PHL - World Bank Board Expects Act on Fisheries Loan by July 2021
The World Bank estimated that its board will decide by July 2021 on a $200-million loan sought by the Philippine government to develop the fisheries sector.
According to a World Bank document obtained by BusinessWorld, the government applied for the loan to support the Bureau of Fisheries and Aquatic Resources’ fisheries and coastal resiliency project.
“The proposed development objective of the project is to improve management of coastal fishery resources, enhance the value of fisheries production and increase fisheries-derived incomes within coastal communities, in selected fishery management areas,” according to the document.
Last month, Agriculture Secretary William D. Dar said the government tapped the World Bank for a loan to support the modernization of the fisheries industry. The agency hopes to roll out the project by October 2021.
The World Bank said Philipine natural capital is about 18% of its total capital, excluding coastal and marine natural resources, which is higher than the average for developing economies in East Asia and the Pacific.
“Natural capital makes a significant contribution to the Philippines’ wealth, but underperformance of related sectors leaves considerable unrealized potential for increasing its economic contribution… Fisheries and tourism have lost market share in comparison to regional competitors,” the bank said.