NextGen Day

The PHP11.2 billion Philippine Fisheries and Coastal Resiliency (FishCoRe) Project, which is intended to “help the poorest of the poor,” has the full backing of President Ferdinand R. Marcos Jr., Malacanang announced on Saturday.

According to a statement from Undersecretary Cheloy Garafil, an officer in charge of the Office of the Press Secretary, Marcos, who concurrently holds the position of secretary of the Department of Agriculture (DA), is confident that the FishCoRe project will assist the government in addressing the issues plaguing the fishery sector.

The announcement followed the Thursday approval of the FishCoRe project by the National Economic and Development Authority (NEDA), which will benefit around 354,905 registered fishermen in 24 provinces with over 32 million hectares of coastal and marine resources.

Through “improved aquaculture production, increased fish stocks, provision of diversified livelihood opportunities, and higher incomes for fisherfolk,” Garafil said, the fishery project was intended to generate about 26,877 jobs and assist the Marcos administration in realizing its goal of ensuring food security and resiliency.

The FishCoRe initiative has the full support of President Marcos, who stated as much during his initial meeting with NEDA officials last Thursday in Malacanang.

According to her, the FishCoRe initiative was designed to address issues in the fishing sector, including falling fish catches, significant post-harvest losses, and a high prevalence of poverty among fishermen.

Marcos praised the prompt approval of the fishery project at the meeting with NEDA representatives, noting that it is anticipated that there will be more saltwater fish farming as a result of overfishing in a few decades.

In order to increase the income of Filipino fishermen, he further underlined the significance of the project.

This is significant to me. I believe that much of it will end up in our food supply here. For our fishermen, it will be a really nice source of revenue, Marcos noted.

The FishCoRe project will see the establishment of fisheries infrastructure and facilities as well as aid for the livelihood and business growth of Filipino fishermen.

Supporting the creation and implementation 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 part of the FishCoRe project.

The World Bank will provide approximately PHP9.6 billion of the project’s overall PHP11.2 billion cost in the form of official development assistance.

The DA’s Bureau of Fisheries and Aquatic Resources will provide around PHP660.6 million, with the remaining PHP1.16 billion coming from the project’s beneficiary groups and business sector partners.

The seven-year initiative will help the Philippines execute changes in fishery and aquaculture management with the goal of better managing the nation’s fisheries resources and raising the value of fisheries production in a few key locations.

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