Roman bats for easier credit access for fisherfolk

Fisherfolk in the province of Bataan and across the country may soon gain easier access to affordable financing under the proposed Fisheries Asset Collateralization Act (House Bill No. 4857), authored by Bataan 1st District Representative Tony Roman III.

Rep. Roman said the measure will empower small-scale fishers by allowing them to use their existing assets — such as boats, fishing nets, cold storage equipment, and even their catch — as collateral for bank loans. This innovation aims to break the long-standing cycle of dependence on informal “5-6” lenders who often impose exorbitant interest rates.

The bill complements the Personal Property Security Act (RA 11057), which recognizes movable properties as valid collateral, extending this benefit specifically to the fisheries sector. Congressman Roman said the move promotes fairer lending practices, improved livelihood stability, and financial inclusion among coastal communities.

“This law is for our fisherfolk — to make financing safer, fairer, and more accessible,” Roman said, adding that it will help ensure sustainable fisheries, strengthen cooperatives, and reduce poverty in coastal areas.

The initiative is aligned with the Blue Finance Act (HB 4856) and supports pro-poor, pro-environment, and pro-formalization programs that encourage long-term economic resilience in the fishing industry.