Philippines taps P14 billion French loan for blue economy reforms

MANILA, Philippines — The Philippines has tapped another  P14.03-billion  loan from France to finance reforms aimed at protecting marine ecosystems, expanding the blue economy and creating more sustainable livelihoods for over three million Filipinos.

The Department of Finance said the loan from French development bank Agence Française de Développement (AFD) would support the Marine Ecosystem for Blue Economy Development 1 (MEBED 1) program.

The program will finance policy reforms aimed at protecting marine ecosystems, improving solid waste management and encouraging investments in the country’s blue economy.

More than three million people, including fisherfolk, aquaculture operators and tourism workers, are expected to benefit from increased and more sustainable livelihood opportunities under the initiative.

The government also expects the program to contribute to national income while strengthening the resilience of coastal communities against climate-related risks.

“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 blue economy broadly covers economic activities that depend on oceans and coastal resources while promoting their sustainable use. In the Philippines, these include fisheries, aquaculture, coastal tourism and other marine-based industries that provide income to millions of households.

MEBED 1 is also co-financed by the Asian Development Bank (ADB), although the DOF did not disclose the amount of the multilateral lender’s financing.

French Ambassador Marie Fontanel said the program would help address environmental challenges while creating economic opportunities.

“The marine ecosystems and blue economic development program represent an important step forward in protecting marine biodiversity, reducing plastic marine debris while promoting sustainable economic opportunities,” Fontanel said.

AFD country director for the Philippines Benedicte Gazon said France’s development cooperation with the Philippines is anchored on sustainable growth and resilience.

“France and the Philippines share a long-standing partnership grounded in joint action for sustainable growth and the resilience of ecosystems and population. As a development partner, the French Development Agency is proud to help translate these shared commitments into concrete projects and tangible impact,” Gazon said.

The financing adds to France’s development assistance to the Philippines as the government seeks greater support from multilateral and bilateral partners for climate resilience, environmental protection and inclusive growth.