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QUEZON CITY, April 10 Three-term Senator, now Deputy Speaker Loren Legarda, filed a bill seeking to develop and implement an ecosystem and natural accounting system that applies to the Philippine environment, giving importance to the role, value, and impact of the country’s natural resources on the economy. “For decades, the debate has been whether to choose the economy over conservation of natural resources.  This is a false dichotomy. The economy and all of society are fully and entirely dependent on natural resources our natural capital that includes our forests, wetlands, and other ecosystems,” Legarda said. House Bill 9181, otherwise known as the Philippine Ecosystem and Natural Capital Accounting System (PENCAS) Law of 2021, will include what was formerly considered “externalities,” not valued as capital, in the national income accounts.  Conventional national income accounting systems measure economic performance by determining the value of goods and services p

Maricor ebarviaCielito habitoCorazon claudioAngelina galangLaura davidBen malayangIrina maLoren legardaSustainable development networkA working groupGross national productDeputy speaker loren legardaPhilippine ecosystemNatural capital accounting systemGross domestic productUnited nations system