April 23, 2022
The Biodiversity Finance Initiative (Biofin) has partnered with marine conservation organization Blue Finance to train people’s organizations (PO) in managing biodiversity-rich marine resources in Oriental Mindoro.
The Department of Environment and Natural Resources (DENR), in a project with the United Nations Development Programme (UNDP), has been introducing biodiversity finance solutions to local government units (LGUs).
In Oriental Mindoro, its partnership with Biofin and Blue Finance is enabling it to raise fund in order to sustain conservation of Marine Protected Areas (MPAs).
“A key obstacle to effectively managing MPAs is a lack of economic resources. But at the Oriental Mindoro MPA in the Philippines, a consortium of dedicated partners is turning one of the world`s most productive ecosystems into a working business case,” according to the International Union for the Conservation of Nature (IUCN).
Oriental Mindoro has an MPA known to be home to endangered species including “whale sharks, hawksbill turtles, dugongs and many more exciting and critical species.”
In its second quarter report, Biofin indicated that it has developed a “private sector strategy.” It is a program that will significantly aid in raising funds for biodiversity conservation programs.
Public Private Partnerships or PPP is a strategic approach to raising financing for biodiversity projects in protected areas.
“A study on the extractive industry with reference to potential financing mechanisms and the feasibility of third party monitors will be undertaken. Meetings with IKEA, Shore It Up, and BDO were held to explore potential CSR activities with NGOs (non government organizations),” according to a Biofin report.
“A study on the extractive industry with reference to potential financing mechanisms and the feasibility of third party monitors will be undertaken.”
These are Biofin’s other approaches to raising financing:
1. Biofin will assist BMB-CAWED (Biodiversity Management Bureau-Caves, Wetlands and Other Ecosystems Division) as it comes up with policy recommendations on the integration of biodiversity in the infrastructure sector
2. Development of Biodiversity Friendly Enterprises (BDFEs) particularly in protected areas in Mindanao where a survey has been completed and now under study
The Philippine Biodiversity Strategy and Action Plan (PBSAP), which started in 2015 and will last until year 2028, will cost P24 billion yearly. A budget deficit of P19 billion yearly exists. (Melody Mendoza Aguiba)