France lends ₱14-B to boost Phl blue economy

The Philippines has secured €200 million, or about ₱14 billion, in financing from France’s development bank to strengthen marine ecosystem protection and create more sustainable economic opportunities in coastal communities.

The Department of Finance said last week that the funding from Agence Française de Développement (AFD) will support the first phase of the Marine Ecosystem for Blue Economy Development (MEBED 1), a program co-financed by the Asian Development Bank.

The initiative is expected to improve and sustain livelihoods for more than 3 million Filipinos, including fisherfolk, aquaculture operators and workers dependent on the tourism industry.

Finance Secretary Frederick Go said protecting the country’s marine resources is also crucial to safeguarding the income of millions of coastal residents and improving the Philippines’ resilience to climate change.

The financing will support policy reforms aimed at conserving marine ecosystems, strengthening solid waste management and encouraging investments in sectors that form part of the country’s blue economy.

French Ambassador Marie Fontanel said the partnership would help protect marine biodiversity while addressing the growing problem of plastic waste in oceans and creating sustainable economic opportunities.

AFD Country Director for the Philippines Benedicte Gazon said the financing reflects the long-standing cooperation between France and the Philippines in promoting sustainable growth and strengthening the resilience of ecosystems and communities.

The MEBED program comes as the Philippines seeks to tap the economic potential of its extensive marine resources while addressing environmental pressures affecting coastal communities.

Through the new financing, the government aims to link marine conservation with livelihood generation, ensuring that efforts to protect the country’s oceans also translate into more sustainable economic opportunities for communities that depend on them.