German-funded ‘blue economy’ program expected to generate 3 million jobs, DoF’s Go says
THE Department of Finance (DoF) said €200 million in funding provided by Germany’s KfW Development Bank (KfW) is expected to generate 3 million jobs in the so-called “blue economy,” the sustainable use of ocean and coastal resources.
“By strengthening the foundations of the blue economy, we are securing livelihoods, raising incomes, and reinforcing a vital engine of national growth, today and for the future,” Finance Secretary Frederick D. Go said in a statement on Wednesday.
The funding, which supports the Marine Ecosystems for Blue Economy Development Program, Subprogram 1 (MEBED1), “aims to enhance regulatory capacities for the protection, restoration, and sustainable management of marine and coastal resources.”
“The program is expected to generate increased and sustainable livelihoods for more than three million people — fisherfolk, aquaculture operators, and tourism workers — boosting national income and strengthening the resilience of coastal communities,” the DoF said.
The program will build on the gains achieved under the MEBED Program and is expected to address core development in coastal and marine ecosystems through supporting key government reforms and operations.
The funding stems from the agreement signed by Mr. Go and KfW Management Committee Member for Europe and Asia Stephan Opitz.
“The partnership with KfW reflects a shared commitment to ensuring that environmental protection, climate resilience, and economic growth advance together,” Mr. Go said. — Justine Irish D. Tabile
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