Panguil Bay, an arm of the Iligan Bay, is a bay in Mindanao in the Philippines. The bay forms the natural boundary separating the Zamboanga Peninsula from the rest of the island of Mindanao. It borders the provinces of Misamis Occidental, Zamboanga del Sur, and Lanao del Norte. Important cities and municipalities on its coast are Ozamiz and Tangub in Misamis Occidental, and Tubod, the capital of Lanao del Norte.