Some 354,905 registered fisherfolk in 24 provinces are expected to benefit from the Philippine Fisheries and Coastal Resiliency (FishCoRe) Project, which seeks to address the problems in the fishery sector, reduce poverty incidence, and ensure food security.
In a statement, Malacañang said President Ferdinand "Bongbong" Marcos Jr. fully supports the project as this will "benefit the poorest of the poor" fisherfolk.
The President said it is projected that a few decades from now, there will be more saltwater fish cultivation due to overfishing, noting the timeliness of the FishCoRe project.
"So we have to get into the industry. We've been pushing it since we started using fingerlings in the Pangasinan aquaculture. After the grow-out, we will send them to Pangasinan," Marcos said.
"For some reason hindi nagfo-flourish yung aquaculture, hindi na nade-develop (aquaculture is not flourishing or developing). That's why this is important to me. I think this is where — if not all, it will be part of our food supply. It will give very good income for our fisherfolk," he added.
Marcos serves as the secretary of the Department of Agriculture (DA).
Aside from the 26,877 jobs that could be created, proponents of the FishCoRe Project expect it to contribute to the Marcos administration's goal of ensuring food security and resiliency through improved aquaculture production, increased fish stocks, provision of diversified livelihood opportunities, and higher incomes for fisherfolk.
The National Economic and Development Authority (NEDA) has approved P11.2 billion to finance the FishCoRe project, covering coastal and marine areas of about 32 million hectares scattered in 24 provinces where fishing communities abound. Of the total project cost, P9.6 billion will come from the official development assistance (ODA) provided by the World Bank (WB).
The government will shoulder the remaining P660.6 million through the DA's Bureau of Fisheries and Aquatic Resources (BFAR). At the same time, the other P1.16 billion will come from private sector partners and beneficiary groups or cooperatives.
The FishCoRe project was conceptualized to address the problems in the fishery sector, such as declining fish catch, high post-harvest losses, and high poverty incidence among fisherfolk.
The seven-year investment will support the implementation of reforms in fishery and aquaculture management in the Philippines aimed at improving the management of the country's fishery resources and enhancing the value of fisheries production in selected fisheries management areas (FMAs).
FishCoRe's project components include the following:
Supporting the development and implementation of appropriate fisheries management policies.
Establishing support facilities for rehabilitating coastal and maritime habitats.
Improving institutional capacities for strengthened enforcement.
FishCoRe also seeks to establish fisheries infrastructure and facilities and provide livelihood and enterprise development assistance to Filipino fisherfolk.