The World Bank on Wednesday approved a USD176 million fisheries and coastal resiliency project.
In a statement, the World Bank said the Philippine Fisheries and Coastal Resiliency Project (FISHCORE) seeks to improve fisheries management, enhance the value of fisheries production, and elevate incomes in selected coastal communities.
The project is expected to benefit more than 1.5 million fisherfolk, small-to-medium businesses, and residents in coastal communities.
Fishing gear and aquaculture equipment providers, cold chain suppliers, seafood processors, and market operators and exporters located outside the immediate project area are also expected to benefit from the project.
The World Bank said while the Philippines has a large potential for aquaculture development, production went down by 10 percent over the last decade.
It noted that due to poor post-harvest facilities, 20 percent to 40 percent of total fish caught and farmed are lost.
FISHCORE will support investments to expand aquaculture and fish farming and increase the value of fishery products.
The project also aims to support the formation of businesses among fishers’ associations, provide livelihood grants to eligible beneficiaries, and support vocational training programs for livelihood diversification.
“This project aligns with the country’s commitment to environmentally sound practices in fishing and aquaculture expansion while ensuring improved incomes for those involved in the fishing industry, including those involved in production, processing, and marketing,” World Bank country director for Brunei, Malaysia, Philippines, and Thailand Ndiamé Diop said.
“The long-term goal is to foster enhanced community resilience in these coastal regions, which will be reflected in thriving fish stocks, improved food security, reduced poverty, and heightened competitiveness in key seafood commodities.”
The World Bank said FISHCORE would broaden the domestic and international opportunities for fishery products, ensure there would be a reliable supply of fish, and boost the competitiveness of small and medium fishery enterprises.
The Bureau of Fisheries and Aquatic Resources (BFAR) earlier created 12 fisheries management areas (FMAs) nationwide to sustainably manage fishery resources.
The World Bank said the FISHCORE would be implemented in two of these FMAs – FMA 6 and FMA 9, which are major fishing grounds on the northwest coast of Luzon, and in archipelagic waters between the Visayas and Mindanao.
“FISHCORE will support the Philippine government in designing and establishing improved fisheries management systems in the selected FMAs’ coastal and municipal waters,” World Bank senior environmental economist Jingjie Chu said.
“The funding will be utilized to support fisheries management and law enforcement, capacity building, infrastructure resilient to extreme weather conditions, and other necessary investments to balance increasing productivity while conserving the natural resources in these FMAs.” (PNA)
