Economy
Apart from being the provincial capital, Laoag City is also the center of the fast developing North Luzon Growth Quadrangle http://www.northquad.gov.ph/. The city is situated in a strategic area close to the economic centers of East Asia and is reachable in 45 minutes by plane from Manila. Having critical infrastructure such as the Laoag Airport at Gabu and the Currimao Port makes Laoag the port of entry of goods and services complemented by an extensive road and highway system that connects it to other cities. An extensive banking system is also found in the city with an impressive number of twenty-five different local, domestic, and foreign banks ready to serve any financial needs.
With a 12,747.35m total land area, Laoag City provides a large opportunity for economic expansion. The historic scenic tourist spots, availability of internationally competitive accommodations and facilities, and the presence of supportive national government agencies, makes Laoag an ecotourism center, as classified by the Department of Tourism. The Northwestern Luzon Growth Quadrangle, fondly called the NORTH QUAD, also aims to develop rural areas through an integrated countryside agri-industrial development approach with emphasis/focus in attaining sustainable and equitably growth; increase the productivity of agriculture and fisheries; encourage industrial competitiveness in the local and foreign markets like Taiwan, Japan, South Korea and Hong Kong. Plans are also being undertaken for the establishment of an ECO-TOURISM village, which will showcase the rich cultural heritage of the Ilokanos and the local industries.
Laoag and the surrounding municipalities also bolster a strong workforce. A proposed industrial park name "Laoag Ecozone" is set to rise within the city limits to host manufacturing companies. Opposite the industrial site will be housing projects and along the national highway going to the Laoag International Airport are rural barangays to become residential zones. At present, most industries in the city are small-scale consisting of small-scale food processing factories, rice mills, jewelry-making, hollow blocks factories and metal crafts.
The city is also in the forefront of green-technology after Danish investors set-up the first wind-driven powerplant in Southeast Asia. The 25-megawatt plant cost $47.6 million US Dollars and an $11 million US Dollar expansion is concurrently under construction, which is set to quadruple the capacity.
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Famous quotes containing the word economy:
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—Calvin Coolidge (1872–1933)