350,000 to benefit from fishery project

APART from addressing the country’s food security concerns, more than 350,000 fishermen are also expected to benefit from the P11.2-billion fishery project recently approved by the National Economic and Development Authority (NEDA), Malacañang said over the weekend.

The Philippine Fisheries and Coastal Resiliency (FishCoRe) Project, designed to address the problems in the fishery sector, reduce poverty incidence and ensure food security, will help 354,905 fisherfolk across 24 provinces.

The Palace noted that President Ferdinand “Bongbong” Marcos Jr., as concurrent head of the Department of Agriculture (DA) and NEDA chairman, is “fully supportive” of the initiative. The initiative aims to uplift the conditions of the “poorest of the poor” among the fisherfolk from coastal and marine areas of 32 million hectares spread in 24 provinces.

Aside from the projected 26,877 jobs to be generated by the project, proponents of the FishCoRe Project also expect it 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.

Of the P11.2 billion total project cost, P9.6 billion will come from the official development assistance provided by the World Bank.

The remaining P660.6 million, on the other hand, will be shouldered by the government through the DA’s Bureau of Fisheries and Aquatic Resources, while the remaining P1.16 billion will come from private sector partners and beneficiary groups or cooperatives.

The FishCoRe project was conceptualized to address the problems in the fishery sector, such as declining fish catch, high post-harvest losses and high poverty incidence among fisherfolk.

This was pointed out by the President in his meeting with NEDA executives last week, who warned that a few decades from now, there will be more saltwater-fish cultivation as a result of overfishing.

The seven-year investment will support the implementation of reforms in fishery and aquaculture management in the Philippines. It aims to improve the management of the country’s fishery resources and enhance the value of fisheries production in selected fisheries management areas.

FishCoRe’s 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 enforcement.

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