The study focused on grouper as the subject of value chain with study site in Palumbanes Island, Caramoran, Catanduanes. Both qualitative and quantitative approaches were used in data gathering and interpretation of results. Triangulation involving interviews, observation, and focus group discussion was conducted. Findings of the study revealed that fishing is the major source of livelihood in the area. Fishermen, dominated by male, started fishing at a very early age. Their household income is highly variable that is reliant on the volume of catch, the species, size and quality of caught live grouper, the season when live grouper was caught, and the market demand for live grouper. Thus, some housewives put up small convenience store in the locality to augment family income while others rely on the government subsidy. The value chain of grouper was identified with fishermen as the point of entry. Its core processes include the input, production, collection, export, and retail. Each process involves value-added activities to maintain best quality and keeping the grouper alive until it reaches the consumer. There were four identified channels that describe the value chain of live grouper, namely: first, from the moment it was caught by fishermen, the live grouper is sold to the exporter’s buying station in Tabaco and then transported to Manila through air-freight where it will be exported to Hong Kong or China; second, fishermen sell the live grouper to the trader from the time it was caught, the trader sells it to the exporter’s buying station in Tabaco, Albay and then shipped to Manila and exported to Hong Kong or China through air-freight; third, fishermen sell the live grouper to the fisherman-trader, then to the exporter’s buying station, and then it follows the same path from Manila to China; fourth, when the grouper is dead due to sustained injury from fishing, it will end up as fresh fish and is sold to the local trader, and then to the local retailer, and finally to consumers. The marketing margin and marketing profit of major actors are dependent on the species of groupers being traded as well as the price of groupers imposed by the importing country.