The Senate approved on third and final reading a measure establishing a framework for a blue economy, promoting stewardship and sustainable development of coastal and marine ecosystems and resources in the country.
Senate Bill 2450 or the Blue Economy Act garnered 21 affirmative votes, zero negative votes, and zero abstentions from the lawmakers during the plenary session.
The Blue Economy Act embodies the sustainable utilization of the Philippines’ oceanic resources for economic growth, improved livelihoods, and the health of the country’s ocean ecosystems.
The measure aims to preserve the country’s maritime heritage recognize the economic, social, cultural, and historical value of our coasts and oceans, and foster public understanding and respect of the value of our coasts and oceans to build a strong foundation for social responsibility.
Senator Loren Legarda, principal author and sponsor of SB 2450, said the blue economy transcends borders and touches the very essence of the Philippines’ sustainable future as the United Nations General Assembly recognized the urgent need to protect and harness the potential of oceans and marine resources to drive sustainable development as encapsulated in the Sustainable Development Goals (SDG).
Aiming for balanced future
Legarda cited the World Bank’s groundbreaking report in 2017 titled “The Potential of the Blue Economy,” which highlighted the abundant opportunities lying dormant in the coastal and oceanic realms of nations that are yet to harness them fully.
The measure aims to preserve the country’s maritime heritage recognize the economic, social, cultural, and historical value of our coasts and oceans, and foster public understanding and respect of the value of our coasts and oceans to build a strong foundation for social responsibility.
“These untapped resources, such as natural gas and the Philippine Rise, a 13-million-hectare underwater plateau, have the power to transform economies and lives. Consider the staggering biodiversity found within the Philippines nestled in the heart of the Coral Triangle,” Legarda said during her sponsorship speech before the plenary.
Legarda said the SB 2450 will boast marine shore-fish biodiversity that is unrivaled, offering not only tangible stocks of marine resources but also the invaluable regulating services that support coastal states outside or around the Philippines.
“A significant portion of the Philippine population, 60 percent, calls the coast home, with fisherfolk representing the second highest poverty-stricken sector,” she said.
“This imbalance cries out for rectification. The Blue Economy, simply put, embodies the sustainable utilization of oceanic resources for economic growth, improved livelihoods, and the health of our ocean ecosystems,” she added.
Legarda said the approval of the measure embodies people’s commitment to conserve, protect, and prosper in harmony with our marine environment.
“The Blue Economy bill, a priority in the LEDAC agenda, is our solution to this pressing issue. It aims to rewrite the narrative for coastal and marine resources, elevating their status in our development plans, and ensuring that they contribute to our national economy and the realization of SDG,” she further explained.