The Philippines has a bounty of minerals, cropland, timber, and coastal and marine resources. These natural resources make up an estimated 19% of the nation’s wealth, contributing to the country’s consistent GDP growth. However, rapid economic development is placing pressure on the country’s already stressed natural resources, exacerbated by the impacts of global climate change. 

The implementation of natural capital accounting in the Philippines is timely, as the current administration emphasizes governance reforms that include transparent and science-based decision making while pursuing sustainable, inclusive, and resilient growth.

WAVES in the Philippines

The results of the policy analysis and recommendations from the WAVES-Philippines accounts will provide a solid understanding of how the government can address competing claims on the country’s natural resources. Moreover, the results of the ongoing environmental accounting will inform government strategies being considered in the next Philippine Development Plan.

The story so far

Mineral accounts: Preliminary physical and monetary asset accounts have been produced for gold, copper, nickel and chromium, from 2000 to 2012. 

Mangrove accounts: A scoping study has been completed and data collection is currently underway.

Ecosystem accounts: Scoping visits to the Laguna Lake basin and Southern Palawan determined which ecosystem services to include in the accounts.

For Laguna Lake, two areas were considered: Laguna de Bay region and Laguna de Bay basin. The accounts developed include a land account looking at cover and changes (2003-2010); a water account; an ecosystem condition account; and an ecosysterm services supply and use account. 

Accounts for Southern Palawan consist of land accounts containing cover and changes; forest and carbon accounts showing the sequestration and capture of carbon; an ecosystem condition account, and an ecosystem service supply and use account; as well as an an ecosystem asset account. The accounts were developed at various levels: the Pulot watershed, the municipality of Sofronio Espanola, and all of southern Palawan. 

For both ecosystems, technical reports have been completed and policy analysis is underway. 

WAVES Lead Government Agency

National Economic and Development Authority (NEDA)

Country Steering Committee

Representatives from the Department of Budget and Management (DBM) – designated as vice-chair; Department of Finance (DOF); Department of Environment and Natural Resources (DENR); Department of Agriculture (DA); Philippine Statistics Authority (PSA); Climate Change Commission (CCC); Office of the Presidential Adviser on Environmental Protection (OPAEP); and the Union of Local Authorities of the Philippines (ULAP).

Country Coordinator

Marnel Arnold Ratio

World Bank Regional Staff

Stefanie Sieber and Maya Villaluz