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The National Economic and Development Authority (NEDA) of the Philippines plans to promote the “Blue Economy” bill this year to promote economic growth.
The Philippine maritime sector is estimated to be worth over P1 trillion. At the joint economic briefing, NEDA stated that it would support the “Blue Economy Act”, covering areas such as resorts, diving spots, and marine energy. The bill is considered to have higher potential value.
The World Bank defines blue economy as the sustainable use of marine resources to promote economic growth. The U.S. Department of Energy says promoting renewable energy projects can also contribute to the blue economy.
(Source: abs-cbn Image source: freepik)
