Marcos OKs P11B fishery project to reduce poverty

PRESIDENT Ferdinand “Bongbong” Marcos Jr. on Thursday has approved an P11.2-billion project meant to address the problems hounding the fishery sector, reducing poverty incidence and ensuring food security, Malacañang said Thursday.

To be spearheaded by the National Economic and Development Authority, the Philippine Fisheries and Coastal Resiliency (FishCoRe) initiative was conceptualized to address the declining fish catch, high post-harvest losses and high poverty incidence among fisherfolk.

The Chief Executive underscored the timeliness of the project, pointing out that a few decades from now, there will be more saltwater fish cultivation as a result of overfishing.

“So, we have to get into the industry. We’ve been pushing it since we started using fingerlings in the Pangasinan aquaculture. After the grow-out, we will send them to Pangasinan,” he said during his meeting with the socioeconomic planning body in the Palace.

“For some reason, aquaculture is not flourishing, it’s not developing. That’s why this is important for me. It will be part of our food supply. It will give a very good income for our fisherfolk,” he added.

The seven-year investment will support the implementation of reforms in fishery and aquaculture management in the Philippines. It is aimed at improving the management of the country’s fishery resources and enhancing the value of fisheries production in selected fisheries management areas (FMAs).

The project components include supporting the development and implementation of fisheries management policies, establishing support facilities for the rehabilitation of coastal and maritime habitats, and improving institutional capacities for strengthened enforcement.

It also seeks to establish fisheries infrastructure and facilities and provide livelihood and enterprise development assistance to fishermen.

Of the total project cost, P9.6 billion will come from the official development assistance provided by the World Bank.

The remaining P660.6 million, meanwhile, will be shouldered by the government through the Department of Agriculture-Bureau of Fisheries and Aquatic Resources, while the P1.16 billion will come from private sector partners and beneficiary groups or cooperatives.

Expected to benefit from FishCoRe are 354,905 registered fisherfolk in 24 provinces with a coastal and marine area of about 32 million hectares.

Aside from the 26,877 jobs to be generated, FishCoRe is also expected to contribute to the Marcos administration’s thrust of ensuring food security and resiliency through improved aquaculture production, increased fish stocks, provision of diversified livelihood opportunities and higher incomes for fisherfolk.