Reviewing Republic Act No. (RA) 9147 otherwise known as the Wildlife Resources Conservation and Protection Act is an act providing for the conservation and protection of wildlife resources and their habitats. It was explained here explicitly what this is all about.

(a) “Bioprospecting” means the research, collection and utilization of biological and genetic resources for purposes of applying the knowledge derived therefrom solely for commercial purposes.

Bioprospecting can be characterized as targeted and systematic search for and development of new components, bioactive compounds or genes from environmental or natural sources. These biologically-derived compounds can be included as components in products or processes with an extensive range of application: pharmaceuticals, nutraceuticals, processing industries, food, cosmetics, etc.

The results of bioprospecting could be a purified molecule that is produced biologically or synthetically, or the entire organism.