January 25, 2007

Philippine fisheries growth seen 10 percent this year

The fisheries sector, a major driver of Philippine agriculture, is expected to grow by as much as 10 percent this year barring any major adverse weather conditions, reports the Bureau of Fisheries and Aquatic Resources (BFAR).

BFAR director Malcolm Sarmiento said the aquaculture sector is also expected to grow to as much as 15 percent

The expected growth in aquaculture follows a recent decision by the agriculture department to lift a two-year ban on Pacific white shrimp.

The fishery subsector grew 6.31 percent last year, leading overall farm output to rise by 3.88 percent year-on- year.

The Department of Agriculture earlier said agricultural output growth in 2007 is projected to reach four to five percent on increased investments in the sector.

Farm growth accounts for a fifth of the country's gross domestic product.