ZamPen posts 12.4% economic growth in 2012; fastest among 17 regions

By Michael Vincent D. Cajulao

  

ZAMBOANGA CITY – Zamboanga Peninsula’s economic performance showed tremendous improvement from 2011 to 2012, according to the National Statistical Coordination Board (NSCB) IX.

NSCB IX Regional Head Mewchun Pamaran, during the simultaneous nationwide media conference last July 25, broke the good news saying, “I am very proud to announce to you that our region’s economy performed tremendously last year posting 12.4 percent growth as compared to 2011’s 0.1 percent.”

Pamaran added that among 17 regions in the country, ZamPen’s 12.4 percent growth rate is the fastest in 2012.

Pamaran attributed the big improvement to the impressive performance of the industry and service sectors, two of the three sectors comprising the region’s economy, which include agriculture, hunting, forestry and fisheries.

In a comparative data released by NSCB, the industry and service sector showed increases from 2010 to last year. However, the agriculture and fisheries sectors declined from 2011’s performance.

The industry sector, which accounts for 34.8 percent of the region’s total economy, leapfrogged from just 1.5 percent growth in 2011 to a whopping 31.6 percent last year, with manufacturing subsector accounting for 27.4 percent. The service sector remained on top posting 42.7 percent growth of the region’s total economy, and Agriculture, Hunting, Forestry, and Fishing (AHFF), accounting for 22.5 percent.

The sudden surge in the industry sector, according to Pamaran, is attributed to the increased production of canned sardines. Construction, which is under the service sector, has also rebounded from a double digit deficit in 2011 of -12.3 percent to 28.3 percent last year as public and private construction increased.

Ms. Pamaran said the region’s contribution to the national economy is valued at P138 billion, which accounts for 2 percent of the national economy which is over P6 trillion.

“In terms of national contribution, our economy is at the 11^th place among the 17 regions. We improved slightly from the 12^th place in 2011. NCR has remained the biggest contributor in our national output accounting for 35.7 percent. We really hope that we can continue this improvement and become one of the key contributors in the national economy,” Pamaran said.

Rounding up the top five fastest growing regions in 2012 are CARAGA in second place with 10.6 percent, followed by Central Visayas posting 9.3 percent, Cagayan Valley with 8.2 percent, and SOCCSKSARGEN with 8.1 percent growth. (PIA9)