This paper reviews the status of fishpen and fishcage culture in Laguna de Bay, with emphasis on its economic importance and the relative severity of the problems affecting its continued practice. The paper aims to provide an economic analysis that will help decisionmakers, stakeholders, and other interested parties make informed decisions and opinions on the conduct of the activity. Sources of data are the survey of fishpen and fishcage operators and their operations and key informant interviews conducted in 2007, records of government institutions involved in aquaculture in Laguna de Bay, and relevant published literature. The analysis shows that fishpen and fishcage culture in Laguna de Bay has important economic and social contributions to the lake municipalities and to the country. In particular, it significantly contributes to fish production, income, employment, and generation of public revenues. Furthermore, it helps supply cheaper fish to Metro Manila where a large segment of urban poor population resides. Because of these, caution must be exercised before any decision related to its reduction or termination can be made.