The Philippines secured EUR200 million (PHP14 billion) from the French development bank, Agence Française de Développement (AFD), to help strengthen the protection of its marine ecosystem resources and expand opportunities in the blue economy.

In a statement Thursday, the Department of Finance (DOF) said the amount will be used to fund the Marine Ecosystem for Blue Economy Development (MEBED) 1, which is expected to generate increased and sustainable livelihoods for over 3 million people, including fisherfolk, aquaculture operators, and tourism workers.

The initiative is co-financed by the Asian Development Bank (ADB).

“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,” Finance Secretary Frederick Go said.

The financing will support policy reforms that protect marine ecosystems, improve solid waste management, and promote investments in the country’s blue economy.

French Ambassador Marie Fontanel said marine ecosystems and blue economic development programs represent an important step forward in protecting marine biodiversity, reducing plastic marine debris while promoting sustainable economic opportunities.

AFD Country Director for the Philippines Benedicte Gazon, meanwhile, said France and the Philippines share a long-standing partnership grounded in joint action for sustainable growth and the resilience of ecosystems and populations.

“As a development partner, the French Development Agency is proud to help translate these shared commitments into concrete projects and tangible impact,” Gazon said. (PNA)