November 4, 2019

The National Economic and Development Authority once again leads the nation in celebrating the annual Economic and Financial Literacy Week (EFLW), focusing on the importance of having Sustainable Consumption and Production (SCP) in the country’s development direction.

This year’s theme, “Our planet’s health, the future’s wealth”, calls for concerted efforts towards building an inclusive and sustainable future through harmonizing environmental protection, social inclusion, and economic growth. The EFLW runs from November 4 to 8, 2019.

“We need to rethink our consumption and production practices in our pursuit of sustainable development. There is an urgent need to find ways to meet the needs of the present without compromising the ability of future generations to meet their own needs and aspirations,” said NEDA Undersecretary for Policy and Planning Rosemarie G. Edillon.

According to the United Nations Environment Programme, “SCP is a holistic approach to minimizing the negative environmental impacts from consumption and production systems while promoting quality of life for all”.

SCP also aims to improve the quality of life without increasing environmental degradation and without compromising the resource needs of future generations.

At present, the country has several laws which are considered entry points to SCP, such as, the Philippine Environmental Impact Statement System of 1978, Clean Air Act of 1999, Ecological Solid Waste Management Act of 2000, Clean Water Act of 2004, Biofuels Act of 2009, Renewable Energy Act of 2009, and Climate Change Act of 2009, among others.

Also, NEDA is recently formulating the Philippine Action Plan for Sustainable Consumption and Production to guide the implementation of SCP across sectors in the country and contribute to the realization of our national midterm and long-term goals.

Moreover, the plan lays down the priority strategies and activities, including key reforms and innovations to support and advance SCP implementation in the country. This will strengthen efforts on the attainment of Sustainable Development Goal (SDG) 12 and its accompanying targets, including other SDGs.

“Envisioned to contribute to the realization of AmBisyon Natin 2040, the SCP action plan has identified key interventions, partners, as well as needed resources to address the challenges in the SCP implementation,” Edillon said.

Republic Act No. 10922 or the Economic and Financial Literacy Act, which lapsed into law on July 22, 2016, mandates NEDA to convene key partners and lead the nationwide EFLW celebration every second week of November.

As part of the celebration, NEDA has lined up weeklong activities and information campaigns with the aim of developing national consciousness on economic and financial literacy.