.jpg)
The Philippines is advancing marine ecosystem management, backed by USD 1 billion in international financing and a new national blue economy framework. (Photo: iStock)
The Philippines is stepping up efforts to sustainably manage its marine ecosystems and natural capital, backed by USD 1 billion in international financing and the passage of a national blue economy framework.
The Asian Development Bank has approved a USD 500 million policy-based loan to support the country’s blue economy agenda, with a focus on strengthening marine ecosystem protection against climate-driven risks such as extreme weather and plastic pollution. The financing package is complemented by co-financing of around USD 235 million each from France’s Agence Française de Développement and Germany’s KfW Development Bank.
On Dec. 17, Manila approved a landmark bill establishing a national framework for the blue economy. The measure aims to strengthen stewardship and promote the sustainable development of the Philippines’ coastal and marine ecosystems and resources.
Turning ocean dependence into economic value
The blue economy contributes USD 17.17 billion to the Philippines’ economy, accounting for 3.8% of gross domestic product.
