Local mariculture could be a goldmine for the country – Kiko Pangilinan

December 2, 2010

Press Release
Nove,ber 3, 2010

Senate chair of the committee on agriculture and food Senator Francis “Kiko” Pangilinan says local mariculture could provide the country a much needed economical boost as he surveys the Panabo Mariculture Park in Davao del Norte.

The Panabo Mariculture Park is a joint venture of Davao del Norte local government and the Bureau of Fisheries and Aquatic Resources in Region 11. It has an area of 1,075 hectares, 60 of which is allocated for marine fish cage and 20 for seaweeds production.

“Our seas are naturally filled with so much bounty. We need more of Panabo Mariculture Parks set up on different coastlines around the country. Both local and foreign investors are attracted by the profitability of such projects. In fact, the strategic location of the Philippines alone could turn the country into an aquamarine resource powerhouse in Southeast Asia.”

In 2009, investors in Panabo Mariculture Park reported an income of more than 90 million pesos, harvesting more than 1 million kilograms of fish. The park produces bangus, red snappers, mussels, and pearl oysters.

“However, there is a need for cold storage facilities to make our fish industry more competitive. Panabo has none. There is also the need to find markets for our goods. We enjoin the private sector to invest in Philippine mariculture. An investment of half a million pesos can be recouped in less than two years time, provided the investor has access to the market.”

“If we are able to address the gaps in our mariculture industry it will not only feed our hungry people, it will also be a source of huge revenues for our country.”

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