PRESS RELEASE
10 OCTOBER 2024
ULAP Explores Blue and Green Economy for Local Growth, Promotes on Natural Capital to Elevate Local Government Economy
On October 10, 2024, the Union of Local Authorities of the Philippines (ULAP), in collaboration with the Blue Institute Seychelles, successfully conducted a thematic workshop titled “Natural Capital to Elevate Local Government Economy” at The Westin Hotel Manila. The event focused on how local government units (LGUs) can harness natural capital, particularly through the Blue and Green Economy, to drive sustainable economic growth.
The workshop was attended by Cong. Gila Garcia and Cong. Abet Garcia of Bataan, Gov. Jake Villa of Siquijor, Undersecretary Atty. Odilon Pasaraba of the DILG, Mr. Geoffrey Loyola and Mr. Jefferson Valerio of Bataan, Ms. Jovenica Ganub of Bohol, Ms. Edmin Distajo of Oriental Mindoro, and Mr. Inaqui Mangahas and Ms. Karen Salvino of DILG.
Governor Dakila Carlo E. Cua, President of ULAP and Governor of Quirino Province, opened the workshop and highlighted the importance of leveraging the Blue and Green Economy to diversify local economies. He emphasized that natural capital, when managed effectively, could serve as a cornerstone for economic resilience and sustainability. Following his remarks, 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. His presentation 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 seasoned 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. Dr. Chami stressed 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.
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