Hanoi (VNA)♔ - The World Bank (WB) on May 31 approved a 176-million-USD loan tofund a fisheries project that aims to improve fisheries management, enhance thevalue of fisheries production, and raise incomes for coastal communities inthe Philippines.

The project is expected to benefit more than 1.5 millionfisherfolk, small-to-medium businesses, and residents in coastal communities,the multilateral lender said in a statement. Accordingto the WB, the fisheries sector contributes 1.3% to the Southeast Asiancountry's gross domestic product. It provides approximately 1.6 million jobs,or around 4% of the labour force, including for low-income families engaged insubsistence fishing. However, the sector has faced challenges, with fish stocksdeclining by an average of 20% over the past decade due to over-exploitation,destructive fishing methods, habitat degradation, and negative impacts fromland-based activities. This project aligns with the country's commitment toenvironmentally sound practices in fishing and aquaculture while ensuringimproved incomes for those involved in the sector, said Ndiame Diop, World BankCountry Director for Brunei, Malaysia, Philippines and Thailand. The long-term goal is to foster enhanced community resilience inthese coastal regions, which will be reflected in thriving fish stocks,improved food security, reduced poverty and heightened competitiveness in keyseafood commodities, he added./.