NEDA Advocates for P1 Trillion ‘Blue Economy’ to Stimulate Growth

The National Economic and Development Authority (NEDA) unveiled plans on Wednesday to champion the “Blue Economy” bill this year, aiming to bolster economic growth in the Philippines.

Highlighting the significant value of the nation’s maritime sector, encompassing oceans and associated resources, NEDA projects a valuation surpassing P1 trillion. During the 8th Joint Economic Briefing, organized by various foreign chambers in the country, NEDA Usec. Rosemarie Edillon affirmed the agency’s support for the proposed “Blue Economy Act,” sponsored by Senator Loren Legarda, emphasizing its potential to exceed initial estimates.

Edillon explained the need for a comprehensive framework to develop the blue economy, encompassing various elements such as resorts, diving spots, the maritime sector, ocean energy, and offshore wind.

The World Bank defines the blue economy as the “sustainable use of ocean resources for economic growth, improved livelihoods, jobs, and ocean ecosystem health.” It encompasses fisheries, maritime transport, tourism, climate change, waste management, and renewable energy.

Acknowledging the untapped potential of the blue economy, Edillon emphasized its myriad economic activities waiting to be explored.

The Department of Energy (DOE) also sees a role for the blue economy in contributing to renewable energy projects. DOE Usec. Rowena Guevara shared that the agency is advocating for more renewable energy initiatives, including hydro, wind, tidal, and offshore wind. As of November 2023, 1,186 renewable energy service contracts have been awarded under the RE Law, with a total potential capacity of 132.9 gigawatts. However, only 5.7 GW has been installed to date.

Guevara highlighted preparations for potential challenges, including El Niño, which could impact the country’s power supply. She expressed concerns about hydro resources possibly decreasing by up to 70 percent due to El Niño, and assured that the DOE is making necessary preparations.

The economic briefing, organized by various foreign chambers such as the British Chamber of Commerce of the Philippines, Dutch Chamber of Commerce in the Philippines, European Chamber of Commerce of the Philippines, French Chamber of Commerce and Industry in the Philippines, German-Philippine Chamber of Commerce and Industry, Nordic Chamber of Commerce of the Philippines, and the Spanish Chamber of Commerce in the Philippines, provided a platform for discussing strategies to promote sustainable economic growth.

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