Philippines announces law providing framework for ecosystem and natural capital accounting system

On May 26, 2024, the Philippine Ecosystem and Natural Capital Accounting System (PENCAS) Act No. 11995 of the Republic was promulgated in the Official Gazette. The Act shall enter into force 15 days after its promulgation in the Official Gazette or in a general newspaper. Under this Act, the central government will be provided with important data for integrating natural capital into national policy formulation and budgeting, in accordance with the framework of the United Nations’ “System of Environmental-Economic Accounting (SEEA)”.