Financial and economic analyses of business investment projects covered by the Environmental Impact Statement System
2004
Tan, R.L.(Philippines Univ. Los Baños, College, Laguna (Philippines). Dept. of Agribusiness Management)
This paper aims to elucidate on the role of financial and economic analyses of business investment projects in the Environmental Impact Statement System. The important link between the Feasibility Study and Environmental Impact Assessment [EIA] studies is discussed and the mechanics of Financial and Economic Benefit-Cost Analyses in the context of EIA study are explained. The various economic valuation methods are presented and their application assessed in relation to the four empirical studies presented. Actual problems and issues encountered in the financial and economic analyses in the actual conduct of EIA studies are highlighted. Economic analysis significantly complements the financial analysis in evaluating investment projects especially for purposes of securing an Environmental Compliance Certificate. The conduct and submission of Feasibility Study in the past however were not part of the EIS system procedure which resulted to several technicalities in the conduct of EIA studies. The issuance of AO [Administrative Order] 42 addressed this issue. This basically strengthened the internalization of externalities and made economic analysis less tedious in terms of the reduced need to conduct economic valuation.
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