The National Economic and Development Authority (NEDA) of the Philippines has announced plans to propel the nation’s economic growth through the advancement of the ‘Blue Economy.’ The initiative, which is being sponsored by Senator Loren Legarda through a proposed legislation known as the ‘Blue Economy Act,’ aims to tap into the sustainable use of ocean resources for improved livelihoods, job creation, and the health of ocean ecosystems.
NEDA Undersecretary Rosemarie Edillon, during the 8th Joint Economic Briefing with various foreign chambers, highlighted the potential of the maritime sector. It is projected that the sector, including the ocean and its resources, could be valued at over P1 trillion. The ‘Blue Economy’ encompasses a wide range of activities, from fisheries and maritime transport to tourism, climate change mitigation, waste management, and renewable energy.
The Department of Energy (DOE) is also aligned with the objectives of the ‘Blue Economy.’ To date, the DOE has awarded 1,186 renewable energy service contracts with a potential capacity of 132.9 gigawatts, although only 5.7 gigawatts have been installed. These projects not only contribute to the nation’s energy supply but also promote sustainable practices in line with the ‘Blue Economy.’
Despite the promising prospects, the DOE’s Undersecretary Rowena Guevara highlighted the challenges posed by the impending El Niño, which may decrease hydroelectric power generation by up to 70%. To counteract this potential setback, the DOE is implementing preparatory measures, underlining the need for resilience in the face of environmental changes.
The briefing brought together representatives from various international business chambers, emphasizing the collaborative approach required to foster economic development in the Philippines.
The ‘Blue Economy’ initiative demonstrates the country’s commitment to sustainable growth, setting a precedent for other nations to follow in the quest for a healthier planet.