BIOFIN helps PH manage funds for biodiversity initiatives
Biodiversity Finance Initiative (BIOFIN) is now assisting the Philippines manage its funds to develop and secure the country’s biodiversity areas.
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.
BIOFIN said this is particularly important to the Philippines, given that it is 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,” the agancy said.
This and other issues were discussed during the recently concluded 2018 Asia Pacific Coral Reef Symposium held in Cebu City.
“BIOFIN promotes a methodology, applicable at both national and sub-national levels, that emphasizes how policies and institutions promote or suppress economic drivers impacting on coral reefs, estimates expenditures patterns to detect policy alignment and determines the major costs associated with coral reef management” Andrew Seidl, Colorado State University Professor and former BIOFIN Senior Technical Advisor, said during the meeting.