RP eyes part of $400-million fund for Coral Triangle Initiative

MANILA, Philippines - The Philippines is hoping to get some financing from a $400-million global fund for the Coral Triangle Initiative spearheaded by the World Wildlife Fund (WWF).

Environment and Natural Resources Undersecretary Manuel Geroche said the Philippines hopes to be able to tap the fund for at least two projects involving fish tagging and coastal resource management.

Geroche said the fund, will be largely concessionary as it is intended to help Coral Triangle countries deal with climate change and help them achieve sustainable management of their dwindling marine resources.

Geroche said negotiations will be done on a bilateral basis with each of the multilateral financial institutions contributing to the fund. These institutions include the Asian Development Bank, the World Bank, as well as individual funds such as the Global Environment Fund.

A two-day Coral Triangle Initiative Business Summit is being held at the Shangri-La Makati to engage the private sector in exploring “sustainable” business solutions and explore financial opportunities for profitable “green” investments that help conserve fragile resources in the Coral Triangle region.

President Arroyo opened the two-day summit, announcing the Philippines’ own effort to adopt a more sustainable fishing method through the use of circle hooks which targets specific pelagic fishes while sparing endangered turtle species.