Thailand and the Philippines—both maritime nations deeply intertwined with ocean resources—are embarking on contrasting journeys toward blue economic development. While both face mounting pressures from climate change, coastal erosion, and overexploitation of marine assets, Thailand is actively deploying innovative financing and governance tools, whereas the Philippines is still laying the legislative and institutional backbone needed for a unified, sustainable ocean strategy.

The World Bank’s report “Innovative Blue Financing Solutions in Thailand” notes that the country’s 3,000-kilometer coastline across 23 provinces supports nearly 30% of GDP and one-quarter of employment, powered by tourism, fisheries, and trade corridors like the Eastern Economic Corridor. Yet, unchecked erosion has claimed nearly a third of Thailand’s shorelines over three decades—translating into US$1.3 billion in economic damage—raising alarm that large tracts of land around Bangkok could vanish within 20 years without decisive intervention, the Department of Marine and Coastal Resources has warned.

To tackle this, the Thai government, with backing from the World Bank, is embracing financial innovation. A sovereign blue bond—Thailand’s first—is in the pipeline, leveraging momentum from a booming ESG bond market, which surged 35% in 2023 to 659 billion baht (around US$20 billion), data from the Thai Bond Market Association show.

The World Bank, through its PROBLUE initiative, is also helping develop a comprehensive national marine spatial planning framework to guide sustainable coastal investments. The framework places emphasis on nature-based solutions such as mangrove restoration, sustainable tourism, erosion control, and data-driven “ocean accounting.” These dovetail with the Low Carbon Cities program, which aims to unlock blue carbon credits.

“As Thailand prepares to host the World Bank Group – IMF Annual Meetings in October 2026, the country has the potential to highlight its rich oceanic resources and its leadership in blue economy innovation,” said Melinda Good, World Bank country director for Thailand and Myanmar. “We are proud to support the government’s vision that delivers long-term benefits for people and the planet—helping to create new jobs and livelihoods while protecting marine ecosystems for future generations.”

The Philippines, by contrast, remains at an earlier stage. While more than two million people depend directly on marine livelihoods and two-thirds of the population live in coastal regions—and the ocean-based economy generated more than US$350 million in 2021—policy remains fragmented across sectoral silos. Climate and environmental vulnerabilities, persistent pollution, and limited data infrastructure continue to undermine a cohesive blue economy framework.

A ray of hope is the proposed Blue Economy Act, passed on third reading in the Senate in 2024 and now awaiting final ratification. The legislation would establish a Blue Economy Council and enable integrated marine spatial planning, while introducing financing mechanisms such as bonds, blue economic zones, and private-sector incentives. It also aims to harmonize existing plans—on fisheries, marine litter, and natural capital—apply a ridge-to-reef ecosystem management approach, institutionalize UN-aligned ocean accounting, and ensure participation by small-scale fishers. Its enactment, however, hinges on resolving bureaucratic overlaps and strengthening monitoring systems.

According to the Economic Research Institute for ASEAN and East Asia (ERIA), the Philippines is endowed with significant marine resources, including natural gas deposits, the Philippine Rise—a 13-million-hectare underwater plateau—and its location within the Coral Triangle, the global center of marine biodiversity.

Senator Loren Legarda, the principal author of the bill in the Senate, vowed to pursue its passage in the 20th Congress. “We’re committed to pushing for the immediate passage of this and other measures that respond directly to the needs of our people,” she said in a statement on July 11.

Political backing continues to grow. At a July 2025 press briefing, President Ferdinand Marcos Jr.’s communications office conveyed strong support. “Sa lahat po ng ikagaganda ng ating environment, sa ating ikaaangat po ng taumbayan, mga mangingisda po, hindi po ito tututulan ng Pangulo,” declared Presidential Communications Undersecretary Claire Castro—underscoring that environmental and fisherfolk-oriented initiatives would receive the government’s backing.

Pressed on the bill’s broader significance, Legarda reiterated: “This bill will use our rich marine resources to drive inclusive economic growth, but it does so while protecting the environment and strengthening our coastal communities’ resilience.” Senator Risa Hontiveros added: “It’s also about the rights and welfare of our fisherfolk and the health of our marine ecosystems.”

Outlook

Thailand is moving ahead with financing instruments such as blue bonds and integrated spatial planning to protect its coastlines and sustain economic growth. The Philippines, meanwhile, is progressing toward a legislative framework through the proposed Blue Economy Act, which seeks to consolidate marine policies under a single strategy.

Both countries are positioning their ocean resources as central to long-term development, though at different stages of execution—Thailand through financial markets and planning mechanisms, and the Philippines through institutional reform and lawmaking.