While it has been asserted that the greatest impact of the Agriculture Production Project (APP) should have been on milkfish productivity and production, the research conducted in Aklan indicates its strong and positive impact only in production. Few concrete impacts are visible in relation to the other areas of concerns. The findings in this paper imply that the original APP targets for fish production have been unrealistic. In addition, expectations on aquaculture industry to create widespread social and economic benefits are overrated as the very nature of the industry negates the possibilities for increased employment and income redistribution.