Blue Economy Growth and Prospects

Covering about 70% of the planet with water, the oceans have been the Earth's largest life support system for centuries. Oceanic waters play a crucial role in maintaining planetary equilibrium, fostering life both below and above water. The activities of today, however, have disrupted this equilibrium. With the rapid increase of human ecological footprint, marine ecosystems are at risk of collapsing. Changes in policies and institutions to provide sustainable conditions are needed now, more than ever, to ensure the continuity of marine life. The emergence of a blue economy provides a framework on the sustainable management of marine resources and marine-linked sectors.

With a coastline area of more than 36,000 kilometers, the Philippines boasts one of the longest coastlines in the world. The ocean economy is estimated to contribute P617 billion in gross value added, accounting for 3.4% of the country's GDP in 2020 (Philippine Statistics Authority, 2021). Among the ocean-based industries, ocean fishing remains as the largest contributor to the country's blue economy.

Recognizing the significance of the industry, the Comprehensive National Fisheries Industry Development Plan (CNFIDP) was adopted for the years 2006 to 2025. Since then, several revisions have been made in response to the changing industry landscape. The dawn of the COVID19 pandemic in 2020 prompted a reassessment of the government's priorities, derailing some of the planned initiatives and programs. In response to this, an updated CNFIDP for 2021-2025 was drafted to provide a framework that will address the current needs of the industry while utilizing the new approaches in agri-fisheries management.

With this, the European Chamber of Commerce of the Philippines (ECCP) is organizing a webinar entitled "Blue Economy Growth and Prospects" on 30 March 2022 from 2:00PM- 3:30PM (GMT +8). Experts from the Delegation of the European Union to the Philippines, Department of the Interior and Local Government (DILG), Bureau of Fisheries and Aquatic Resources (BFAR), Department of Tourism (DOT), and the Land Bank of the Philippines (LBP) will be sharing their insights on the changes in the government's initiatives and the implications of this on the future of the fisheries industry.