Manila, Aug. 13 -- The Philippines secured EUR200 million (PHP14 billion) from the French development bank, Agence Francaise de Developpement (AFD), to help strengthen the protection of its marine ecosystem resources and expand opportunities in the blue economy.

In a statement Thursday, the Department of Finance (DOF) said the amount will be used to fund the Marine Ecosystem for Blue Economy Development (MEBED) 1, which is expected to generate increased and sustainable livelihoods for over 3 million people, including fisherfolk, aquaculture operators, and tourism workers.

The initiative is co-financed by the Asian Development Bank (ADB).

"By securing our marine resources, we are protecting the livelihoods of millions of coastal reside...