The Wealth Accounting and the Valuation of Ecosystem Services (WAVES) is a global partnership program that accounts for the natural capital and services ecosystems provide.
Help countries adopt
and implement accounts that are relevant for policies and compile a body of experience
Develop approaches to ecosystem accounting methodology Establish a global platform for training and knowledge sharing Build international consensus around natural capital accounting

The Philippines has a bounty of minerals, cropland, timber, and coastal and marine resources. These natural resources make up an estimated 19% of the nation’s wealth, contributing to the country’s consistent GDP growth. However, rapid economic development is placing pressure on the country’s already stressed natural resources, exacerbated by the impacts of global climate change.

The implementation of natural capital accounting in the Philippines is timely, as the current administration emphasizes governance reforms that include transparent and science-based decision making while pursuing sustainable, inclusive, and resilient growth.
WAVES in the Philippines

The results of the policy analysis and recommendations from the WAVES-Philippines accounts will provide a solid understanding of how the government can address competing claims on the country’s natural resources. Moreover, the results of the ongoing environmental accounting will inform government strategies being considered in the next Philippine Development Plan.

The story so far

Mineral accounts: Initial physical accounts have been produced for gold, copper, nickel and chromium, from 2000 to 2012. 

Ecosystem accounts: Scoping visits to the Laguna Lake basin and Southern Palawan determined which ecosystem services to include in the accounts. 
For Laguna Lake, the categories include a land account containing land cover and changes; an ecosystem condition account indicating various water quality indicators, soil types, changes in bathymetry, and sediment loading; an ecosystem production account looking at the flow of ecosystem services like fishery production, water supply, flood retention, and soil erosion regulation; and an ecosystem asset account focusing on water and fish stock. 
Accounts for Southern Palawan consist of land cover accounts by class and ownership; ecosystem condition accounts for terrestrial and coastal ecosystems and hydro-logical services; and ecosystem production accounts for upland, lowland, and coastal ecosystems. 
The following outputs have been accomplished for both ecosystem accounts: a data gap and availability analysis; the consolidation of secondary data into a geospatial database; draft technical reports for initial set of accounts; and the development of detailed work plans.
WAVES Lead Government Agency

National Economic Development Authority

Country Coordinator

Marnel R. Ratio, National Economic and Development Authority

World Bank Regional Staff

Stefanie Sieber and Maya Villaluz