PAGADIAN CITY (Darwin Wee / 20 Sept) Zamboanga Peninsula has posted a remarkable growth rate of 7.2 percent in its gross regional domestic product in 2005, the highest among all regions in the Philippines, officials said on Wednesday.
Officials have cited statistics from the Zamboanga Peninsula, which comprises the provinces of Zamboanga Sibugay, Zamboanga del Norte, Zamboanga del Sur and Zamboanga City, and said that the figure was boosted by sustained increase in trade and economic activities in the agro-fishery sectors.
"The strong regional growth performance of Zamboanga Peninsula clearly indicates a bullish regional economy ready to compete in a wider globaltrading arena," Virgilio Leyretana, chairman of the Mindanao Economic Council, said during last week's Regional Peace and Development Forum here.
The GRDP is a measure of the total economic activity within a region, and corresponds to the Gross Domestic Product (GDP) at national level. It is often used as an indicator of economic welfare of a region, it represents the sum of all value added earned by the production of goods and services within a certain region over a period of time, where value added is defined as income less intermediate costs.
The Zamboanga Peninsula region is home to the country's leading sardines' canneries and contributes substantially in the production of aqua-culture products such as seaweeds, one of Mindanao's export commodities.
The region location is also strategic within the East ASEAN region considering that Mindanao has the geographic advantage and potentials to bea transshipment center of trade in the Brunei-Indonesia-Malaysia-Philippines-East ASEAN Growth Area (BIMP-EAGA).
Mindanao is currently directly linked to Sabah, Malaysia through a weekly passenger ferry service between Zamboanga and Sandakan, while resumption of direct air links is currently being worked out. (With reports from the Mindanao Development Council)
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