Connect with us

Hi, what are you looking for?

Economy

BFAR confident P500-M stimulus package will help aquaculture raise production

THE Bureau of Fisheries and Aquatic Resources (BFAR) said the P500 million worth of stimulus funds allocated to the fishing industry will support mainly aquaculture and will help the entire sector raise output levels.

The support package was authorized by Republic Act No. 11494 or the Bayanihan to Recover as One Act (Bayanihan II).

In a statement Thursday, BFAR said the P500-million stimulus package is expected to help the aquaculture industry produce an additional 9.6 thousand metric tons (MT).

The focus of the aid will go to growers of glass eels, sea urchins and seaweed, while also helping establish hatcheries.

“The stimulus package aims to help the fisheries sector, especially aquaculture, to recover and improve amid various challenges such as natural calamities and the coronavirus disease 2019 (COVID-19) pandemic,” the BFAR said.

BFAR National Director Eduardo B. Gongona said: “Glass eels, sea urchins and more species of seaweed are only some of our many abundant fisheries commodities with culture technologies that we have yet to sustainably develop,” Mr. Gongona said.

According to the bureau, the culture technology for glass eel will be presented via demonstration projects, while fingerlings will be given to selected growers in the Cagayan Valley and North Cotabato.

Sea urchin production will be promoted in the Ilocos Region, the Cagayan Valley, Caraga, Bicol, and Zamboanga, with fisherfolk undergoing training on grow-out and cage culture technology, while equipment and infrastructure such as sea urchin hatcheries, nursery tanks, and processing areas will also be established.

The BFAR also plans to set up hatcheries, nurseries, solar dryers, and farmhouses for seaweed growers.

“The establishment, rehabilitation, and repair of multi-species hatcheries and broodstock facilities, including of high-value species like sea bass, siganids, and blue swimming crabs, among others, will also continue in order to ensure production of good-quality fingerlings and broodstock,” the BFAR said.

In the third quarter, aquaculture production fell 2.7% year on year to 480,671 MT and accounted for 47.3% of overall fisheries output, according to the Philippine Statistics Authority (PSA).

The PSA added that the value of production of the fisheries sector in the three months to September rose 1.9% year on year and accounted for 15.8% of total agricultural output. — Revin Mikhael D. Ochave

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Finding a property to settle in after years of being in the pandemic may leave home seekers and smart investors wary of whether their...

Economy

  Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their...

Economy

As part of its development agenda for Pakil in Laguna, Ahunan Power Inc. (Ahunan) launched a corporate social responsibility (CSR) program dubbed “Tayo Na...

Economy

By Kyle Aristophere T. Atienza and Revin Mikhael D. Ochave, Reporters AN INVESTIGATION is underway over the “illegal” sugar importation order that was aimed...

Economy

By Diego Gabriel C. Robles THE PHILIPPINES now aims to become a high-income economy by 2045 at the latest, Socioeconomic Planning Secretary Arsenio M....

Economy

THE SY SIBLINGS remained the richest in the Philippines, despite a $4-billion drop in their net worth in 2022, according to Forbes Asia. The...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

Instagram still holds the top spot for social media in terms of building brand reputation and expanding business potential. Every day, more and more...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.