Mismanaged plastic waste has growing economic and environmental consequences.
USD 80-120 billion worth of plastic packaging is lost from the global economy
each year due to lack of recycling and suboptimal value creation where recycling
Globally, 4.8 to 12.7 million tonnes of plastic leak into our oceans each year
with Asia contributing to over 80% of this marine leakage.
The Philippines is the third largest contributor with an estimated 0.75 million metric tonnes of mismanaged plastic entering the ocean every year.
This has led to an increased awareness towards plastic waste management, bringing the topic of plastic pollution to the forefront of consumer consciousness in the Philippines.
The Philippines recycled about 28% of the key plastic resins in 2019.
78% of the material value of plastics is lost to the Philippines economy each year.
Several structural challenges cause a market failure for plastics recycling leading to a plastic material value loss of USD 790-890 million per year.
Source: The world Bank