MANILA – Union of Local Authorities of the Philippines (ULAP) president, Governor Dakila Carlo Cua, has underscored the importance of leveraging the Blue and Green Economy to diversify local economies.
In a recent workshop with the theme “Natural Capital to Elevate Local Government Economy” at The Westin Hotel in Manila, Cua emphasized that natural capital, when managed effectively, could serve as a cornerstone for economic resilience and sustainability.
According to a news release issued on Thursday, the thematic workshop focused on how local government units (LGUs) can harness natural capital, particularly through the Blue and Green Economy, to drive sustainable economic growth.
In his remark, Ambassador Nico Barito, Special Envoy of the President of Seychelles for ASEAN and Founder of the Blue Institute, shared valuable lessons from Seychelles’ experience in implementing a successful blue economy.
He highlighted the relevance of ocean-based sectors for Philippine LGUs and underscored how the country could replicate this model to achieve long-term sustainable development.
Dr. Ralph Chami, a financial economist and board member of the Blue Institute, provided a comprehensive analysis of how blue and green natural capital could be transformed into financial assets.
He shared insights from existing pilot projects, demonstrating how blue carbon transactions could not only generate economic returns but also contribute to environmental protection.
Chami noted the need for proper financial instruments and collaboration with reputable financial institutions to build a robust natural capital market, ensuring that local communities benefit directly from these initiatives.
The event culminated in a business luncheon, where attendees engaged in further discussions on how local governments can harness natural capital and advance the Blue and Green Economy across the country. (PR)