BIOFIN leads biodiversity finance initiatives in Phl
Biodiversity finance is the practice of raising and managing capital and using financial incentives to support sustainable biodiversity management. This includes private and public financial resources used to conserve biodiversity, investments in commercial activities that produce positive biodiversity outcomes and the value of the transactions in biodiversity-related markets such as habitat banking.
This is particularly important to the Philippines, one of 17 megadiverse countries with 228 recognized key biodiversity areas which are home to 855 globally important species of flora and fauna. The benefits and services that biodiversity provides cannot be overemphasized as Filipinos largely depend on it.
This and other issues were discussed during the recently concluded 2018 Asia Pacific Coral Reef Symposium held in Cebu City, particularly for challenges confronting coral reefs. Dr. Andrew Seidl, Colorado State University professor and former Biodiversity Finance Initiative (BIOFIN) senior technical advisor, was one of the first to present the importance of financing. He pointed out the enormous financial burdens of continuing research, the need to address threats posed by illegal fishing, reclamation, pollution, harvesting of corals and associated species, along with coral restoration procedures that need to be undertaken.
The Philippines is also currently working on increasing public sector budgets, accessing earmarked funds and the localization of the BIOFIN process.
Annabelle Plantilla from BIOFIN Philippines, spoke on mobilizing resources for the Philippine Biodiversity Strategy and Action Plan (PBSAP) providing details on how the parties committed to the Convention on Biological Diversity, of which the Philippines is a signatory to, have prepared and are implementing their National Biodiversity Strategy and Action Plans. The PBSAP is the country’s roadmap to conserve its biodiversity and achieve its vision that by 2028, biodiversity is restored and rehabilitated, valued, effectively managed and secured, while maintaining ecosystem services to sustain health, resilient Filipino communities and delivering benefits to all. To find out more about what BIOFIN is doing, visit their website at biodiversityfinance. net/Philippines or follow them on facebook.com/biofinph.