Fish aggregating devices (FADs) are deployed to aggregate fish over a limited area to improve fish catch. Fish enhancing devices (FEDs), which are FADs deployed in no-fishing areas, are fast gaining popularity as a fisheries management tool in the western Pacific. Yet, the impacts of utilizing FADs and FEDs are not yet well understood. In this work, we used a mean-field model to assess the effects of utilizing FADs and FEDs on stock biomass and catch. Our results indicate that using FADs enhances catch per boat when total fishing pressure is low, but can exacerbate fishery collapse when fishing effort is high. On the other hand, a FED-based system can increase the resistance of the fishery to collapse. A FED-based fishery may thus serve as pelagic marine protected areas and/or refugia. In a quota-based system, where fishing time is tied to catch quota, a phase transition occurs: both catch and biomass abruptly shift to low levels without warning. Deploying FADs to act as FEDs in a high quota fishery can prevent this phase transition resulting to a stabilizing effect.