The World Bank has approved a new fisheries project in the Philippines, known as the Philippine Fisheries and Coastal Resiliency Project (FISHCORE). This $176 million initiative aims to improve fisheries management, enhance the value of fisheries production, and elevate incomes in selected coastal communities. The project is expected to benefit over 1.15 million fisherfolk, small-to-medium businesses, and residents in coastal areas. The fisheries sector is crucial to the Philippines, contributing 1.3 percent to the GDP and providing around 1.6 million jobs. However, the sector faces challenges such as declining fish stocks due to over-exploitation and habitat degradation. FISHCORE aims to address these issues by promoting sustainable growth and environmentally sound practices in fishing and aquaculture. FISHCORE will be implemented in two Fisheries Management Areas (FMAs) and aims to support improved fisheries management systems, law enforcement, and infrastructure resilient to extreme weather. The project will also invest in expanding aquaculture, reducing post-harvest losses, and supporting the formation of businesses among fishers’ associations. This initiative is expected to boost the competitiveness of small and medium fishery enterprises and ensure a reliable supply of fish for national food security.
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New Fisheries Initiative to Boost Philippine Coastal Communities

The World Bank has approved a new fisheries project in the Philippines, known as the Philippine Fisheries and Coastal Resiliency Project (FISHCORE). This $176 million initiative aims to improve fisheries management, enhance the value of fisheries production, and elevate incomes in selected coastal communities. The project is expected to benefit over 1.15 million fisherfolk, small-to-medium businesses, and residents in coastal areas.

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