The status and problems confronting the fisheries sector are discussed. An exploratory discussion of the five-year Fisheries Sector Program addressed on aquatic resources regeneration, conservation, and sustained management of coastal fisheries, production intensification in aquaculture within limits of ecological balance, and commercial fishing away from over-fished areas into the deeper water is made. Seafarming as one of the alternative livelihood for a large number of coastal subsistence fishermen is emphasized particularly in the 12 priority bays under the program to uplift their economic condition. Rapid resources assessment in the 3 priority bays during the first year of the program implementation pinpointed existing aquaculture practices, potential sites for Seafarming and recommended species for culture. The credit, extension services, and training components of the program are envisioned to enhance Seafarming development in the country.