Blue Economy Act

Senate Office of the Secretary TWENTIETH CONGRESS OF THE REPUBLIC OF THE PHILIPPINES • NOV 18 P6:00 First Regular Session RECEIVED BY: SENATE Senate Bill No. 1537 Introduced by Senator JOEL VILLANUEVA AN ACT ESTABLISHING A FRAMEWORK FOR BLUE ECONOMY, PROMOTING STEWARDSHIP AND SUSTAINABLE DEVELOPMENT OF COASTAL AND MARINE ECOSYSTEMS AND RESOURCES EXPLANATORY NOTE The blue economy holds immense significance for the Philippines, the world's second-largest archipelagic country, comprising over 7,600 islands and a coastline of more than 36,000 kilometers. With approximately 62% of the population living in coastal and marine areas, the ocean is central to the country's economy, culture, and way of life. 1 In 2024, ocean-based industries, including fisheries, shipping, marine tourism, and coastal manufacturing, contributed around P1.01 trillion to the Philippine economy, accounting for nearly 3.8% of our gross domestic product. These industries also employed nearly 2.4 million Filipinos,3 underscoring the sector's critical role in national development and its vast potential to drive inclusive and sustainable growth. Despite this promise, the development of the blue economy in the Philippines is hindered by a fragmented and outdated policy environment. Marine and coastal resources are increasingly threatened by overfishing, habitat destruction, land-based pollution, and the accelerating impact of climate change. In the absence of a unified policy framework, efforts to manage these resources sustainably have often been piecemeal and ineffective. ADB. Blue Economy and Blue Finance Toward Sustainable Development and Ocean Governance. 2022. Available at https://www.adb.org/sites/default/files/publication/812076/blue-economy-and- blue-finance-web.pdf. Accessed on 20 October 2025. PSA. Ocean-based Industries Reach the Trillion Mark, Accounted for 3.8 Percent of GDP in 2024. 18 September 2025. Available at https://psa.gov.ph/content/ocean-based-industries-reach-trillion- mark-accounted-38-percent-gdp-2024. Accessed on 20 October 2025. Ibid.

Thus, this proposed measure seeks to address the gaps by establishing a national framework for the sustainable development and stewardship of the country's coastal and marine ecosystems and resources. A Blue Economy Council shall be created and mandated to formulate policies, integrate marine and coastal management, and coordinate stakeholders across government, civil society, and the private sector. Local government units (LGUs) shall have frontline responsibility for the management and planning of marine resources within their jurisdictions, recognizing their critical role in enforcing policy at the grassroots level. In support of effective governance, this bill mandates the development of a comprehensive policy framework grounded in science-based decision-making. This includes components such as environmental-economic accounting, marine spatial planning, and adherence to international maritime laws and agreements. This bill institutionalizes integrated management across sectors, such as fisheries, climate adaptation, and coastal development, by aligning various existing plans under a unified system. In addition, it promotes the establishment of blue economic zones, encourages sustainable livelihoods for coastal communities, and advances blue finance mechanisms such as blue bonds and credit facilities to support investment in sustainable marine ventures. More importantly, environmental protection is a cornerstone of this bill. It mandates the expansion of marine protected areas, the harmonization of fisheries laws, and the protection of endangered species to safeguard biodiversity and ecosystem services. It also strengthens the country's capacity to address biodiversity loss and climate change through the integration of circular economy principles and sustainability standards. By aligning economic goals with ecological stewardship, this measure aims to provide a clear path for harnessing the full potential of the country's marine resources while safeguarding them for future generations. Its enactment is not just a policy milestone, but a necessary step towards sustainable, inclusive, and climate-resilient development in an ocean-rich nation. Hence, its passage is earnestly sought.

Senate Office of the Secretary TWENTIETH CONGRESS OF THE REPUBLIC OF THE PHILIPPINES ) 25 NOV 18 P6:00 First Regular Session RECEIVED BY: SENATE 1537 Senate Bill No. Introduced by Senator JOEL VILLANUEVA AN ACT ESTABLISHING A FRAMEWORK FOR BLUE ECONOMY, PROMOTING STEWARDSHIP AND SUSTAINABLE DEVELOPMENT OF COASTAL AND MARINE ECOSYSTEMS AND RESOURCES Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled: CHAPTER I GENERAL PROVISIONS

SECTION 1. Short Title. - This Act shall be known as the "Blue Economy Act."

