India, June 2 -- WASHINGTON - The World Bank's Board of Executive Directors today approved a new fisheries project in the Philippines that will positively impact over 1.15 million fisherfolk, small-to-medium businesses, and residents in coastal communities. The US$176 million Philippine Fisheries and Coastal Resiliency Project (FISHCORE) aims to improve fisheries management, enhance the value of fisheries production, and elevate incomes in selected coastal communities.

The fisheries sector currently contributes 1.3 percent to the Philippines' GDP and provides approximately 1.6 million jobs (or around 4 percent of labor force), including for low-income families engaged in subsistence fishing. It also provides over 50 percent of Filipino f...