MANILA / PHILIPPINES, 28 February 2022: The Department of Agriculture (DA) is encouraging investors to venture into large-scale production in aquaculture in support of the Comprehensive National Fisheries Industry Development Plan (CNFIDP), a five-year comprehensive framework for promoting the optimal development and long-term sustainability of the fisheries sector.
The CNFIDP for 2021-2025 includes a 10 per cent reduction in post-harvest losses within five years and an 80 per cent compliance with hygiene and sanitation standards of all fish processing establishments in the Philippines.
Cheryl Marie Natividad-Caballero, DA Undersecretary for Agri-Industrialization and Fisheries was cited in the Philippine News Agency as saying that “For large-scale aquaculture, the attractiveness of local production and private sector investments are better compared to rice, given higher returns and you can do value-adding in fisheries like export.”
Caballero said local businesses should be allowed to thrive and become more efficient and competitive within a favourable ecosystem. “There should be market-driven, more efficient and technology-driven private sector investment,” she added.
DA data indicates that the fisheries sector contributes about 18% to agriculture's Gross Domestic Product.
The trade and marketing subsector agreed to prioritize interventions, such as market linking, capability development, and improving access to credit, the CNFIDP states.
DA Secretary William Dar previously said that they have requested the Development Bank of the Philippines and Land Bank of the Philippines to provide commercial fishing operators with a credit window that will enable them to replace old vessels.