Announcement of the Philippines to Develop Fish Handling and Marketing with Twenty-Two Million Four Hundred Thousand Dollars World Bank Loan on May 27, 1982

. FOR IMMEDIATE RELEASE :-.World<(Bank · : · . 1818 H Street, N.W., Washington, D.C. 20433, U.S.A.• Telephone: (202) 477-1234 BANK NEWS RELEASE Nd 1 -, 82/ 100 Contact: Sundaram Sankaran May 27, 1982 (202) 477-3962 THE PHILIPPINES TO DEVELOP FISH HANDLING AND MARKETING WITH $22.4 MILLION WORLD BA~K LOAN Fish handling and marketing facilities in the Phi1ippines wi11 be improved with the assistance of a World Bank loan of $22.4 mi11ion. The $37 million project is the first Bank-assisted fisheries project to deal with the needs of sma11-scale fisheimen, who have suffered from inadequate 1ocal market outlets. Under the project, the Samar Sea-Ticao Pass Fisheries Development Cor- poration will be estab1ished under the existing Philippine Fisheries Deve1opment Authority to assist fishermen in one of the poorest regions in the country (Masbate, Ticao Pass, and Western Samar). Landing areas, jetties, ice plants, offices, auction halls, bulk storage and other facilit~es will be constructed in seven sites. ;:e The corporation will buy fish from fishermen participating in the project, transport it to urban markets, and supervise auction sales at project facilities. By coordinating the collection, transport, and distribution of fish, the fisheries agency will have access to expanded markets. A profit-sharing arrangement among the corporation, equity holders, and participating fishermen wi11 be instituted. Some 2,500 poor fishermen will benefit as a result of the redijction in spoilage of fish and ~he increased sales through the reorganized marketing !lystem. Fishermen will also be able to obtain cre~it from the corporation to buy boats and upgrade their equipment. A second component of the pr :~ct will involve technical a~aistance to the tt1ree major fisheries agencies in ~h~ Phil?ppines to strengthen their opera- tions and improve research and extension 5ervices. Training progr.ams for the agencies will include conservation of existing fisheries resources, assessment of marine resources, prevention of illegal fishing methods, and operatJ~n of fishing ·,orts. The World Bank loan is for 20 years, inG~,uding five years of grace, with interest at 11.6% a year; the loan aiso carries an annual commitment charge of 0.75% on undisbursed balances, and includes a front-end fee of 1.5% on the amount of the loan. ); I ------------~--~·--··-· ---------- NOTE: Money figures are exprBssed in U.S. dollar equivalent~.