This is an obscure Tagalog word that means “fishing” — which today is more often translated as pangingisda, from the word isda (meaning: fish).
See also mamamalakaya, pamalakaya
MGA KAHULUGAN SA TAGALOG
lakáya: pangingisda
lakáya: uri ng lambat na yarì sa sinamay o tela at karaniwang ipinanghuhúli ng maliliit na isda
pangingisdâ: panghuhúli ng isda
namalakaya, namamalakaya, pamamalakaya
I think a slightly better translation would be ‘net fishing’ as I have never seen or heard lakaya used to mean rod and string type fishing but rather when you drag a net in water with a boat.