SEC. 2. Declaration of Policy, - It shall be the policy of the State to:

(a) Adopt blue economy as a framework for sustainable and safe use and 6 development of marine wealth within our coastal and maritime domain, as a pillar of our national economy and patrimony; (b) Exercise stewardship of our coasts and oceans, and protect and conserve the health and resilience of marine and coastal ecosystems and habitats to promote the well-being, inclusive prosperity and security of present and future generations, and expand areas under protection to meet the nation's international obligations especially in refugial habitats; (c) Preserve our maritime heritage, recognize the economic, social, cultural, and 14 historical value of our coasts and oceans, and foster public understanding and respect

1 of the value of our coasts and oceans to build a strong foundation for social 2 responsibility; (d) Enrich scientific understanding of ocean, marine, and coastal ecosystems, 4 the benefits we gain from these, their changing extent and conditions and the causes 5 thereof, and use the best available scientific knowledge to inform decisions affecting 6 our coasts and oceans, and to enhance our capacity to respond and adapt to changing 7 ocean environments; (e) Exercise rights and jurisdiction, and enjoyment of freedom of the high seas, in accordance with applicable international laws; (f) Strategically address the factors that adversely affect the oceans and the living and non-living resources that comprise our seas, turning threats into opportunities and preventing further harm to all water bodies including land-based pollution, biodiversity loss, and climate change; (g) Ensure a whole-of-nation approach and a comprehensive and integrated framework for the stewardship of our coasts and oceans to facilitate cohesive action of the National Government, local authorities, academe, civil society organizations, indigenous peoples and local communities, and the private sector, to secure our people's safe access to, enjoyment of, and opportunities to invest on sustaining their benefits from our blue economy; and (h) Uphold marine science as a foundation of maritime governance ensuring that all rules, policies, and plans governing the use of coastal and marine resources will be based on sound scientific understanding of the marine environment.

SEC. 3. Definition of Terms. - As used in this Act:

(a) Aquaculture refers to fishery operations involving all forms of raising and culturing fish and other fishery species in fresh, brackish, and marine water areas; (b) Aquasilviculture refers to a multi-purpose production system that allows the production of fish in a mangrove reforestation project; (c) Blue economy refers to the practical ocean-based economic model using green infrastructure and technologies, innovative financing mechanisms, and proactive institutional arrangements for meeting the twin goals of protecting our oceans and coasts and enhancing its potential contribution to sustainable

1 development, including improving human wellbeing, and reducing environmental risks 2 and ecological scarcities; (d) Coast refers to the interface where the land meets the ocean, encompassing shoreline environments as well as adjacent coastal waters. Its components can include river deltas, coastal plains, wetlands, beaches and dunes, reefs, mangrove forests, 6 lagoons, and other coastal features; (e) Fishing refers to the taking of fishery species by passive or active gear for trade, business and profit beyond subsistence, or sports fishing, to be further classified as: 1) small-scale commercial fishing - fishing with passive or active gear utilizing fishing vessels of 3.1 gross tons (gt) up to twenty (20) gt; 2) medium-scale commercial fishing - fishing utilizing active gears and vessels of 20.1 gt up to one hundred fifty (150) gt; and 3) large commercial fishing - fishing utilizing active gears and vessels of more than one hundred fifty (150) gt; (f) Ecosystem services refer to the benefits supplied by the functions of ecosystems and received by humanity and all elements of living systems, which support life systems on the planet. Ecosystem services consist of provisioning services, regulating and maintenance services, and cultural services; (g) Environmental sustainability refers to the responsible use of coastal, marine, and freshwater resources that offers protection of the marine ecosystem from harmful effects and degradation. Environmental sustainability includes (a) stewardship by the government and local communities to prevent, reduce, and control pollution of the coastal, freshwater, and marine environment; (b) mitigate the impacts of climate change; and (c) protect biodiversity; (h) Integrated marine and coastal area management refers to the coordinated and sustainable management of coastal and marine resources, and participatory process for planning and decision-making to prevent, control, or mitigate adverse impacts from human activities in the marine and coastal environment, biodiversity and climate, and to contribute to the restoration of degraded coastal areas, protection of

