MANILA, Philippines - The Philippines and Australia have launched a project that aims to determine the value and market potential of local coral reef and mangrove ecosystem services, environment officials announced yesterday.
Under the Capturing Coral Reef and Related Ecosystem Services (CCRES) project, the two countries will come up with innovative models for valuing mangrove, sea grass and coral reef ecosystem services.
“The move aims to enhance the sustainability of marine-based enterprises and marine spatial planning in select coastal communities in the Philippines,” said Theresa Mundita Lim, director of the Biodiversity Management Bureau, an attached agency of the Department of Environment and Natural Resources.
Lim said the agency is looking forward to implementing the project, which recognizes the value of blue capital and its potential for growth.
“The project will help us convince stakeholders that the environment is a good investment as it benefits the communities,” she said.
Information generated from this project will be translated into new policies or will update existing ones to replicate the undertaking in other coastal communities.
Aside from the Philippines, the CCRES project will also be implemented in Indonesia for a period of five years.
As the implementing agency, the Global Environmental Facility (GEF) has committed $4.5 million for the project through the World Bank.
“Coastal communities can develop new eco-friendly and sustainable enterprises to increase revenue and improve their resilience to climate change impact,” Lim said.