THE Bureau of Fisheries and Aquatic Resources (BFAR) said on Tuesday that a seven-year fisheries project will launch in August after obtaining funding approval from the World Bank.
In a statement, the BFAR said that the Philippine Fisheries and Coastal Resiliency (FishCoRe) project, which will take in funding of $209 million part-financed by the World Bank, is designed to improve fisheries management and production.
The World Bank announced on May 30 that its board of executive directors approved a $176-million loan for the project.
“We thank the World Bank and all our partner National Government agencies for helping us prepare for the eventual implementation of the FishCoRe project,” BFAR National Director Demosthenes R. Escoto said.
The FishCoRe project hopes to grow aquaculture and fisheries enterprises into aqua-industrial businesses by providing support measures like climate-resilient technologies, the BFAR said.
The project is expected to benefit over 1.15 million fisherfolk, small to medium enterprises, and residents of coastal communities.
“This project takes a holistic approach, confronting from all sides the various long-standing issues being faced by the fisheries sector; from ensuring the sustainability of our fisheries and coastal resources for food security, to enabling maximized benefits of our fisherfolk towards poverty reduction through improved management on all facets to ensure a robust and resilient fisheries sector,” Mr. Escoto added.
According to the BFAR, fisheries accounted for 12.81% of agricultural gross value added in 2022 while providing livelihood to about 1.49 million individuals.
The project will enhance fisheries management policy in order to address continuing threats and challenges to sustainability, such as illegal, unreported, and unregulated fishing, declining fish catches, high post-harvest losses, and the impact of calamities and climate change.
“The FishCore project hopes to address these challenges through the adoption of the ecosystem-based approach to fisheries management, therefore enhancing the value of fisheries production and elevating income in coastal communities through science, knowledge, and technology,” the BFAR said.
Of the 12 Fisheries Management Areas (FMAs), the project will be implemented in FMAs 6 and 9. FMA 6 covers Pagudpud Bay, Subic Bay, and Manila Bay while FMA 9 consists of the Bohol Sea, Panguil Bay, Iligan Bay, Gingoog Bay, Butuan Bay, and Sogod Bay. — Sheldeen Joy Talavera