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The duly registered fishers, and accredited organizations, cooperatives of municipal fishers, and other people’s organizations which have municipal fishers comprising the majority of its members shall have the preferential right in the grant of exclusive fishery privileges by the Sangguniang Bayan to establish fish corrals and other regulated fishing engagements within the designated areas provided for in the Coastal Resource Management Plan. However, in the absence of such organizations and cooperatives or in case of their failure to exercise their preferential right, other parties may participate in the grant of exclusive fishery privileges as provided by law.