The rapid urbanization of cities often brings about complex mobility issues, such as traffic congestion that, when unplanned, results in decreased productivity and quality of life. While many cities have adopted smart city initiatives to capture and monitor mobility, applying these in a developing country context remains a challenge when infrastructure and high-resolution spatial and temporal data are lacking. In this work, we use GPS data obtained from probe vehicles (a mix of public and private transport vehicles) within the city of Baguio, The Philippines, to develop and propose the Zone-based Speed Index (ZSI), a mobility index based on the speed clusters observed in this city. The ZSI dynamically infers monthly speed thresholds to classify zones as fast or slow and successfully captures the decrease in vehicle mobility associated with the impact of typhoons and holidays. Thus, it can be used to characterize urban vehicle mobility with high (hourly) resolution. Insights from the use of our dynamic mobility index are useful in the development and optimization of transportation systems, in monitoring the ease of vehicle mobility, and in the performance assessment of smart city initiatives, which are much needed in tourism hotspots.