This paper aims to describe the role of key players in the value chain for milkfish Chanos chanos (Forsskål, 1775) in a mariculture Park in Balingasag, Misamis Oriental in the Philippines with an emphasis on gender dimensions. It also estimates the value additions done by the key players and assesses implications on income distribution. Mapping the chain involved primary data collection through observations, key informant interviews, and focus group discussions. The big, medium and small-scale fish cage operators – 90 % men – are the key players in production. Along the chain are men and women milkfish brokers/traders, wholesalers, and retailers. Largely men created value additions; nonetheless, women’s involvement in the different nodes of the chain and their leadership in wholesale and retail trade are evident. While women’s labor is unpaid in small-scale operations, women’s contribution to the household economy convey to them empowerment in household relations and in community affairs. Findings also reveal that large and medium players are able to obtain higher income from mariculture operations. The perpetuation of poverty among small players that results from capital accumulation among big players is revealed when value additions along the chain are analysed "by what function" or "by whom" and "by how much".