Hybrid Financing for Marine Conservation: The Case of Tubbataha Reefs Natural Park, Palawan, Philippines ^†

Given the complex financing challenges in marine conservation, this study examines common and digital finance mechanisms and recommends a hybrid finance model for Tubbataha Reefs Natural Park (TRNP), a United Nations Educational, Scientific and Cultural Organization (UNESCO) World Heritage Site and an ecologically vital marine protected area in the Philippines. Through a multi-method qualitative approach grounded in pragmatism, the primary data were collected through fieldwork, followed by semi-structured group interviews with the three key decision-makers in TRNP. Secondary data include published reports of TRNP and literature on marine conservation. The primary data were analyzed using content analysis, and triangulation was applied through the integration of secondary data sources, enhancing the credibility and depth of interpretation. Guided by the marine conservation finance framework [1] and the blended finance evaluation framework [2], financing mechanisms were evaluated based on financial sustainability, development orientation, and additionality. The findings reveal that TRNP relies heavily and unsustainably on tourism and grant finance mechanisms. Thus, the proposed hybrid model integrates existing finance mechanisms with digital innovations through social media monetization, digital marketplaces, and environmental credits to generate reliable and scalable revenue streams. Ultimately, this study contributes to theories and practices on hybrid financing models, portfolio diversification, and policy development, thereby strengthening the long-term conservation and climate resilience of marine protected areas.