For the first time in recent history, the government is heavily infusing funds to uplift the lives of fishermen, are of the most impoverished sectors of Philippine society.

President Ferdinand "Bongbong" Marcos is expecting to aid the "poorest of the poor" in the fishing sector through the P11.2-billion Philippine Fisheries and Coastal Resiliency project Malacañang announced on Saturday.

The Office of the Press Secretary said the project is expected to benefit 354,905 fisherfolks in 24 provinces while creating at least 26,877 jobs.

The project particularly seeks to address declining fish catch, high post-harvest losses, and extreme poverty among fisherfolk.

Proponents of the FishCoRe Project, the OPS said, expect it to help the Marcos administration ensure food security and resiliency through improved aquaculture production, increased fish stocks, diversified livelihood opportunities, and higher incomes for fisherfolk.

The National Economic and Development Authority has approved P11.2 billion to finance the FishCoRe project.

32-M has. of marine area

The project will cover coastal and marine areas of about 32 million hectares in 24 provinces across the country.

In his latest meeting with NEDA officials, the President said that he believes that a few decades from now, "there will be more saltwater fish cultivation as a result of overfishing, noting the timeliness of the FishCoRe project."

"So, we have to get into the industry. We've been pushing it since we started using fingerlings in the Pangasinan aquaculture. After the grow-out, we will send them to Pangasinan," Marcos told NEDA officials during their meeting last week in Malacañang.

"For some reason, they do not flourish. Aquaculture does not develop. That's why this is important to me. I think this is where — if not all, it will be part of our food supply. It will give very good income for our fisherfolk," he added.

The OPS said of the P11.2 billion total project cost, P9.6 billion will come from the official development assistance provided by the World Bank.

It added that the remaining P660.6 million will be shouldered by the government through the DA's Bureau of Fisheries and Aquatic Resources, while the remaining P1.16 billion will come from private sector partners and beneficiary groups or cooperatives.

The seven-year investment will support the implementation of reforms in fishery and aquaculture management in the Philippines, aimed at improving the management of the country's fishery resources and enhancing the value of fisheries production in selected fisheries management areas.

FishCoRe's project components include supporting the development and implementation of appropriate fisheries management policies, establishing support facilities for the rehabilitation of coastal and maritime habitats, and improving institutional capacities for strengthened enforcement.

It also seeks to establish fisheries infrastructure and facilities and provide livelihood and enterprise development assistance to Filipino fisherfolk.