1 habits, and reduction of multiple resource-use conflicts among various stakeholders in 2 order to pursue sustainable and inclusive growth, support jobs and livelihood, and 3 enhance food, energy and water security, climate resilience, and wellbeing; (i) Investment promotion agencies refer to government entities created by law, executive order, decree or other issuance, in charge of promoting investments, 6 granting and administering tax and non-tax incentives, or overseeing the operations 7 of the different economic zones and freeports in accordance with their respective 8 special laws; (j) Land-based pollution refers to municipal, industrial and agricultural wastes 10 and run-off including, but not limited to, sewage and wastewater, persistent organic pollutants (including pesticides), heavy metals, oils, nutrients, sediments, and plastic 12 wastes, whether brought by rivers or discharged directly into coastal waters; (k) Marine resources refer to the diverse range of living and non-living 14 components found within marine ecosystems, including oceans, seas, and coastal 15 areas; (I) Marine spatial planning is the public process of analyzing and allocating the spatial and temporal distribution of human activities in marine areas to achieve 18 ecological, economic, and social objectives. It is a practical way to create and establish more rational organization of marine space and the interactions between its uses to 20 balance between demands for development with the need to protect marine 21 ecosystems, and to achieve social and economic objectives in an open and planned way; (m) Maritime zones refer to (a) the maritime zones of the Philippine archipelago comprising of internal waters, archipelagic waters, territorial sea, contiguous zone, Exclusive Economic Zone (EEZ), and continental shelf; and (b) all other territories over which the Philippines has sovereignty or jurisdiction in accordance with the 1987 Constitution and international law, particularly, the United Nations Convention on the Law of the Sea (UNCLOS); (n) Ocean accounting refers to a statistical framework that guides the compilation and integration of a series of standardized and regular measurements of

1 stocks and flows of ocean economic, societal, and environmental components through 2 specific accounting table groups and comprehensive indicators critical for informed 3 and evidence-based decisions; (o) Ocean-based activities refer to activities that are undertaken in the ocean, 5 such as fisheries and aquaculture, offshore oil and gas, mining, ocean energy, 6 desalination, shipping and marine transportation, ship building and repair, marine 7 tourism, ports, tourist resorts, communication, marine construction, maritime insurance and law, maritime technical services, etc.; 9 (p) Ocean literacy refers to an understanding of the ocean's influence on humans 10 and human influence on the ocean as well as the linkage of ocean and climate and its effect on humans, water, and ecosystems; (q) Ocean-related activities refer to activities that use products from the ocean 13 such as seafood processing, marine biotechnology, chemicals, salt, and produce products and services for the ocean and ocean-based activities; and (r) Subsistence fishing refers to fishing for personal consumption or 16 traditional/ceremonial purposes.

SEC. 4. Scope of Application. - For purposes of this Act, the Philippines shall

exercise sovereignty, sovereign rights and juridiction, in accordance with international law, as appropriate, in internal waters, archipelagic waters, territorial sea, contiguous zone, exclusive economic zone, and continental shelf, herein collectively referred to as "coastal and marine zones," including its seabed and subsoil, and any and all maritime features within the maritime zones now known or to be known in the future. CHAPTER II BLUE ECONOMY COUNCIL

SEC. 5. Blue Economy Council. - The Blue Economy Council, herein referred

to as the "Council," is hereby established 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.

SEC. 6. Composition. - The Council shall be composed of the following:

(a) Executive Secretary - Chairperson; (b) Secretary of Environment and Natural Resources, - Co-Vice Chairperson; (c) Secretary of Economy, Planning, and Development - Co-Vice Chairperson; (d) Secretary of National Defense - Member; (e) Secretary of Foreign Affairs - Member; (f) Secretary of Justice - Member; (g) Secretary of the Interior and Local Government - Member; (h) Secretary of Agriculture - Member; (i) Secretary of Tourism - Member; (j) Secretary of Transportation - Member; (k) Secretary of Trade and Industry - Member; (I) Secretary of Energy - Member; (m) Secretary of Science and Technology - Member; (n) Secretary of Finance - Member; and (o) Secretary of Public Works and Highways - Member. Department Secretaries may designate an Undersecretary, whose portfolio covers matters directly or principally relating to the development or management of coastal and marine resources and ecosystems, if applicable. They shall sit in a permanent capacity, and their acts shall be considered the acts of their principals. Majority of the members shall constitute a quorum.

