The third and final reading of the proposed Blue Economy Act for the sustainable utlization of the Philippines’ ocean ecosystems, has been approved by the Senate, according to a press release on Monday.
The bill’s approval will boast the country’s marine biodiversity, while working towards a way to protect and develop its resources. Senator Loren Legarda, the principal author and sponsor of Senate Bill No. 2450 or the Blue Economy Act, described the “abundant opportunities lying dormant in the coastal and oceanic realms” within the country that have yet to recognized.
Moreover, the Sustainable Development Goals (SDG) highlighted the urgency to protect and ulitize the oceans and marine resources’ potential towards sustainable development and economic growth.
"It embodies our 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," Legarda explained in her sponsorship speech.
She furthered by stating how the untapped resources have the power to transform economies and lives. The proposed bill, when executed, will rectify the evident imbalance within society, especially with fisherfolks who represent the second highest poverty-stricken sector.
The bill includes a policy development framework that will provide long-term economic and social benefits without compromising the marine ecosystems’ safety.
