The government is seeking $200 million in financing from the World Bank for the improvement of fishery production as the country recovers from the effects of the coronavirus disease (Covid-19) pandemic.
The Department of Agriculture is pushing for the Fisheries and Coastal Resiliency (FishCoRe) project that also aims to preserve the so-called “blue economy” resources.
Agriculture Secretary William Dar said the proposal “would directly contribute to achieving key outcomes in the department’s Food Security Framework which is integral to the national goals of recovery and resiliency as we survive, reboot and grow in the wake of the Covid-19 pandemic.”
FishCoRe, which will cost P10.095 billion, is expected to help modernize fisheries and aquaculture via “capital infusion, stronger technical support, and a supportive environment.”
The project has four pillars: an integrated coastal zone plan, resource management of coastal and marine resources, modernization of fisheries and aquaculture enterprises, and project management and evaluation.
In a letter, World Bank Country Director Achim Fock told Dar to submit the project feasibility study by November 2020. (Jojo Mangahis)