The World Bank said its loan-funded Philippine Fisheries and Coastal Resiliency (FishCoRe) Project is making progress even as the Washington-based multilateral lender slightly downgraded the project’s overall implementation ratings.

In a Sept. 5 implementation status and results report, the World Bank said FishCoRe’s overall implementation progress (IP) remained “moderately satisfactory,” even as the progress toward achieving its project development objective (PDO) is now a notch lower at “moderately satisfactory” from “satisfactory” previously.

When this investment project financing (IPF) was approved by the World Bank in 2023, its PDO included improving the management of targeted fisheries resources as well as enhancing the value of fisheries production for coastal communities in selected fisheries management areas (FMAs).

This project is expected to benefit 1.15 million fisherfolk, small and medium enterprises (SMEs), and coastal community residents.

The latest implementation report also assigned a “substantial” overall risk rating for the project, compared to the previous “moderate” risk rating.

The seven-year FishCoRe is being implemented by the Department of Agriculture’s Bureau of Fisheries and Aquatic Resources (DA-BFAR).

To date, more than a fifth of the loan proceeds, or $37.09 million out of the $176.02-million World Bank financing, has been disbursed.

The remainder amounting to $138.93 million can still be spent until end-December 2029.

Last year, the World Bank flagged the delayed implementation of FishCoRe, whose loan was among the six totaling $2.3 billion that the Philippines borrowed during the lender’s fiscal year (FY) 2023, or the period covering July 1, 2022, to June 30, 2023.

The Philippines was the World Bank’s fifth-biggest borrower during FY 2023, which coincided with the Marcos Jr. administration’s first full year in office.

“As of August 2025, FishCoRe is progressing toward its development objectives across fisheries management, aquaculture planning, monitoring and surveillance, livelihood support, and data management systems,” the World Bank said in its latest report.

The World Bank reported that draft fishery management plans (FMPs) are progressing, with the sardines FMP in FMA 9 already adopted and the mackerel scad FMP in FMA 6 nearing finalization.

FMAs 6 and 9, which are the focus of this project, are located on the northwest Luzon coast and in the archipelagic waters between the Visayas and Mindanao, respectively.

The report said aquaculture planning is also advancing through the aquaculture farm geospatial information system (AqFGIS) farm inventory, zoning work, and development of the aquaculture development and management plan (ADMP) to guide siting and management.

Priority infrastructure preparation includes 14 subprojects in FMAs 6 and 9, complemented by value chain development and livelihood support, with 35 subprojects expected to be turned over by end-2025, the World Bank said.

Ongoing efforts focus on improving fisheries information systems, completing technical assistance packages, expanding monitoring, control, and surveillance (MCS) coverage, advancing aquaculture zoning and ADMP adoption, and preparing for patrol boat procurement to strengthen implementation and transparency, it added.