Southern Palawan is one of the two test sites in the Philippines for the wealth accounting and the valuation of ecosystem services (WAVES) project. Southern Palawan has a significant remaining forest cover including mangroves, extensive coral reefs, and fishing grounds. Challenges in natural resource management in Southern Palawan include: (i) the increasing conversion of forest lands for plantation development and shifting cultivation; (ii) intensive mineral extension; (iii) illegal timber logging and hunting; and (iv) destruction of coastal ecosystem and overfishing. A comprehensive understanding of the natural capital of Southern Palawan is important to manage the competing interests on natural resources and to support economic development.