SEC. 7. Mandates, Powers, and Functions of the Blue Economy

Council. - The Council shall be responsible for formulating a clear, coherent, and comprehensive policy framework and strategic action plan on blue economy. It shall: (a) Develop the country's policy framework and strategic vision for the growth and sustainable development of the country's blue economy;

(b) Institutionalize an integrated marine and coastal management; (c) Enhance the country's ecosystem-based management of coastal and marine resources; (d) Align Integrated Coastal Management (ICM) plans, fisheries management plans, coastal resource management plans, climate action plans, and marine spatial 6 plans to determine zones and designate allowed, regulated, and restricted activities; (e) Strengthen economic and environmental regulations within our coastal and marine areas to preserve the value and sustainability of ocean resources and their 9 protection from threats; (f) Identify climate-resilient and environmentally sound investments, infrastructure, and technologies; (g) Ensure an enabling environment for the growth and development of sustainable investment and finance; (h) Identify priority blue economy sectors; (i) Institutionalize regular coastal and ocean monitoring and accounting; (i) Coordinate the development of marine spatial plans; (k) Coordinate with various sectors and agencies to promote policy and program coherence; (1) Coordinate and cooperate with the Maritime Industry Authority (MARINA) to ensure that the Framework shall be in harmony with and not overlap with the maritime industry development plan; (m) Coordinate with the Inter-Agency Coordinating Committee on Ratification and Accession to and Implementation of Maritime Conventions (ICCRAIMC) and ensure that it will aid in the implementation thereof; (n) Conduct, support, fund, engage, collaborate, and/or coordinate research and development in blue economy; (o) Develop, expand, and strengthen investments in capacity building and skills enhancement programs for the blue economy, and encourage such to be featured in the work planning of governments, the private sector, and civil society organizations; (p) Review, update, and disseminate the policy framework and strategic action plan on blue economy; and

(q) Perform other functions as may be necessary for the implementation of this 2 Act.

SEC. 8. Secretariat. - A Secretariat to the Council shall be established within

the Department of Economy, Planning, and Development (DEPDev), to be headed by 5 an Executive Director III (Salary Grade 28) who shall be appointed by the President 6 of the Philippines. The Secretariat shall be under the control and supervision of the 7 Secretary of Economy, Planning, and Development. The Executive Director III shall have at least seven (7) years of experience and practice in the fields of marine science 9 and research, blue economy and ecosystem-based management of coastal and marine resources, environmental economics, environmental accounts, and financial analysis to qualify for appointment. The initial staffing structure and complement of the Secretariat shall be submitted by the DEPDev to the Department of Budget and Management (DBM) for funding. The DEPDev shall constitute an interim Secretariat within one (1) month from the effectivity of this Act, through the temporary detail of personnel from its member agencies. The Secretariat shall have the following functions: (a) Provide secretariat support to the Council, including the preparation of draft strategies, priorities, and other outputs to be adopted by the Council; (b) Consult with experts who can offer insights on blue economy and ecosystem-based management of coastal and marine resources policymaking and priority setting; (c) Coordinate with various agencies of the government, private sector, academe, scientific community, civil society organizations, indigenous peoples and local communities, and the public; (d) Design and implement a blue economy development program to promote its use and adoption in the government bureaucracy; (e) Develop recommendations for consideration by the Council; and (f) Perform other functions as may be directed by the Council.

SEC. 9. Support Agencies. - The following agencies shall provide material or

technical support to the Council, as may be deemed necessary: (a) Climate Change Commission (CCC);

(b) Bangko Sentral ng Pilipinas (BSP); (c) Board of Investments (BOI); (d) Securities and Exchange Commission (SEC); (e) Philippine Statistics Authority (PSA); (f) National Mapping and Resources Information Authority (NAMRIA); (g) Environmental Management Bureau (EMB); (h) Biodiversity Management Bureau (BMB); (i) Bureau of Fisheries and Aquatic Resources (BFAR); (j) National Fisheries Research and Development Institute (NFRDI); (k) Philippine Fisheries Development Authority (PFDA); (1) Philippine Council for Agriculture and Fisheries (PCAF); (m) Maritime Industry Authority (MARINA); (n) Philippine Ports Authority (PPA); (o) Philippine Council for Agriculture, Aquatic and Natural Resources Research and Development (PCAARRD); (p) Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA); (q) Department of Foreign Affairs (DFA); (r) Philippine Coast Guard (PCG); (s) Philippine National Police-Maritime Group (PNP-MG); (t) Philippine Navy (PN); (u) National Museum-Maritime and Underwater Cultural Heritage Division (NM- MUCHD); (v) Commission on Higher Education (CHED); (w) Relevant institutions and components of the University of the Philippines (UP); and (x) Investment promotion agencies. In order to ensure the efficient and effective discharge of its responsibilities, the Council may create working groups, and call upon other departments, bureaus, offices, and instrumentalities of the Government, and academic and research institutions engaged in marine science and ocean-based or ocean-related activities to participate in Working Groups, as it may deem necessary.

