MANILA - The Senate has approved the proposed Blue Economy Act for the sustainable and safe use and development of marine wealth as a pillar of the national economy and patrimony.

Blue economy refers to the practical ocean-based economic model using green infrastructure and technologies, innovative financing mechanisms, and proactive institutional arrangements. It has the twin goals of protecting the country's oceans and coasts, and enhancing its  potential contribution to sustainable development, including improving human well-being, and reducing environmental risks and ecological scarcities.

NEDA bets on P1 trillion 'Blue Economy' to boost growth

It forms the Blue Economy Council to formulate an integrated strategy to strengthen, grow, and sustain the Philippines’ blue economy, integrated marine and coastal area management,  and ecosystem-based management of coastal and marine resources.

The Senate also approved the Loss and Damage Fund Board Act which aims to accelerate access to critical climate finance and investments for future-proofing the economy and ensuring sustainable and inclusive growth for all Filipinos.

The measure supports the hosting of the governing board of the Fund in the Philippines. It states that the state recognizes the need to grant juridical personality and legal capacity to the  Board to enable it to discharge its roles and functions.