Economy
Davao City is considered as Philippines' Asian City of the Future and the Crown Jewel of Mindanao since the city is the most important financial and trade center and the richest city in Mindanao by income. It is also the largest city in the BIMP-EAGA Economic Circle, a subregional economic cooperation initiative in Southeast Asia.
Like the rest of the country, Davao City operates on an economic system that is market-oriented, although pricing mechanisms remain regulated in a few sectors (particularly on basic commodities) to protect consumers. The competitiveness of the market has been enhanced through the dismantling of protection for "infant industries" and the breakdown of industries with monopolistic or cartel tendencies. As of year 2010, the city's agricultural sector accounts for roughly 48% of the city's economy, industrial sector at 16%, and commercial and service industries may account at around 35%.
The city government is marking P4.13 billion for this year's budget, about P80 million lower than last year’s, without introducing new taxes. In fact, Davao City is the fifth richest city in the Philippines, making the city as the richest in the country outside Metro Manila. Davao City ranked 87th as the world's fastest growing city by the City Mayors Foundation, which is based in London, United Kingdom and Freiburg, Germany. According to them, the city has a projected average annual growth of 2.53% during the 15-year period, which made Davao the only city in the Philippines to make it on the top 100.
Read more about this topic: Davao City
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
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—Henry David Thoreau (1817–1862)