World Bank OKs $176 million funding to improve fisheries output

MANILA, Philippines — The World Bank has approved a $176-million project that seeks to enhance the country’s fisheries production.

In a statement, the multilateral lender said its board of executive directors approved the Philippine Fisheries and Coastal Resiliency Project (FISHCORE) aimed at improving fisheries management and the value of fisheries production, as well as increasing income in selected coastal communities.

Over 1.15 million fisherfolks, small-to-medium businesses, and residents in coastal communities in the country are expected to benefit from the project.

The World Bank project will be implemented in two of the fisheries management areas (FMA) established by the Bureau of Fisheries and Aquatic Resources, particularly 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.

The fisheries sector is facing challenges with fish stocks declining by an average of 20 percent over the past decade due to over-exploitation, destructive fishing methods, habitat degradation, and negative impact from land-based activities.

Each year, an average of 20 to 40 percent of total fish caught is lost due to poor post-harvest handling.

Through the project, the World Bank said these challenges would be addressed.

“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,” said Ndiamé Diop, World Bank country director for Brunei, Malaysia, Philippines and Thailand.

“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 seafood communities,” he said further.

Through the project, the objective is to provide more domestic and international opportunities for fishery products, ensure a reliable supply of fish for national food security and nutrition, and help small and medium fishery enterprises become more competitive, while ensuring compliance with relevant laws and regulations.

Aside from the fisherfolks, others involved in the fisheries and aquaculture industry including fishing gear and aquaculture equipment providers, cold chain suppliers, seafood processors, and market operators and exporters, are likewise expected to benefit from the project.

“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,” Chu said further.

To reduce the fisheries sector’s losses due to poor post-harvest facilities, the project will also support investments to expand aquaculture and fish farming, and increase the value of fishery products to raise the income of fishing and fish farming organizations.

In addition, it will support the creation of businesses among fishers’ associations, provide livelihood grants to eligible beneficiaries, and support vocational training programs for livelihood diversification.