The Philippine Fisheries Development Authority (PFDA), a government agency attached to the Department of Agriculture (DA), has called itself “financially fit” after consistently booking higher income throughout the COVID-19 pandemic up to the first quarter of this year.

In a statement, PFDA said starting the New Year strong, its operating income reached P71.65 million during the first quarter of 2021, surpassing half of last year’s total. In 2020, the company booked an operating income of P198.05 million or 9.32 percent increase from P181.16 million in 2019.

“As the economy recovers from the pandemic, the agency is confident and eager to maintain this upward trend in the succeeding years,” PFDA said.

A government-owned and controlled corporation (GOCC) attached to the DA, PFDA’s task is to promote the development of the fishing industry through the provision of post-harvest infrastructure facilities and essential services that improve efficiency in the handling and distribution of fish and fishery products and enhance their quality.

It monitors the operations of major fish ports in the country, including the Navotas Fish Port Complex, known as the largest fish port in Southeast Asia.

“PFDA showed that it remained financially fit in providing public service amid the severe socioeconomic impacts caused by COVID-19,” PFDA said.

“Throughout one of the most challenging years in history, the agency persevered to promote and develop the fishing industry, as well as contribute to the nation’s food security,” it added.

Meanwhile, PFDA’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) climbed by 14.5 percent to P265.2 million in 2020 from P231.4 million in 2019.

This record successfully surpassed the Governance Commission for GOCCs (GCG)-approved EBITDA target of P143 million.

Based on the record, the PFDA’s fiscal year 2020 total assets increased by 37.34 percent, equivalent to P4.7 billion, easily outperforming 2019’s P3.4 billion.