The Asian Development Bank (ADB) is urging the government to create an inter-agency Blue Economy Council (BEC) to tap the country’s marine resources sustainably toward more productive food and energy industries.
The ADB conveyed this recommendation in its Asian Development Outlook report released last week.
The BEC will harmonize all policies from the government and private businesses on maximizing sea-based resources responsibly in bringing down the country’s poverty rate from a double-digit to 9 percent or better.
“By advancing comprehensive policies and implementing targeted interventions, the Philippines can build a resilient, inclusive, and sustainable blue economy that benefits present and future generations,” ADB said.
The ADB said the council can efficiently craft incentives for investments in marine biotechnology, offshore renewable energy and ecotourism.
“Marine renewable energy — offshore wind, solar, wave, and tidal energy — can help reach the country’s target of increasing renewable energy’s share in power generation to 35 percent by 2030 and 50 percent by 2040,” ADB said.
Additionally, the multilateral institution urges the government to intensify the implementation and monitoring of the Extended Producer Responsibility Act (EPR).
The EPR law requires plastic-related businesses to operate recycling facilities and use technologies and financial incentives to waste collectors in recovering 80 percent of their plastics by 2028.
The ADB said these measures should reduce the national plastic waste of 2.7 million tons each year which end up in the ocean and kill marine creatures.
“Fisherfolk had a high poverty incidence of 30.6 percent in 2021, well above the 18.1 percent national average for the same year. The degradation of fishery resources exacerbates economic hardships for these communities,” ADB said.
“Establishing more marine protected areas and enhancing their management through community participation can help restore fisheries resources and protect biodiversity,” the development institution added.
If sustainability efforts are done efficiently, the ADB said the fisheries industry could expand over 30 percent, while ocean-based power could grow by over 11 percent.
Due to inefficient measures, the Philippines ranked first in the 2024 World Risk Index for climate vulnerability and 169th out of 180 in the 2024 Environmental Performance Index.