COVID-19 and our 'Blue Economy'
With water making up the bulk of Philippine territory-four-fifths, counting our exclusive economic zones as defined by the United Nations-why is very little of our gross domestic product contributed by our water-based economy (the
"Blue Economy")? Fisheries and water transport contribute a mere 1.5 percent of incomes in our economy, measured as GDP.
Adding water-based recreation, offshore natural gas and other miscellaneous economic activities based or dependent on our waters won't bring the share much beyond that. And yet I've always maintained that a square kilometer of our inland or marine waters could well contain at least as much if not more potential economic wealth than a similar area of our undeveloped lands.