Fishers from Manticao, Misamis Oriental, check the new bangus (milkfish) cage put up with the support of the Bureau of Fisheries and Aquatic Resources (BFAR) in this undated photo. An economist on Wednesday (Sept. 17, 2025) expressed hopes for an economic boost from the World Trade Organization’s Agreement on Fisheries Subsidies, which took effect on Sept. 15, saying this will not only support domestic growth but protect both the fishermen and the environment. (File photo courtesy of Manticao LGU)
Domestic growth is expected to get a lift from the implementation of the World Trade Organization’s (WTO) Agreement on Fisheries Subsidies, which seeks to curb harmful subsidies that contribute to overfishing and the overexploitation of marine resources, while advancing environmental protection.
The agreement, designed to safeguard global marine ecosystems, officially took effect on September 15, 2025. It introduces a Fisheries Funding Mechanism that will provide technical assistance and capacity-building support for developing and least-developed countries. So far, WTO member nations have pledged around $18 million to the WTO Fish Fund to support this initiative.
Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort told the Philippine News Agency that the agreement “would prevent harmful subsidies by more affluent countries that are used for overfishing and overexploitation of marine resources that adversely affect countries that do not have subsidies for such and also adversely affecting/reducing the catch/output of smaller fisherfolk.”
He explained that the measure is expected to “lead to greater environmental protection and promote more sustainable fishing practices that allow repopulation and sufficient fisheries supply over the long term,” which could ultimately support higher fisheries output and contribute to the country’s GDP growth.
Ricafort added that the agreement “would also prevent undue advantage by wealthier countries that provide more subsidies to fisheries to the detriment of countries that do not have much financial resources.” By creating a level playing field, he said, small-scale fisherfolk would be protected from dwindling catch volumes and falling incomes.
On Tuesday, the Department of Trade and Industry-Bureau of International Trade Relations (DTI-BITR) said in a Facebook post that it “welcomed the entry into force of the WTO Agreement on Fisheries Subsidies.” Citing WTO data, the DTI noted that governments currently provide an estimated USD 22 billion annually in harmful subsidies that drive overcapacity and threaten the sustainability of marine resources.
“For the Philippines, a country where fisheries are central to livelihood and food security, the entry into force of the Agreement strengthens global efforts to protect marine resources and promote fair competition for small-scale and artisanal fishers,” the DTI said.
“It also underscores the country’s strong commitment to promoting ocean sustainability and ensuring that fisheries subsidies support long-term economic growth and environmental resilience,” it added.