This study examines the knowledge, perceptions, and compliance of fisheries stakeholders with the seasonal fishery closure implemented in the Visayan Sea, Philippines. We interviewed 235 municipal fisheries stakeholders composed of municipal fishers, fish dryers, fish traders/fish brokers (regulated group) and local government units, Philippine National Police-Maritime Group/Philippine Coast Guard, and fish wardens (regulator group) in 12 coastal towns surrounding the Visayan Sea. Data from interviews were complemented by focus group discussions. Overall, municipal fisheries stakeholders have a fair knowledge about the SFC. The regulated group in the municipalities within Panay Island are more knowledgeable about the SFC compared to their counterparts in other areas. There is a positive correlation between the regulated group’s knowledge and perceptions about, and compliance, with the SFC. The lack of alternative livelihoods, uneven implementation of the SFC and poverty also influence compliance. Given our findings, addressing these factors is crucial to effective fisheries management.