Time-series analyses of the Peruvian-Chilean Eastern Pacific Fisheries output are presented. The paper discusses how human action and adverse environmental conditions have affected regional productivity levels and fish stock. It is shown that overfishing during critical environmental periods is the likely cause for fluctuations in regional output and the decline of Peru's fishing (anchovy) industry, in opposition to the theory that holds that stock depletion is caused solely by ENSO (El Nino/Southern Oscillation) events. Policy implications are drawn from empirical findings, ŝtressing the need for strict resource management and future restrictions on fish captures when ENSO events are highly probable.