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Fisheries earnings hit P200M

The Philippine Fisheries Development Authority recorded significant growth in its operating income in 2020.

The PFDA, a government office endowed with corporate powers by the Department of Agriculture, shared its database showing a 9.32 percent increase of operating income in 2020 with P198.05 million, compared to P181.16 million in 2019.

“This, despite the economic challenges brought by the emergence of the coronavirus disease 2019 (Covid-19) pandemic early in the year,” the PFDA said.

The Earnings before Interest, Taxes, Depreciation, and Amortization climbed by 14.5 percent to P265.2 million in 2020, from P231.4 million in 2019. This record successfully surpassed the Governance Commission for GOCCs-approved EBIDTA target of P143 million.

Based on record, the PFDA’s total assets increased by 37.34 percent, equivalent to P4.7 billion, outperforming 2019’s P3.4 billion.

The agency said that this figure speaks highly on their financial capacities as they provide public service amid the global health crisis.

“Throughout one of the most challenging years in history, the agency persevered to promote and develop the fishing industry, as well as contribute to the nation’s food security,” the statement said yesterday.

For 2021, the PFDA remains confident that it will yield another good result. In the first quarter, it already recorded some P71.65 million in its operating income. This figure also surpassed the yield for the same period last year.

The DA, through the Bureau of Fisheries and Aquatic Resources, banners on making food security a possibility for the Filipinos.

It also campaigns for wider generation and production of aquatic resources as the country continues to struggle with the effects of the African swine fever outbreak.*PNA

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