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"The strong regional growth performance of Zamboanga Peninsula clearly indicates a bullish regional economy ready to compete in a wider global trading arena," said Undersecretary Virgilio Leyretana, MEDCo chair, during the Regional Peace and Development Forum in Pagadian City last week.
Data collated by MEDCo showed that Zamboanga Peninsula's gross regional domestic product (GRDP) growth rate surged to 32 percent last year compared to 29.9 in 2004.
The GRDP is a measure of the total economic activity within a region, and corresponds to the gross domestic product (GDP) at the national level. 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.
According to Undersecretary Renato Ebarle, MEDCo vice chair who is coordinating the office's activities in western Mindanao area, attributed the region's economic performance to the "Super Region" strategy of President Gloria Macapagal-Arroyo. The President's move identified Mindanao as priority area for agri-investments.
The peninsula region is home to the country's leading sardines canneries. It also has substantial contribution in the production of aqua-culture products, like seaweeds, one of Mindanao's leading export commodities.