President Marcos Jr. signed Republic Act No. 11995, or the Philippine Ecosystem and Natural Capital Accounting System (PENCAS) which aims to provide an accounting of the country’s natural resources, and to recognize, protect and promote the ecological balance and resilience of the country.
The President in signing RA 11995 into law last May 22, institutionalizes the environmental and economic accounting frameworks that are accepted internationally.
The PENCAS framework shall include, among others, a list of the officially designated statistics on the depletion, degradation, and restoration of natural capital; environmental protection expenditures; pollution and quality of land, air and water; environmental damages; and adjusted net savings.
The law tasks the Philippine Statistics Authority (PSA) Board to oversee the implementation of the accounting of natural resources and to constitute an interagency working group to issue the rules and regulations necessary for the effective implementation of PENCAS within one year from its effectivity.
The PSA Board may tap relevant agencies to assist PSA in addressing sectoral concerns that may arise in the development of natural capital accounts.
An Interagency Committee on Environment and Natural Resources (IACENRS) shall also be formed to support the data requirement for the National Capital Accounting; to adopt, implement and update an NCA Roadmap that will serve as guide for short term, medium term and long term activities for NCA development; and prioritize areas for budget support, monitoring and evaluation of NCA implementation.
A technical working group shall be formed with the PSA as lead accounts he compiler, the Department of Environment and Natural Resources (DENR) as main data producer, and the National Economic and Development Authority (NEDA) and the Department of Agriculture as members.
The new law also taps the Department of Interior and Local Government (DILG), the Department of Education (DepEd), the Professional Regulation Commission (PRC) and the Department of Finance, and the Department of Energy to assist the PSA and the TWG.
It also directs the national Mapping and Resource Information Agency (NAMRIA), National Water Regulatory Board (NWRB), Bureau of Fisheries and Aquatic Resources, Bureau of Soils and Water Management, Philippine Fisheries Development Authority, Philippine Rice Research Institute, National Irrigation Administration, Philippine Coconut Authority and National Renewable Energy Board to assist in contribute to collection, generation, analysis and presentation of statistics and data requirements of the PENCAS.
It also taps the research and development institutes and the science and technology services of the Philippine Atmospheric, Geophysical and Astronomical Services administration and the Philippine Institute of Volcanology and Seismology to assist in the data collection, generation, and analysis.
The PSA shall issue the implementing rules and regulations of the law.
The new takes effect 15 days after its publication in the Official Gazette, or in a newspaper of general circulation.
