Panguil Bay is a rich source of fishery and marine products. The bay is considered to be one of the richest fishing grounds in the country and is a major source of livelihood for many for artisanal fishermen from Ozamiz as well as the neighboring provinces of Lanao del Norte, Misamis Occidental and Zamboanga del Sur.

Guso or seaweed farming is also an important economic activity in the bay. About 160 hectares of Panguil Bay is used for growing guso. Some sections of the bay are also utilized for fishponds that produce bangus and prawn products.

Overfishing and the use of illegal and harmful fishing methods are major threats to the bay's productive existence. The sustainable use of the fishery resource of the bay is a concern currently being addressed both by the city and national governments.