Sun. Mar 29th, 2020

Another Filipino fishing company to buy Palau’s fishing days

Another Filipino firm is keen on purchasing Palau’s fishing days under its vessel-day scheme (VDS) Palau Minister of Natural Resources, Environment and Tourism Umiich Sengebau confirmed last week.

Trans Pacific Corporation is the second company from the Philippines interested in buying Palau’s fishing days and also fishing in the island nation’s waters, Sengebau stated.

Sengebau said Trans Pacific is another big fishing company in the Philippines and although they are puchasing in other Parties to the Nauru Agreement (PNA) waters, the company have not conducted any fishing operation here.

Palau is a member of PNA, which allocates tuna fishing quotas under its vessel-day scheme (VDS).

Sengebau said the VDS has reaped huge economic benefits for Palau and the PNA countries.

“What is bringing in tuna revenue is the VDS. Under the scheme foreign fishing nations doesn’t have to necessarily fish in Palau,” Sengesau stated.

Revenue to PNA countries has risen from $US60 million to almost $US500 million since the implementation of the scheme.

The PNA controls the world’s largest sustainable tuna purse-seine fishery. The PNA’s VDS for purse-seiners sets a limit on the number of fishing days allowed in the region,

The first Philippine fishing company which purchased Palau’s fishing days is RD Fishing Group, based in General Santos

Palau earns more than USD 5 million (EUR 4.1 million) annually from its tuna fishing days, according to the PNA. (Bernadette Carreon)