Connect with us

Hi, what are you looking for?


Balisacan calls for economic model based on sustainable consumption


THE consumption-driven Philippine economy must be revamped to make it more sustainable, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said at a forum in support of the 2023-2028 Philippine Development Plan (PDP).

“To achieve transformation, we must introduce systematic changes to our consumption and production patterns, as well as manage our natural capital resources, if we are to sustain a well-functioning and resilient economy,” Mr. Balisacan said on Monday.

“Given today’s technological advances, sustained levels of high growth need not be at the expense of the environment. We must promote consumption and production patterns that maximize current and future welfare, allowing us to balance the pressing needs of today with the optimal preservation of our natural resources for future generations,” he added.

The forum’s particular focus was the PDP’s Chapter 15: Accelerate Climate Action and Strengthen Disaster Resilience.

According to Mr. Balisacan, the main courses of action are outlined in the Philippine Action Plan for Sustainable Consumption and Production (PAP4SCP) and the operationalization of the roadmap to implement a system for valuing natural resources known as Natural Capital Accounting (NCA).

“The NCA Roadmap provides strategic guidance for the full institutionalization and integration of NCA in the government’s planning, policymaking, investment programming activities, as well as comprehensive accounting of the country’s wealth,” Mr. Balisacan said.

“To make sure we are fully aware of the environmental impact of our economic activities, we must measure and properly account for the use of our natural resources,” he added.

According to NEDA, the government hopes via the PAP4SCP to influence consumer and producer behavior and practices to reduce waste and environmental degradation.

“The PAP4SCP and the NCA Roadmap are integral in translating the PDP goal and strategies into implementable actions to realize our country’s Ambisyon Natin 2040,” Undersecretary Rosemarie G. Edillon said.

“However, we must keep in mind that the government cannot do this alone. Our concerted effort is key to accelerating the country’s shift toward a more sustainable and climate-smart economy,” she added.

Mr. Balisacan also cited the Legislative Executive Development Advisory Council Executive Committee which endorsed the inclusion of the Philippine Ecosystem and Natural Capital Accounting System as priority legislation for the 19th Congress.

Speaking to reporters on the sidelines of the conference, Mr. Balisacan said he deems 10 more bills on the list of priority legislative measures as crucial.

“We’ll get all the bills passed, especially those that are critical in the success of our PDP and the eight-point agenda of our President,” Mr. Balisacan said.

In January, President Ferdinand R. Marcos, Jr. signed Executive Order No. 14, which directs government agencies to adopt and implement the PDP.

Agencies should align their budgets and programs with strategies identified in the PDP, as well as identify priority programs and projects under the Public Investment Program 2023-2028.

Under the PDP, the government hopes to achieve 6-7% gross domestic product growth this year, and 6.5-8% between 2024 and 2028. The plan also aims to lower the unemployment rate to 4-5% by 2028.

The economy expanded by 7.6% in 2022, the fastest growth rate posted since 1976. — Keisha B. Ta-asan

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



VISUAL communications company Canva released on Thursday a suite of new features based on artificial intelligence (AI) to help both budding creatives and professional...


Finding your aesthetic and keeping in style, that’s the mark of this generation where self-expression is deeply being valued. More than their outfit, they...


PHILIPPINE COAST GUARD/HANDOUT VIA REUTERS MANILA – Maritime issues between the Philippines and China play an important part in relations between the countries, senior...


US Treasury Secretary Janet Yellen — REUTERS/GARY CAMERON US Treasury Secretary Janet Yellen sought to reassure jittery investors that American bank deposits were safe and promised policymakers had more...


SINGAPORE – Singaporean chip designer Eu Gene Goh is an electric-vehicle evangelist with two Teslas in the garage. But the car-tech enthusiast is also not ready to give...


STOCK PHOTO Image by Pexels from Pixabay BRUSSELS – European Union country leaders agreed on Thursday to fast-track reforms to the bloc’s electricity market meant to tame severe price spikes such...

You May Also Like


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.