The World Trade Organization’s (WTO) Agreement on Fisheries Subsidies, which took effect on September 15, 2025, aims to prevent subsidies that lead to overfishing and promote environmental protection.
Rizal Commercial Banking Corporation chief economist Michael Ricafort said the agreement will help protect smaller fisherfolk by leveling the playing field and encouraging sustainable fishing practices.
The measure is expected to increase the country’s fisheries output, thereby boosting the Philippines’ GDP and economic growth.
The agreement also includes a Fisheries Funding Mechanism that offers technical assistance and capacity-building support to developing nations, backed by around USD 18 million in pledges from WTO members.
The Department of Trade and Industry welcomed the agreement, highlighting its importance for the Philippines’ livelihood, food security, and commitment to ocean sustainability.
Source: PhilNews24 | September 18, 2025
PHILIPPINES’ GDP EXPECTED TO RISE WITH WTO FISHERIES SUBSIDIES PACT
Latest from Business
Nintendo shares jumped over 10% on Wednesday after the company raised its sales and profit forecasts.
Metropolitan Bank & Trust Co. (Metrobank) reported a 4 percent rise in net income to PHP 37.3 billion for
The Department of Agriculture (DA) has launched a nationwide modernization program for major fish ports under
The Philippines aims to boost its geothermal energy production as part of efforts to increase the
Filipino preloved book sellers, such as Booksale Philippines and Bookchigo Trading, are adapting to global trade