The World Bank (WB) approved $176 million to enhance the Philippines fisheries output. The WB fund is specifically for 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 villages. The beneficiaries are 1.15 million fisher, small-to-medium businesses, residents in coastal communities.
The FISHCORE project will be implemented in 2 fisheries management areas (FMAs) established by the Bureau of Fisheries and Aquatic Resources (BFAR), specifically FMAs 6 and 9 – known major fishing grounds. The 2 FMAs are in NE Luzon, and in waters between Visayas and Mindanao.
The WB expects to address the declining fish stocks 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.
Specifically, the FISHCORE project funded by WB “will help the Philippines design and establish improved fisheries management systems in the selected FMAs coastal and municipal waters, law enforcement, capacity-building, infra-structure resilient to extreme weather conditions, and other necessary investments, e.g. fishing gear and aquaculture equipment providers to balance increasing productivity while conserving the natural resources.”
The management of the WB $176 fund is critical as the FISHCORE project has a two-pronged objective, namely increased fish production to address food security issue and assist the coastal/municipal fishers enhance their livelihood.
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