CHAPTER III BLUE ECONOMY FRAMEWORK

SEC. 10. Policy Development Framework on Blue Economy. - The Council

shall, within six (6) months from the effectivity of this Act, formulate a policy framework on blue economy, herein referred to as the "Framework." The Framework 6 is a development model that aims to help the country define a roadmap to a diversified 7 and sustainable ocean economy in a manner that provides long-term economic and social benefits while building resilience to climate change and without compromising 9 the safety of our marine ecosystems. The Framework shall be subject to mandatory review and modification every five (5) years.

SEC. 11. Components of the Policy Framework on Blue Economy. - The

Framework shall include the following components: (a) Review of all existing policies, plans, programs, projects, rules, and regulations on ocean-based and ocean-related activities; (b) Adherence to international maritime laws; (c) Analysis of current and emerging trends and changes in demography, consumption, trade, energy, technology, environmental quality, and climate that show the interaction between the economy and the environment, present and future threats and pressures on coastal and marine environments, and damage estimation; (d) Environmental-economic accounting of coastal and marine assets and living and non-living resources, and ecosystem services from coastal and marine environments, including assessment of losses due to degradation or major pollution events such as oil spills; (e) The Integrated Marine and Coastal Area Management (IMCAM) shall be the framework to address human impacts on marine and coastal biological diversity, and for promoting the conservation and sustainable use of this biodiversity. The national IMCAM framework shall consider the following elements: 1) Building capacity of stakeholders, at both national and local levels, to apply relevant policy instruments to address legal issues, institutionalize participatory processes, and develop strategies to promote multidisciplinary and multisectoral ecosystem-based management of coastal and marine environments;

2) Direct action to protect coastal and marine environments from negative impacts, such as: i. Alteration and destruction, of coastal and marine habitats, particularly areas important for reproduction, inter alia, coral reef systems, sea grass areas, and the seabed; ii. Marine and land-based pollution; iii. Improper coastal land use, and the mismanagement of watersheds; iv. Illegal, unreported, and unregulated fishing, by-catch especially of threatened species; and 3) Establishment of mechanisms and guidelines for research, monitoring, assessment, and valuation of coastal and marine ecosystems and resources, including indicators to measure natural and human-induced impacts; (f) Priority strategic and sustainable ocean-based and ocean-related economic activities, which may include: 1) Fisheries, including commercial fishing, seafood processing, and commercial research and development, but with preference to subsistence fisheries, as mandated by Article XIII, Section 7 of the Constitution; 2) Aquaculture, mariculture and aquasilviculture; 3) Marine and coastal tourism; 4) Shipping, logistics, and maritime transport; 5) Shipbuilding and ship repair; 6) Production of renewable energy from marine sources; 7) Installation of submarine cables and pipelines; 8) Bioremediation, marine biotechnology, and bioprospecting; 9) Desalination; and 10) Underwater cultural heritage and maritime archaeology; (g) Guiding framework for integrated marine and coastal area management; (h) Guiding framework for blue finance;

(i) Priority research and development agenda that maximizes opportunities 2 created for pollution control, remediation, used water economics, and other industries that address threats; (j) Promotion of ocean literacy and social responsibility towards the protection of coastal and marine environments; (k) Enhancement of the capability of the relevant agencies to enforce laws, rules, 7 and regulations to protect our marine wealth; (1) Goals, targets, and indicators for growth, resilience, and sustainability of priority strategic and sustainable coastal and ocean-based and ocean-related activities, 10 including its contribution to gross domestic product, job creation, and livelihoods; (m) Scaling up the expansion and management of marine protected areas 12 (MPAs) through the protection and conservation of coastal and marine ecosystems and resources; (n) Mainstreaming of circular and resource efficiency approaches on the blue economy framework to address the longstanding problem on marine litter and microplastics; (o) Integration of Climate Change Adaptation and Mitigation (CCAM) strategies 18 to help operationalize the country's nationally determined contributions (NDC); and (p) Strengthening of management capacities of national and local governments, 20 including relevant sectors, to enhance the protection of coastal and marine ecosystems and such other components as may be determined by the Council. CHAPTER IV OCEAN ACCOUNTING

