Feasibility of Pole-and-Line Fishery: Comparison of Milkfish (Chanoschanos, Forskal) and Anchovy (Stolephorussp) as Live Bait

This study was conducted from May to July 2019 in Bitung City, North Sulawesi Province using pole-and-line vessels in Bitung Fishing Port (PPS Bitung).The method used in this study is a survey method with case studies. Some of the analyzes used: (1) comparative descriptive analysis; (2) business analysis; (3) criteria analysis for investment.The objectives of this study are to compare the level of financial feasibility anddetermine the level of difference between pole-and-line fishing businesses that use milkfish seed and those that use anchovy. The calculation results of business analysis of pole-and-line businesses that use milkfish seed and anchovy are based on the criteria of the businesses in gaining profits and a fast payback period, with an ROI value greater than the capital expense. Investment feasibility is based on the criterion value of an investment, that is NPV>0, Net B/C > 1, and IRR value > 10% interest rate so that pole-and-line business units that use either one of those live baitsmeet the requirements, especially business units that use anchovy. However, milkfish seed still deserves a development as an alternative bait, especially in the condition in which anchovy is difficult to find.