The World Bank has granted approval for a $176 million loan to fund the Philippine Fisheries and Coastal Resiliency Project (FISHCORE), as announced in a statement recently. This initiative aims to enhance fisheries management and production in the Philippines, aligning with the nation’s commitment to sustainable practices in fishing and aquaculture expansion.
Ndiamé Diop, the World Bank Country Director for Brunei, Malaysia, Philippines, and Thailand, emphasized the project’s goal of improving incomes for those engaged in the fishing industry, encompassing production, processing, and marketing.
FISHCORE is designed to create new opportunities for fishery products, secure a reliable fish supply for national food security, and enhance the competitiveness of small and medium-sized fishery enterprises. The project is expected to have a positive impact on over 1.15 million fisherfolk, small-to-medium businesses, and residents in coastal communities.
Despite contributing approximately 1.3% to the country’s GDP and employing around 4% of the labour force (1.6 million jobs), the fisheries sector has faced challenges, with fish stocks declining by an average of 20% over the past decade due to various factors such as overexploitation, destructive fishing methods, habitat degradation, and negative impacts from land-based activities.
FISHCORE will support investments in expanding aquaculture and fish farming, fostering the creation of businesses among fishers’ associations, and providing livelihood grants to eligible beneficiaries. The project will be implemented in Fisheries Management Areas (FMA) 6 and 9, covering coastal waters including Pagudpud Bay, Subic Bay, Manila Bay, Bohol Sea, Panguil Bay, Iligan Bay, Gingoog Bay, Butuan Bay, and Sogod Bay.
Jingjie Chu, World Bank Senior Environmental Economist, highlighted that FISHCORE will aid the Philippine government in designing and establishing improved fisheries management systems in the selected FMAs’ coastal and municipal waters.
As of 2021, the World Bank represented the third-largest source of official development assistance (ODA) for the Philippines, contributing 24% of the total ODA or $7.66 billion.
