PAGADIAN CITY, 27 Apr (PIA) – The economy of Zamboanga Peninsula grew faster from a growth of 5.7 percent in 2021 to 7.5 percent in 2022, the Philippine Statistics Authority (PSA)-IX said in a news conference held recently in Pagadian City.
PSA IX Regional Director Mewchun WS. Pamaran said that the accelerated growth in the region’s economy in 2022 was caused by the expansion in most of the industries.
“Mining and quarrying had the highest increase with 93.1 percent, followed by other services with 35.6 percent, and accommodation and food service activities with 34.9 percent,” she revealed.
The data indicates also that agriculture, forestry, and fishing only had a growth rate of 0.5 percent in 2022 compared to mining and quarrying as mentioned. Meanwhile, the electricity, steam, water and waste management industry have a -5.5 percent growth rate.
Among the major propellers of the regional economy, data indicated also that the Services sector accounted for 52.9 percent share to the total regional economy, followed by the Industry sector with 29.6 percent share and the sector on Agriculture, forestry, and fishing with 17.5 percent share.
Pamaran said that given this data, Zamboanga Peninsula is considered a predominantly Service-based economy. She explained that Services expanded by 10.4 percent in 2022, which was higher than 6 percent in 2021.
“This was mainly attributed to the growth observed in all of its sub-industries, wholesale and retail trade; repair of motor vehicles and motorcycles, with 22.6 percent share to the regional economy, grew by 10.6 percent in 2022 from 4.6 percent in 2021,” she said.
With the outlook of a Service-based economy, Susan C. Valerio of the National Economic Development Authority (NEDA)-IX, encouraged the promotion of the tourism industry with ZamPen products being served during meetings and gatherings.
“That’s the way for us to boost the economy. That’s the meaning of what this Growth Regional Domestic Product. The 2022 7.5 percent at constant growth rate 2018 prices means that around 427 Billion pesos worth of goods and services were made or produced,” she said.
The overall estimations of PSA based on data indicated that of the 7.6 percent economic growth of the country in 2022, Zamboanga Peninsula contributed 0.2 percentage point while accounting for 2.1 percent share of the national Gross Domestic Product (GDP).
Among the 17 regions, Region IX ranked 10th in terms of economic growth in 2022. (EDT/RVC/PIA9-Zamboanga del Sur)
