The joint Biosprospecting Guidelines establishes a more comprehensive and effective mechanism to regulate bioprospecting activities in the Philippines. The guidelines provide a streamline the procedure for access to biological resources and facilitate compliance thereto by legitimate resource users.  It also provide guidelines for obtaining the prior informed consent of resource providers, and in negotiations with these resource providers for fair and equitable sharing of benefits arising from bioprospecting; and, establishes a cost-effective, efficient, transparent and standardized system for monitoring compliance with the provisions on prior informed consent; collection quota; fair and equitable benefit-sharing; transfer of materials to third party recipients and other provisions of the Bioprospecting Undertaking (BU).