President Ferdinand "Bongbong" Marcos Jr. stated on Tuesday that he anticipates the Philippines' fisheries sector…
P11-B fisheries project will provide significant pay for fishermen: Marcos
According to President Ferdinand R. Marcos Jr., “excellent” income is anticipated for Filipino fishermen following the approval of a project that will strengthen communities and ecosystems in fisheries management regions.
After the National Economic and Development Authority (NEDA) authorized the PHP11.2 billion Philippine Fisheries and Coastal Resiliency (FishCoRe) Project, which aims to address issues in the fishing industry, lower rates of poverty, and guarantee food security, Marcos made the comment.
“Aquaculture does not prosper; it does not develop for whatever reason. It isn’t finished). This is significant to me because of that. I believe that much of it will end up in our food supply here. In a meeting with NEDA representatives, he stated that it would provide our fishermen with a very nice income.
Marcos, who also serves as the secretary of the Department of Agriculture, referred to the project as “timely,” stating that research indicates that saltwater fish farming would increase in the next decades due to overfishing.
“We need to enter the market. Since we first introduced fingerlings to the Pangasinan aquaculture, we have been promoting it.
The FishCoRe Project intends to solve issues in the fishing industry, including diminishing fish catches, substantial post-harvest losses, and a high prevalence of poverty among fishermen.
The project entails the establishment of infrastructure and facilities for the fishing industry as well as aid for the livelihood and business growth of Filipino fishermen.
Supporting the creation and execution of suitable fisheries management policies, setting up support infrastructure for the restoration of coastal and maritime habitats, and enhancing institutional capabilities for improved enforcement are all included in the project.
Of the project’s overall cost of PHP11.2 billion, PHP9.6 billion will come from the World Bank’s official development assistance.
While the PHP1.16 billion will come from partners in the business sector and beneficiary organizations or cooperatives, the government would bear the remaining PHP660.6 million through the Department of Agriculture’s Bureau of Fisheries and Aquatic Resources.
The initiative is anticipated to assist roughly 354,905 registered fishermen in 24 provinces, with a potential economic impact of 26,877 employment throughout a coastal and marine area of about 32 million hectares.
Through better aquaculture production, increased fish supplies, the provision of varied livelihood choices, and higher incomes for fisherfolk, it will also support efforts to promote food security and resilience.
Cebuano English Filipino
We appreciate your reading. You may also consider sharing it with others.
Please comment below if you found this post interesting.
Be one of our DONOR / SPONSOR to support NextGenDay news website.