The Senate on Monday 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.
This comes as Senate Bill 2450 or the Blue Economy Act gained 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.
It 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).
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.