“Two decades ago, we started implementing green accounting in the Philippines. The name is environment and natural resources accounting. At that time, the concept was not yet highly popular or acceptable,” Paje said.
Environmental groups have long been fretting about the massive destruction of natural habitats and biodiversity loss because of mining, a highly extractive industry, because of digging gold and other precious metals and the potential revenues to be generated by the government in the process.
They said the environment is being severely damaged, along with the potential contamination of nearby water bodies in mining areas.
They said the massive destruction of the forests and the degradation of the environment, in general, are too costly and the benefits to people too nil to allow mining companies to operate in the country.
In green accounting, Paje said the government will now account for the value of whatever will be lost, such as trees, wildlife, land and water, including fresh air that sustains life, against the value of what will be extracted by mining companies.
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