(MENAFN) The Asian Development Bank (ADB) has pledged USD400 million in support of marine-focused initiatives across the Mindanao Islands in the Philippines, as revealed in a statement released on Thursday.

Abdulraof Macacua, Chief Minister of the Bangsamoro Autonomous Region in Muslim Mindanao, emphasized that the move opens up "more funding opportunities for coastal areas in Mindanao like ours in Basilan, Sulu, and Tawi-Tawi."

Macacua was part of the Philippine delegation led by President Ferdinand Marcos Jr. at the 16th BIMP-EAGA (Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area) Summit, held Tuesday in Kuala Lumpur, Malaysia.

The financial aid will support Philippine undertakings in Mindanao and Palawan that revolve around the blue economy and the preservation of marine ecosystems.

Macacua remarked that Tawi-Tawi, Sulu, and Basilan "have great potential when it comes to seaweed farming, fishing, and island tourism. That’s where we excel. That’s where our wealth lies. So, it’s only right that we also benefit from this kind of support," asserting that the investment "can significantly contribute to enhancing livelihoods in the Bangsamoro coastal communities."

As defined by the World Bank, the blue economy refers to the responsible and long-term use of ocean resources to drive economic expansion, generate employment, and improve community well-being, all while safeguarding marine ecosystems.

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