#MINDANAO
This week I would like to take a look at the economy of the Zamboanga Peninsula or Mindanao’s Region 9. Composed of Zamboanga del Norte, Zamboanga del Sur, and Zamboanga Sibugay, this region includes the cities of Zamboanga and Isabela, Basilan, Pagadian, and Dipolog.
With a regional population of 3,875,576 based on the 2020 census, data from the PSA indicate that its economy grew by 4.6 percent in 2023 to a size of P447.32 billion, roughly half the size of the Davao region and northern Mindanao’s economies. Fifty-four percent of its economy is held by the services sector, with industry at 28.8 percent and agriculture, fishery and forestry at 17.1 percent.
Being a peninsula surrounded by vast waters including the large Moro Gulf, this economy holds much potential for even more growth through the blue economy leveraging on fisheries and related food production and processing that can drive investment. This, along with sustainable forestry and natural resources can provide livelihoods for many residents who do not live in its urban centers. Like other Mindanao regions, more manufacturing activities can maximize the value of its natural and agricultural resource base and further bolster employment and increase trade boosting the service sector even further.
The region hosts various cultural and natural attractions which include an impressive museum in historic Fort Pilar in Zamboanga City, a delightful melting pot, educational hub and culinary hotspot. I look forward to visiting this region again.
US Presidential debate
The recent presidential debate in the United States between former President Donald Trump and current President Joseph Biden left me slightly surprised because the early debate allowed these prospective frontrunners the opportunity to flex their capabilities ahead of other nominees before the formal nominating conventions of their respective parties. More than this, however, the significance of this event is that it pitted a former president against a current president. Both have had the experience of the presidency, allowing many to compare their responses against their presidential experience, policies, and perspectives into the future.
I will leave you to listen to the analyses and evaluations of American political pundits and analysts featured in different global media outlets. This being 2024, you all have the chance to watch the debates as replayed on online media platforms, and the analysts commenting on them.
What I would encourage you to take a deeper look into is how their proposed trade and economic policies will affect our economy and your businesses, especially if you are exporting or do business in the US or other countries. The impact on financial markets and interest rates may affect your borrowing costs. As a context, look at how the Trump administration’s tariff rate increases affected global trade and your businesses in 2019 and 2020.