Costs and returns of three major stationary gears of Cabusao, San Miguel Bay, Philippines, are analysed. The gears discussed include fish corrals, liftnets and filter nets. Systems for allocation of fishing rights are presented and the returns of capital and labor determined based on the sharing system practiced for each gear. During the observation period, the fish corrals and filter nets earned pure profits in excess of their opportunity costs and the liftnets incurred pure losses.