The funding, formalized on March 17, marks a major push to strengthen the country’s “blue economy”—a sector increasingly seen as a critical driver of sustainable growth, food security, and climate resilience, the Department of Finance said in a statement.
Finance Secretary Frederick D. Go said the initiative will help safeguard marine ecosystems while expanding income streams for coastal communities.
“By strengthening the foundations of the blue economy, we are securing livelihoods, raising incomes, and reinforcing a vital engine of national growth, today and for the future,” the statement quoted Go as saying during the signing ceremony.
Strengthening marine governance
The financing will support Subprogram 1 of the Marine Ecosystems for Blue Economy Development Program (MEBED1), which focuses on improving regulatory capacity for the protection, restoration, and sustainable management of marine and coastal resources.
The program builds on earlier gains under the broader MEBED initiative and aims to address persistent challenges such as overfishing, habitat degradation, and weak enforcement.
Livelihoods and growth
Officials said the program is expected to benefit over three million Filipinos, including fisherfolk, aquaculture operators, and workers in tourism—sectors highly vulnerable to environmental degradation and climate risks.
By improving ecosystem health and governance, the initiative aims to generate more stable and sustainable incomes while boosting national output from coastal industries.
PH-Germany partnership
The agreement was signed by Go and KfW management committee member for Europe and Asia Stephan Opitz, underscoring deepening development cooperation between the Philippines and Germany.
Go said the partnership reflects a shared commitment to aligning environmental protection with economic growth.
“Environmental protection, climate resilience, and economic growth must advance together,” he said.
Also present at the signing were Finance Undersecretary Joven Z. Balbosa and German Embassy Deputy Head of Mission Mathias Kruse. —Ed: Corrie S. Narisma
