Legarda’s Blue Economy Bill passed on third reading

Senator Loren Legarda lauded the Senate’s unanimous passage of Blue Economy Bill on the third reading on Monday.

Legarda, the principal author and principal sponsor of Senate Bill No. 2450, emphasized the importance of the proposed law since it provides more ways to protect and strengthen the Philippines' marine biodiversity.

“I welcome the support of our colleagues in voting to approve the Blue Economy bill on the third reading. This proposed measure establishes a comprehensive framework for the sustainable development and stewardship of our coastal and marine resources, which are vital to our nation's economy, environment and heritage,” Legarda said.

“The Blue Economy Act aligns with the Philippines' commitment to the United Nations Sustainable Development Goals, particularly Goal 14, which focuses on conserving and sustainably managing the oceans, seas, and marine resources,” she added.

Once the bill is signed into law, the potential of the Philippines' marine resources could be maximized through the adoption of more holistic approaches in coastal communities. This could be achieved through the promotion and adoption of sustainable practices and the protection of the country's rich marine biodiversity.

Blue bonds shall also be issued by the government, in which the proceeds will be exclusively applied to finance or refinance eligible blue programs, activities, and projects catering to the maritime industry.

“The Blue Economy Act represents a porthole, if you may, from which we can see what surrounds us. It is like the biblical talents left by the master for the servant to enrich. We are all given this wealth so we may be worthy stewards,” remarked the lawmaker.

“With the bill’s approval on the third reading, we fulfill our sacred duty to the planet and our people to protect the health and resilience of our coastal and marine ecosystems, while maximizing their potential to foster inclusive economic growth and enhance the well-being of present and future generations of Filipinos,” she concluded