Maliputo (Caranx ignobilis) is a high-value food fish in the Philippines with limited studies on market potential. This value chain analysis study was conducted to understand the industry, to identify the key actors, supply and value chain, and to identify issues and concerns to support the development of C. ignobilis industry. A survey interview was conducted using purposive sampling in nine maliputo-producing regions with 224 respondents, and focus group discussion validated the analyzed data. Key chain actors identified are fishers, fish cage operators, fish buyers categorized as small-scale (local vendors and peddlers) and large-scale intermediaries (commission agents and wholesalers), and processors (restaurants and resorts). Annual production was 188,722 kg valued at PHP 33,752,859.79 with 58.12% coming from capture fisheries and 41.88% from aquaculture. Major producing regions for captured and cultured C. ignobilis are Regions 2 (Cagayan), 6 (Iloilo), and 3 (Central Luzon). The industry’s value chain map showed a gross value addition of PHP 116.58, 135.65, 75.04, 23.58, and 749.71 per kg maliputo for capture, aquaculture, small-scale fish buyer, large-scale fish buyer, and processors, respectively. Processors attained the highest net returns while fishers got the lowest. This study noted that C. ignobilis is a non-target species in capture fisheries resulting in an inconsistent supply of the fish. For aquaculture, there is a need to improve its culture technology, develop seed production technology, and formulate an artificial diet. Various upgrading strategies to improve the industry and to increase the benefits derived by the key actors had been identified and presented in the paper.