Challenge
There is a long tradition of fishing in the Philippines, however a growing population, a booming tourism industry, and increased industrialization of the fishing industry has depleted fish stocks. These challenges have been exacerbated by the use of unsustainable feed sources that pollute aquatic ecosystems. In 2018, a UN report warned that the Asia-Pacific region was at risk of running out of fish by 2048.
Solution and Impact
A partial credit guaranty is helping local businesses, such as Meliomar, advance sustainable fishing practices. Meliomar is a seafood processor that sources sustainable fish from environmentally friendly, small-scale fisheries. Meliomar, founded in 2013, is working to educate sellers and consumers about sustainable fishing practices, and to support local livelihoods by promoting fair wages for coastal fishing communities.
Meliomar was supported by a loan from the Meloy Fund, the world’s first impact investment fund dedicated to promoting sustainable coastal fisheries in Indonesia and the Philippines. With the support of the partial-credit guaranty, Meloy provided a loan to Meliomar to build new facilities, including a state-of-the-art tracking system to ensure all fish meet the highest environmental standards and all buyers know exactly where the fish is sourced.
Meliomar supplies sustainably sourced seafood to multiple local hotels.