THE National Economic and Development Authority (NEDA) said that they are looking at a “Blue Economy” for the Philippines as part of efforts to continue boosting economic growth.

They explained that the value of the country's maritime sector, which is vast and includes the ocean and resources linked to it, is estimated at P1 trillion.

NEDA Usec. Rosemarie Edillon said that they will support the proposed "Blue Economy Act" sponsored by Senator Loren Legarda.

Also, Edillon noted that based on their projection, it could even be worth more than the earlier estimates.

“We first need to have that framework to develop the blue economy that will include resorts, that will include diving spots, the maritime sector, ocean energy, all those offshore wind,” said Edillon.

Earlier, the World Bank said that a blue economy is by using the “sustainable use of ocean resources for economic growth, improved livelihood and jobs, and ocean ecosystem health.” Its scope included fisheries, maritime transport, tourism, climate change, waste management, and renewable energy.

“It’s an untapped potential. It consists of so many economic activities that can be done,” she added.