April 20, 2007

Philippine fisheries seen to grow by 8 percent in Q1

The Philippine fisheries sector is forecast to grow by as much as 8 percent in the first quarter of 2007, or faster than the 4 percent growth posted in the same period last year, reports the Business Mirror daily.

Malcolm I. Sarmiento, director for the Bureau of Fisheries and Aquatic Resources (BFAR) said that increased production of non-food items such as seaweeds would stimulate growth for the first quarter of this year.

In recent years, the fisheries sector has been considered as the main driver of growth of the farm sector.

BFAR estimates that the production of the country's fisheries sector could grow by as much as 10 percent for the rest of the year.

BFAR, an attached agency of the Department of Agriculture, stressed the fisheries sector could have grown as much as 14 percent had it been given the supplemental budget it had earlier requested from the national government.

Sarmiento said he requested for a budget of P1.57 billion this year or 12 percent higher than its budget of P1.4 billion last year.

The growth of the fisheries sector is bolstered largely by the aquaculture sector, which may grow by as much as 15 percent.

The robust growth of the aquaculture sector is expected to be fueled largely by the anticipated revival of the shrimp industry this year.

Note: US$1 = P47.50