The ornamental fish business is a lucrative industry worldwide with huge prospects for livelihood and trade, but the Philippines has not developed this industry to its full potential due to some constraints. This study was conducted to assess the ornamental fish industry in the Philippines using purposive survey interview and focal group discussions in major production areas in the country to determine aspects for development. Information on key stakeholders in the marine and freshwater ornamental fish sector; quantity and value of production by region and by species; and trade were generated from the study. Approximately 8,911,879 pieces of marine ornamental fish were exchanged per year, contributing to PHP 137,165,576 in the country’s annual trade. Production of freshwater ornamental fish was 14,304,739 pieces valued at PHP 145,958,667. The bulk of marine ornamental fish supply came from regions with coral reef areas teeming with marine ornamentals, namely: Regions IV-A (65.56%), III (23.18%), and VII (4.63%). Freshwater ornamental fish were produced mainly by Regions IV-A (34.29%), XI (35.41%), VI (11.96%) and III (10.43%) which have existing local markets. The center of trade for marine ornamental fish is Metro Manila and Cebu City due to the presence of international airports. Meanwhile, freshwater ornamental trade is concentrated in major cities and municipalities given the significant number of local hobbyists. An ornamental fish development program is needed to attain the full potential of the industry with an emphasis on (1) captive breeding of marine ornamental and freshwater indigenous fish, (2) tapping the export market for freshwater ornamental fish, and (3) promoting the sustainability of wild-caught marine ornamental fish.