection, conservation, and restoration of the country’s ecosystems.
To ensure effective implementation, the Philippine Statistics Authority (PSA) Board has been tasked to oversee the law's enactment. An interagency committee will assist the PSA Board in addressing concerns related to the development of natural capital accounts.
The PSA is mandated to form an interagency working group to issue the necessary rules and regulations for the effective implementation of PENCAS within one year of the law's effectivity. The law will take effect 15 days after its publication in the Official Gazette or a newspaper of general circulation.
The Department of Agriculture (DA) will support the PSA by generating and providing National Capital Accounting (NCA) information related to agricultural areas and fisheries aquatic resources. The DA will also coordinate with the Department of Environment and Natural Resources (DENR) concerning associated ecosystems.
Other departments playing crucial roles in the implementation of PENCAS include the Department of the Interior and Local Government (DILG), the Department of Education (DepEd), the Professional Regulation Commission (PRC), and the Department of Finance.
