Predation and competition are among the most important factors affecting sandfish, Holothuria scabra, growth and survival in ocean‐based production systems. In this study, the potential predators and competitors of sandfish juveniles reared at two sites in the Philippines using the floating hapa ocean nursery system were assessed. A total of 26 species of potential predators and competitors from 16 different families of fishes, molluscs and crustaceans were recorded. These taxa were dominated by the opisthobranch Stylocheilus striatus at Bolinao (north–west Luzon) and the isopod Cymodoce sp. at Maliwaliw (eastern Visayas). Highest number of potential predators and competitors that recruited and/or migrated to the inside of floating hapa nets was recorded on day 23 at Bolinao and day 30 at Maliwaliw, then decreased over the 69‐day duration of the study. Mean length, absolute growth rates (AGRs) and survival of sandfish juveniles reared in floating hapas at the two sites varied during the study. AGRs were highest at 1.17 ± 0.06 mm day−1 at Bolinao, and 1 ± 0.08 mm day−1 at Maliwaliw, by days 23 and 60, respectively. Mean lengths of sandfish juveniles reared at Bolinao and Maliwaliw by the end of the study were 46.7 ± 0.15 and 58.8 ± 2.4 mm, respectively, and survival at both sites was high at 96% by the end of the study. Negative correlations were observed between the number of individual predators and competitors, and survival and growth rates of sandfish juveniles reared at Bolinao and Maliwaliw, respectively. Our results highlight the importance of predator and competitor management measures and appropriate site selection to optimize growth performance and survival of sandfish juveniles reared in ocean‐based culture production systems.