The philippines: The Philippines has secured EUR200 million (PHP14 billion) from the French development bank, Agence Fran§aise de D©veloppement (AFD), to bolster the protection of its marine ecosystem resources and expand opportunities in the blue economy.

According to Philippines News Agency, the Department of Finance (DOF) announced that this funding will be allocated to the Marine Ecosystem for Blue Economy Development (MEBED) 1 project. This initiative aims to create increased and sustainable livelihoods for over 3 million people, including fisherfolk, aquaculture operators, and tourism workers.

The project is co-financed by the Asian Development Bank (ADB), highlighting the collaborative approach to enhancing marine resources. Finance Secretary Frederick Go emphasized the significance of this initiative, stating, "By securing our marine resources, we are protecting the livelihoods of millions of coastal residents and strengthening our defenses against climate change. Cleaner oceans mean a healthier, more productive blue economy."

The financial support will back policy reforms focused on protecting marine ecosystems, improving solid waste management, and promoting investments in the blue economy sector. French Ambassador Marie Fontanel noted the importance of the program, saying it represents a crucial step in safeguarding marine biodiversity and reducing plastic marine debris while advancing sustainable economic opportunities.

AFD Country Director for the Philippines, Benedicte Gazon, highlighted the enduring partnership between France and the Philippines, which is deeply rooted in promoting sustainable growth and ecosystem resilience. "As a development partner, the French Development Agency is proud to help translate these shared commitments into concrete projects and tangible impact," Gazon stated.