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This study evaluated the growth and cost efficiency of tilapia (Oreochromis niloticus) and milkfish (Chanos chanos) fed three feed types used in cage farming in Taal Lake, Batangas, Philippines to serve as baseline information for cage aquaculture regulations. O. niloticus and C. chanos were reared in net cages fed three feed treatments: extruded floating feed (EFF), slow-sinking feed (SSF), and sinking feed (SF). Growth performance, feed conversion ratio (FCR), yield, and cost efficiency were compared at harvest. Results of the study showed that EFF had significantly higher mean weight gain, absolute growth and specific growth rate, biomass harvest, percentage good size fish, and FCR than SF in both O. niloticus and C. chanos (P<0.05), but had no significant difference with SSF in terms of growth parameters (P>0.05). FCR and biomass harvest were significantly higher in EFF than SF in O. niloticus (P<0.05) but were not statistically different in C. chanos (P>0.05). Survival rate was not significantly different among feed types (P>0.05) in both species. Net profit was significantly higher in EFF than the other feed types (P<0.05). At the same volume of fish production in the lake, the use of extruded floating feeds in cages lessened the feed cost by 17.91-29.44% for higher net returns and decreased feeds use by 19.64-30.0%, which could minimize negative impacts on the lake water environment. The results of the study revealed the comparative advantage of floating feeds over slow-sinking feeds and sinking feeds and is therefore recommended as the ideal feed type for cage farming in the lake. 1 . I N T R O D U C T I O N The Philippines ranked 11th among aquaculture producing countries in the world in 2015 with a production of 781,798 metric tons valued at US$ 1.87B (FAO 2017). Milkfish (Chanos chanos) and tilapia (Oreochromis niloticus) are the 2nd and 3rd among cultured species produced in the country with a combined production of 657,133 metric tons in 2016 (BFAR Fisheries Profile 2016) with a percentage share of 82.51% of aquaculture production excluding seaweeds. Among culture environments in the country, inland waters, particularly lakes, are rapidly becoming the major source of production for aquaculture with 97,568 metric tons production in 2016 (BFAR Philippines Fisheries Profile 2016) representing 12.25% of the national aquaculture production. Taal Lake, the third largest lake in the country, is one of the important freshwater inland waters because of the rapid development and expansion of cage aquaculture. It is now a major producer of O. niloticus and C. chanos in the country with 72,393 metric tons of O. niloticus and 12,880 metric tons C. chanos produced in 2016 (BFAR Philippine Fisheries Profile 2016; PSA 2016). This represents about 6.07% of the total aquaculture production in the country and specifically, 27.95% of O. niloticus and 3.24% C. chanos. The rapid development of cage aquaculture in inland waters such as Taal Lake has led to a significant contribution to fisheries production. However, the large volume of production in these aquatic environments also reflects the high volume of feeds used for rearing fish, a major concern for Taal Volcano Protected Landscape-Protected Landscape Management Board (TVPL-PAMB), the management board overseeing Taal Lake and its watershed. Feeds is The Philippine Journal of Fisheries 25(2): 41-56 DOI: 10.31398/tpjf/25.2.2018A0008 July-December 2018

Growth performance and cost efficiency of tilapia (Oreochromis niloticus) and milkfish (Chanos chanos) fed extruded floating and non-floating feeds reared in net cages in Taal Lake