Private investments in forest lands sought

MANILA, Philippines — The Department of Environment and Natural Resources (DENR) will start seeking private investments for the country’s forest lands starting next year.

DENR Secertary Antonia Yulo-Loyzaga said the agency would open forest land areas for private sector investment as only half or seven million hectares of the country’s 15 hectares of forest lands are covered.

“We have identified one million hectares which we will announce and open for investment by the private sector in January. These areas could be used for carbon credit and provide forest products and production,” she said.

The country has yet to have a policy on carbon credits, which is why the department earlier pushed for a law that will institutionalize carbon credit systems to streamline the country’s climate change thrust.

The proposal coincides with the department’s review of existing laws affecting the environment, including the Climate Change Act of 2009.

Climate Change Act, or Republic Act 9729, aims to integrate disaster risk reduction measures into climate change adaptation plans, development and poverty reduction programs.

The DENR secretary said the private sector has a critical role as a strategic partner in driving inclusive and sustainable economic growth as the government cannot accomplish this alone.

“We recognize the importance of working with the private sector and business community in fulfilling our mandate to protect and conserve the country’s natural resources,” Loyzaga said.

The DENR was able to identify the seven-hectare areas which needed investments by using technology to locate and quantify the country’s resources under its Geospatial Database Office.

Loyzaga said the Geospatial Database Office has been accounting the country’s natural resources in the past 10 months since it was created.