SEC. 12. Ocean Accounting. - The PSA shall undertake environmental-

economic accounting of ocean, maritime ecosystems, and resources based on the United Nations System of Environmental-Economic Accounting and in accordance with Republic Act No. 11995, otherwise known as the "Philippine Ecosystem and Natural Capital Accounting System (PENCAS) Act." Members of the Council and heads of 29 support agencies shall contribute data and submit reports on environmental-economic

1 accounts relating to their mandates including damage estimation and sea level rise projections. CHAPTER V DEVELOPMENT PLANNING

SEC. 13. Marine Spatial Planning. - The Council shall undertake a nationwide

6 marine spatial planning (MSP) with the participation of key stakeholders to identify the 7 spatial and temporal distribution of priority activities and uses and the interactions 8 thereof in maritime zones, in order to reduce conflict among uses, facilitate 9 complementary uses, mitigate environmental impacts, prevent marine dead zones, 10 rehabilitate dead zones or non-attainment areas if any, reduce wastage and ensure efficiency in marine supply chains, and preserve ecosystem services with the national MSP providing the guiding principles and overarching delineations, and identifying the spatial and temporal distribution of allowed, restricted and regulated human activities and priority uses and the interactions thereof in the coastal and marine zones, and encourage and support the development of regional and local MSPs, which can provide a level of granularity that can be linked to actionable investments, regulations and enforcement, coastal and marine resource management and conservation measures, and reduction of risks from climate change and natural disasters.

SEC 14. Blue Economic Zones. - Investment promotion agencies shall

encourage the establishment of blue economic zones and the transformation of existing special economic zones (SEZs) into the same, where registered business enterprises engaged in ocean-based or ocean-related activities as listed under the 23 Strategic Investment Priority Plan (SIPP) shall enjoy the privileges, benefits, advantages or exemptions granted to economic zones and freeports in accordance with their respective special laws, Republic Act No. 11534, or the "Corporate Recovery and Tax Incentives for Enterprises Act (CREATE)," and other applicable laws, rules, and regulations. In addition, registered business enterprises operating within blue SEZs may also qualify for financing provided for under Republic Act No. 11293, or the "Philippine Innovation Act," as applicable.

SEC. 15. Promotion of Sustainable Livelihoods and Employment. - The

32 Council shall, in consultation with the Department of Labor and Employment (DOLE),

1 the Department of Agriculture (DA)-BFAR, and other concerned agencies and 2 stakeholders, develop a policy to ensure the enhancement and sustainability of municipal fisheries as well as the promotion and generation of sustainable livelihoods in the blue economy towards the creation of more employment and equal 5 opportunities for all, and to strengthen investments in capacity building and skills 6 enhancement programs, in accordance with Republic Act No. 10771, otherwise known as the "Philippine Green Jobs Act of 2016." CHAPTER VI BLUE FINANCE

SEC. 16. Role of the Bangko Sentral ng Pilipinas (BSP). - In the exercise

of its regulatory powers over financial institutions, the BSP shall provide an enabling regulatory environment to promote the development of the country's blue economy, in line with the sustainable finance framework formulated by the BSP and considering international standards and best practices.

SEC. 17. Role of the Securities and Exchange Commission (SEC). - The

SEC shall encourage the issuance of blue bonds where proceeds will be exclusively applied to finance or refinance, in part or in full, eligible blue Programs, Activities, and Projects (PAPs) in accordance with SEC guidelines, and ASEAN Green Bonds Standards and Green Bonds Principles, as developed and may be revised from time to time by the SEC, the ASEAN Capital Markets Forum and the International Capital Market Association. All designated blue PAPs must provide clear benefits to ocean health and the blue economy and must contribute substantially to United Nations Sustainable Development Goals 6 and 14, which shall be assessed together with compliance with environmental laws and standards, and, where feasible, quantified by the corporation that will issue the blue bonds. The eligibility of the blue PAPs shall be subject to the guidelines to be issued by the SEC.

SEC. 18. Role of Government Financial Institutions. - The Land Bank of

the Philippines and the Development Bank of the Philippines shall provide credit to enterprises engaged in strategic and sustainable ocean-based or ocean-related enterprises.

