October 4, 2024

Philippines launches five-year plan to boost aquaculture competitiveness

The Philippines' Bureau of Fisheries and Aquatic Resources (BFAR) has announced a five-year plan aimed at enhancing the global competitiveness of the country's aquaculture industry, BusinessWorld reported.

In a statement, BFAR described the initiative as a roadmap designed to foster the development of a competitive aquaculture sector that can meet international market demands.

"This plan ensures that all stakeholders, particularly the marginalised, have equitable access to resources and opportunities," said BFAR officer-in-charge Director Isidro M Velayo, Jr.

The five-year plan outlines several key objectives, including securing an adequate supply of fry, reducing production costs, strengthening the industry's climate resilience, and diversifying its product offerings.

"It promotes responsible stewardship of our environment, enabling the industry to thrive without compromising the ecological balance," added Velayo.

Velayo also emphasised the importance of collaboration between private and public sectors to achieve the plan's goals, urging all stakeholders to contribute to the programs being developed.

The announcement comes amid a reported decline in aquaculture production. According to data from the Philippine Statistics Authority, aquaculture output in the third quarter dropped by 17.7% to 471,400 metric tonnes, accounting for 46.3% of the country's total fisheries production.

-      BusinessWorld