The paper describes the nature of the fishing grounds where the spiny dogfish shark (Family Squalidae) is being exploited. The modification of the drift tuna longline gear into a set bottom longline for exploring the resource in the adjacent waters of Panay Gulf is described. The paper also describes the construction and operation of a new type of set bottom longline for catching the shark in the adjacent waters of Batangas Bay. Previous catch records of the gear is also discussed. A part of the paper mentions the economic values of the shark, and the practice of processing the fish for the local market. The procedure of extracting the liver oil and its quality control for expert is also described. The profitability of the fishing venture is estimated side by side with the capital investment and the sales of "crude squalene oil" and other parts of the fish. The conclusion is that dogfish shark fishing is a profitable venture for fishermen.