CHAPTER VII 2 PROTECTION AND CONSERVATION OF COASTAL AND MARINE RESOURCES

SEC. 19. Protection of Endangered Species. - The Council shall monitor,

coordinate, and ensure the conservation, protection, and rehabilitation of rare, threatened, and endangered aquatic species as it may determine, including their 6 habitats and migratory routes, in coordination with BFAR and in accordance with 7 existing laws, rules and regulations. It shall recommend to the President and Congress the designation of coastal and marine areas as protected areas under Republic Act No. 11038, or the "Expanded National Integrated Protected Areas System Act of 10 2018," or sanctuaries of local conservation areas under the Republic Act No. 8550, or 11 "The Philippine Fisheries Code of 1998," as amended, and Republic Act No. 7160, or the "Local Government Code of 1991," as amended, and in compliance with the relevant provisions of international treaties and agreements, such as the UNCLOS, Convention on Biological Diversity, Convention on the Conservation of Migratory Species of Wild Animals, and Convention on International Trade in Endangered Species of Wild Fauna and Flora.

SEC. 20. Policy Coordination. - The Council shall harmonize the rules and

regulations of all relevant agencies responsible for the implementation and enforcement of laws to prevent and eliminate illegal, unreported and unregulated fishing under Republic Act No. 8550, as amended, setting strategic and measurable targets and ensuring the best use of technology such as vehicle monitoring system. Further, the Council shall act as the coordinating and monitoring arm of the government in ensuring other government agencies' compliance with these laws. CHAPTER VIII ROLE OF LOCAL GOVERNMENTS

SEC. 21. Role of Local Government Units. - Cities and municipalities shall

continue to exercise jurisdiction over municipal waters, pursuant to RA 7160, also known as the "Local Government Code of 1991," as amended, and RA 8550, as amended. Consistent with this mandate, LGUs shall act as the frontline agencies in the formulation, planning, and implementation of IMCAM in their respective jurisdictions. The LGUs shall develop their local marine spatial plan in accordance with the National Maritime Spatial Plan, and integrate them in their comprehensive land

1 use plan, comprehensive development, and annual investment plan, ICM or Coastal Resource Management Plan, Climate Change Action Plan, and Disaster Risk Reduction and Management Plan, and opportunities such as the National Sewage and Septage Management Plan and the funds under the Clean Water Act.

SEC. 22. Inter-LGU Cooperation. - Consistent with the provisions of RA 7160,

as amended, LGUs may group themselves, consolidate, or coordinate their efforts, services, and resources for the accomplishment of the objectives of this Act. CHAPTER IX FINAL PROVISIONS

SEC. 23. Joint Congressional Oversight Committee. - There shall be a

Joint Congressional Oversight Committee on Blue Economy (JCOC-BE). The President of the Senate and the Speaker of the House of Representatives shall designate five (5) Senators and five (5) Members of the House of Representatives, respectively, as members of the JCOC-BE: Provided, That the minority in the Senate and the House of Representatives shall each have at least one (1) seat in the JCOC-BE. The JCOC-BE shall be jointly chaired by the Chairpersons of the Senate Committee on Economic Affairs and the House Committee on Economic Affairs. The JCOC-BE shall conduct a semi-annual hearing to oversee, monitor, and evaluate the implementation of this Act and identify other necessary legislation.

SEC. 24. Appropriations. - The initial implementation of this Act shall be

charged against the current year's appropriations of the departments or agencies concerned. Thereafter, the amount necessary for its continued implementation shall be included in the respective budgets of the departments and agencies concerned in the annual General Appropriations Act.

SEC. 25. Implementing Rules and Regulations. - The Council shall issue

the implementing rules and regulations within sixty (60) days from the approval of this Act: Provided, That failure to issue rules and regulations shall not in any manner affect the executory nature of the provisions of this Act.

SEC. 26. Separability Clause. - If any portion or provision of this Act is

declared unconstitutional, the remainder hereof or any provisions not affected thereby shall remain in force and effect.

SEC. 27. Repealing Clause. - Any law, presidential decree or issuance,

2 executive order, letter of instruction, rule, or regulation inconsistent with the provisions of this Act is hereby repealed or modified accordingly.

SEC. 28. Effectivity. - This Act shall take effect fifteen (15) days after its

5 complete publication in the Official Gazette or in a newspaper of general circulation. Approved,