The Philippines reaffirmed its commitment to work closely with World Trade Organization (WTO) members in ensuring the effective implementation of the agreement on fisheries subsidies.
The landmark agreement represents a historic step forward in curbing harmful subsidies that contribute to overfishing and the depletion of marine resources.
Recalling the deposit of its instrument of acceptance at the sidelines of the 13th WTO Ministerial Conference in Abu Dhabi, United Arab Emirates on Feb. 27, 2024, the Philippines recently joined fellow WTO members in celebrating the entry into force of the WTO Agreement on Fisheries Subsidies.
As an archipelagic nation of more than 115 million people, with millions depending on fisheries for their food and livelihood, the Philippines attaches great importance to this milestone. The agreement strengthens global efforts to safeguard marine biodiversity, ensure food security and protect the livelihoods of fisherfolk, particularly those in small coastal communities.
To support implementation, the WTO has established a Fisheries Subsidies Fund to provide technical assistance and capacity-building support to developing members such as the Philippines. This includes Category 1 Grant Projects of up to $50,000 and Category 2 Grant Projects of up to $300,000. Through this mechanism, the Philippines will be better equipped to implement the agreement effectively, enhance sustainable coastal management, and deliver tangible benefits to rural fishing communities across the archipelago.
The Philippines said the effective implementation of the Agreement will strengthen the country’s capacity to manage its ocean resources sustainably, secure the future of coastal communities, and uphold its responsibility as steward of one of the world’s richest marine ecosystems.
Ambassador Manuel A.J. Teehankee, Permanent Representative of the Philippines to the WTO, welcomed the entry into force of the Agreement.
‘The entry into force of the WTO Agreement on Fisheries Subsidies marks a collective victory for global sustainability and for millions of fisherfolk whose lives and livelihoods depend on healthy oceans,’ Teehankee said.
As the WTO’s first sustainability-focused agreement, it demonstrates that trade rules can serve as powerful tools for environmental protection and development.
‘For the Philippines, this Agreement is not only about protecting our marine biodiversity, but also about ensuring food security and building resilient coastal communities,’ he added.
The Philippines also welcomed the establishment of the Fisheries Fund, which will help developing countries translate commitments into concrete action.
‘The Philippines stands ready to work with WTO members and partners to ensure that this Agreement delivers real and lasting benefits for our people and our planet,’ he said.