- Posted February 6, 2013 by
General Santos City, Philippines
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Travel photo of the day
Philippine Tuna Industry still catching the vulnerable 'Big Eye'
In December 2012 Asia-Pacific fishing experts warned against depleting tuna stocks, saying the region needs to reduce its catch of the vulnerable bigeye species by 30 percent.
Fishing is a $1.23 billion industry in the Philippines, contributing about 4% of the country’s GNP. With an annual production volume of 2.4 million metric tons of fish, it directly provides livelihood and employment to over one million Filipinos. Tuna is among the 200 or so species of fish found in the country that have high commercial value. The Philippines ranks 7th among the top tuna producing countries in the world, both in terms of fresh/frozen tuna and canned tuna. According to American economist Nouriel Roubini, Philippines and Indonesia as the new tigers of Asia as they defied global economic trends, recording impressive growth rates, hitting historic highs in their stock markets, and attracting foreign direct investments. Economy in the Philippines grew at a faster-than-expected rate of 6.6 percent in 2012, making it one of the best performing economies in Asia. The gross domestic product (GDP) growth was better than economists' projections and the government's target of 5 per cent to 6.3 per cent.