Prospects for Biofactories of High Value Aquatic Products in the Philippines

ABSTRACT

Marine biodiversity is a valuable and strategic national asset that provides various goods and services to our people. The fishery production and processing industries are critical for domestic food security and contribute a huge percentage to the national economy in terms of livelihood and trade. Apart from the fishery industry, there is tremendous potential for developing and adding value to other industries. In particular, discards from capture fisheries and aquaculture, and diverse seaweeds and invertebrate species provide immediately available raw materials for the development of high-value products such as phannaceuticals, nutraceuticals, and biofuels. Biodiversity-based industries will contribute to sustainable development and inclusive growth by generating multiple benefit streams for various stakeholders, including poor coastal households through the increased value of harvests per unit volume and livelihood diversification. The prospects for ecological and socio-economic benefits should serve as incentives for greater public and private investments in research and technology development for high-value marine products. A holistic framework to harness optimal economic benefits and sustain our natural resources capital is presented, and the importance of multi-sectoral partnerships in realizing these potentials are discussed.

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