The Department of Agriculture (DA) is in the final stages of getting the approval of the World Bank (WB) for a $200-million (P10 billion) loan that will implement the Fisheries and Coastal Resiliency (FishCoRe) project.
The DA said the project is seen to benefit 500,000 fisherfolk and stakeholders in the fisheries and aquaculture sector for seven years to be implemented with the Bureau of Fisheries and Aquatic Resources (BFAR).
The DA has been in negotiations with the WB on the project since early last year. Actual implementation is expected to commence early next year.
The FishCoRe project will support the modernization of the Philippine capture fisheries and aquaculture industry through the provision of technical support and innovation, access to modern and resilient fisheries infrastructure and post-harvest facilities. It will also promote efficient connectivity and product value addition, among others.
DA Secretary William Dar said the project represents BFAR’s medium to long-term intervention to increase resiliency due to climate change and as a bounce-back strategy for the country’s fisheries sector amid the pandemic.
Dar said the project will be implemented in two fisheries management areas covering 11 regions, 24 provinces with a total area of 32 million hectares of coastal and marine waters.
Among them are the coastal and marine waters off the West Philippine Sea including Pagudpud Bay, Subic Bay, Manila Bay to Lubang Island as well as those in Bohol Sea, Panguil Bay, Iligan Bay, Gingoog Bay, Butuan Bay and Sogod Bay.
The DA envisions the project to result in a 3-percent increase in household income and in value-added fishery commodities; 5- percent reduction in post-harvest losses; and 1 to 5 percent reduction in illegal, unreported and unregulated fishing incidences.
