Blue Institute Directors Ralph Chami and Nico Barito lead the discussions at the Westin Hotel in Manila
October 12 2024 by Blue Institute
The huge potential for blue natural capital to boost local economy fortunes was explored by the Blue Institute Seychelles and the Union of Local Authorities of the Philippines (ULAP) at a workshop in the Philippines on October 10th. Blue Institute Founder-Directors Ambassador Nico Barito, Special Envoy of the President of Seychelles for ASEAN, and Dr Ralph Chami addressed leaders from Local Government Units in the Philippines under the event’s title of “Natural Capital to Elevate Local Government Economy”.
After warm opening words and strategic positioning from Governor Dakila Carlo E. Cua, President of ULAP and Governor of Quirino Province, Mr Barito highlighted valuable lessons from Seychelles’ experience in successfully establishing a thriving blue economy. Moreover, he articulated how further support for ocean-based sectors could help Philippine Local Government Units economically, in a manner that could be replicated elsewhere.
Renowned financial economist Dr. Chami then explained how blue and green natural capital could be transformed into financial assets that could in turn power the Blue Economy. He shared specific pilot project case studies that tangibly demonstrated how blue carbon transactions could generate economic returns locally at the same time as contributing to environmental protection – the sustainable Blue Economy approach. Dr. Chami underscored the importance of robust financial instruments and the involvement of reputable financial institutions to the development natural capital markets and, critically, the need to ensure that local communities benefit directly from these initiatives – one of the Blue Institute’s six core principles.
The workshop was timely as the Philippines is energetically pursuing a Blue Economy future at the national level. In August, their Senate approved the third and final reading of their Blue Economy Act, which aims to provide a platform for rapid sustainable utilization of Philippines' oceanic resources for economic growth, improved livelihoods, and the health of the country's ocean ecosystems. With the strategic national umbrella progressing, it is important for local government to also be developing blue natural capital and Blue Economy positioning, so local and regional initiatives and the national agenda can harmonise.
The Blue Institute wishes to express its sincere thanks to ULAP for extending the invitation to this powerful event, and to all delegates who participated so enthusiastically. In particular, our thanks go to Governor Dakila Carlo E. Cua, President of ULAP and Governor of Quirino Province; Cong. Gila Garcia and Cong. Abet Garcia of Bataan; Gov. Jake Villa of Siquijor; Undersecretary Atty. Odilon Pasaraba of the Department of the Interior and Local Government (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.
ULAP is the umbrella organization of all leagues of local government units and local government officials in country, serving as the focal representative and mouthpiece of the subnational government in all policy and program platforms to amplify our unified advocacy towards the strengthening of LGUs into able partners in nation-building. Learn more at www.ulap.net.ph.
The Blue Institute aims to protect coastal and marine natural assets by converting them to financial capital and empowering communities to manage their long-term sustainability as effectively as possible. The Blue Institute is currently initiating a range of blue carbon and Blue Economy capacity building projects in various parts of the world. Please contact us if you would like to discuss potential collaboration.
You can also keep track of global developments in blue natural capital and the Blue Economy by following The Blue Institute page on LinkedIn.
