ISTANBUL

The Asian Development Bank (ADB) has committed $400 million to aid blue economy projects in the Mindanao Islands of the Philippines, according to a statement Thursday.

Bangsamoro Autonomous Region in Muslim Mindanao Chief Minister Abdulraof Macacua said it means "more funding opportunities for coastal areas in Mindanao like ours in Basilan, Sulu, and Tawi-Tawi."

Macacua participated in the 16th BIMP-EAGA (Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area) Summit on Tuesday in the Malaysian capital of Kuala Lumpur as part of a Philippine delegation led by President Ferdinand Marcos Jr.

The money will help the Philippines’ projects in Mindanao and Palawan that are focused on the blue economy and marine conservation.

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," said Macacua, expressing the belief that the funding "can significantly contribute to enhancing livelihoods in the Bangsamoro coastal communities."

The blue economy is the sustainable utilization of the ocean's resources for economic growth, improved livelihoods and jobs while preserving the health of the ocean ecosystem, according to the World Bank.