MANILA— Senator Francis “Kiko” Pangilinan has filed two measures seeking to expand formal financing opportunities for small-scale fisherfolk, citing their role in the country’s food production and food security.

Pangilinan filed Senate Bill Nos. 2513 and 2514 on September 29 to address financing difficulties faced by small-scale fishers, particularly those who lack conventional collateral and have uncertain incomes due to weather conditions, fluctuating fish catch and fuel costs.

“Ang pinakamagandang paraan para mapakita natin ang pagpapahalaga natin sa ating mga mangingisda ay bigyan sila ng patas at abot-kayang access sa puhunan,” Pangilinan, chair of the Senate Committee on Agriculture, Food, and Agrarian Reform, said.

SB 2513, or the “Fisherfolk Credit Empowerment through RA No. 11901 Amendment Act,” seeks to amend the Agriculture, Fisheries, and Rural Development Financing Enhancement Act of 2022.

The measure would require that at least 10% of the 25% credit quota that banks are mandated under Republic Act No. 11901 to allocate from their total loanable funds for agriculture and fisheries financing be devoted exclusively to fisheries and aquaculture-related projects.

At least half of that allocation would be made available to small-scale fisherfolk.

Under the proposed allocation, fisheries and aquaculture projects would receive at least 2.5% of a bank’s total loanable funds, with at least 1.25% going to small-scale fishers.

SB 2514, meanwhile, or the “Fisheries Asset Collateralization Act,” would amend Republic Act No. 11057, or the Personal Property Security Act.

The bill would allow movable assets owned by small-scale fisherfolk—including boats, fishing gear, cold storage, receivables from fish sales and future catch—to be registered and used as collateral for loans.

Pangilinan said the measures are intended to address the reliance of some fisherfolk on informal lenders, which can expose them to high interest rates and debt.

He said improved access to financing would allow fishers to invest in equipment, boat repairs and upgrades, post-harvest facilities, cold storage, aquaculture and other livelihood activities that could increase productivity and income while supporting sustainable fisheries.

Pangilinan also linked access to credit with the country’s food supply, saying difficulties in obtaining financing could affect fish production and ultimately push up market prices.

“Kapag hindi natutulungang makautang ang mga mangingisda para magkaroon sila ng kapasidad na makahuli ng mas madami, apektado ang supply ng isda. At kapag ganyan ang nangyayari, tataas na naman ang presyo sa merkado at mas kakaunti na naman ang kakayaning bilhin ng ating mga mamimili,” Pangilinan said.

The senator said small-scale fisherfolk remain a critical part of the fisheries sector despite continued difficulties in accessing formal financing and productive resources.

“Para maging food-secure ang Pilipinas, kailangang palakasin natin ang mga taong mismong gumagawa at nagbibigay ng pagkain—ang mga magsasaka at mga mangingisda. Kapag sila ay may sapat na suporta mula sa gobyerno, tiyak na kaya nilang paramihin ang kanilang mga huli at palakasin ang ating food supply,” he added.