Zambo Peninsula economic growth slows down in 2011 PDF Print E-mail
Saturday, 28 July 2012 14:02

Zamboanga Peninsula’s economic growth slowed down in 2011, officials said during a news conference at a hotel in this city last Thursday.

Regional Director Mewchun Pamaran of the National Statistics Coordination Board (NSCB) and Asst. Regional Director Renato Herrera, of the National Economic Development Authority-9 (NEDA-9), highlighted the conference by saying that the city’s economy grew minimally by 0.1 percent last year. They urged Zamboangeños to help in their own ways to make it better this year.

The economic growth rate decelerated from that of 2010 which is 3.6 percent brought about by the slump in the Industry and Agriculture, Hunting, Forestry and Fishing (AHFF) sectors so with the deceleration of the Service sector.

According to the Bureau of Agricultural Statistics, AHFF adversely pulled down the region’s economy caused by the decrease in fishery production which largely attributed to lesser number of fishing activities during 2011. The implementation of the BFAR moratorium during the last quarter of the year is also a reason in the decrease of production, especially commercial fish like tamban. This also has affected the sardines manufacturing which resulted to its minimal growth. There were also cases reported wherein fishing companies have to temporarily ceased operation due to peace and order resulting to zero fish catch.

Dr. Pamaran in an interview encouraged jobless people to find job for their salary to be captured and accounted in the city’s economy. If they can’t able to find jobs they are encouraged to go into business.

Gold sellers should sell to legal buyer, the Bangko Sentral ng Pilipinas (BSP) not in black markets for it to be captured in the economy, according to the officials.

The impact of the power outages also contributed to the decrease in economy where establishments’ need for electricity has to operate using barrels of oil that costs a big amount causing profit to turn into negative. This also made electricity, gas and water supply to plunge from 10.6 percent of 2010 to negative 0.2 percent of 2011.

Other services like beauty parlor, spa, and education lift up the economy to become positive. According to data presented.

In 2011, Zamboanga Peninsula ranked 16th in the national assessment of economic growth rate among 17 other regions. As for this year the economy of the region is at its stable state but authorities are eyeing for possible positive outcome this 2012. — Jeremiah A. Francisco/Darlene Christine Riza M. Cristobal/WMSU Masscom Journalim OJT