Manila: The Philippine government has successfully secured a £200-million funding from Germany's KfW Development Bank for the protection of marine resources and coastal communities. This significant financial support aims to bolster the country's efforts in safeguarding its marine ecosystems and enhancing coastal community resilience.

According to Philippines News Agency, the funding, which is part of the Marine Ecosystems for Blue Economy Development Program, Subprogram 1 (MEBED1), will focus on enhancing regulatory capacities for the protection, restoration, and sustainable management of marine and coastal resources. The Department of Finance (DOF) Secretary Frederick Go emphasized the importance of this initiative during the ceremonial signing of the agreement, stating that it will secure livelihoods, raise incomes, and reinforce national economic growth.

The DOF highlighted that the development financing will build upon previous gains made under the MEBED Program, supporting crucial government reforms and operations to address core challenges facing coastal and marine ecosystems. The program is projected to generate increased and sustainable livelihoods for over three million people, including fisherfolk, aquaculture operators, and tourism workers, ultimately boosting national income and strengthening the resilience of coastal communities.