Benguet - Economy

Economy

Agriculture, mining, and tourism are the major industries in Benguet. Because of its temperate climate and high altitude, Benguet is an ideal place for producing vegetables. Benguet is often called the Salad Bowl of the Philippines. During February 2007, Benguet suffered crop damage due to freezing temperatures in the area, reaching as low as 5 Celsius and even lower in some areas, and important crops like cabbages were damaged. Major crops include potatoes, Baguio beans, peas, strawberries, cabbage, lettuce, and carrots. Other agricultural-related activities are monggo processing, fruit preservation, peanut brittle manufacturing, broom making, basket weaving, and flower growing. Apisang (scientific name: Pittosporum resiniferum), a plant endemic to the Philippines, is also being grown in Kapangan and Kibungan towns as a potential alternative source of fuel and energy, rivaling the overhyped jatropha biofuel plant.

Mining is another major industry of Benguet, which is one of the country's leading gold producers. The Benguet Corporation one of the Philippines largest diversified conglomerates was founded to exploit mines in Benguet Province. Other mineral deposits are silver, copper, pyrite, and limestone. Silversmithing is a large industry in Benguet, and many entrepreneurs sell silver works at lower prices in Baguio City, compared to Manila. In 2006 alone revenues from mining reached a stunning four billion pesos, and yet this figure comes from just two-Lepanto Consolidated Mining Corporation and Philex Mines- of the many mining firms operating in the province. Nevertheless, the province's mining vigor has never translated into better quality of life of the Benguet people, simply because a bulk of the mining firm's taxes are not paid directly to the province. The two mining corporations, like many others around the country, have principal offices in the City of Makati, a set-up that makes Makati the prime mining tax beneficiary.

The presence of Baguio City in Benguet draws a large number of tourists from the lowlands. Often, people who go to Baguio also explore the province, especially the strawberry and vegetable plantations in La Trinidad. (See also the Tourist Attractions section below.)