Economy and Mining
The Province of Masbate is classified as a first class province.
Masbate is endowed with rich natural resources. In line with its agriculture are other industries such as large farming, livestock and poultry raising. Along its coastal areas, fishing industry predominates. Agricultural lands are planted with rice, corn, rootcrops and coconut.
Masbate ranks second only to Bukidnon in raising cattle. About 70% of these are sold to Metro Manila and other provinces in Luzon. Farming is the main source of livelihood. Copra is the leading product, followed by corn, rice and rootcrops. Fishing is a major industry along the coast.
Manufacturing firms are in the copra industry, handicrafts, furnituremaking and fish processing.
The province is surrounded with rich fishing areas where all kinds of commercial species of fish teemed in great abundance.
Rich minerals are found in the province. Masbate is described by geologists as a province sitting on a "pot of gold". Other minerals found in the area are manganese, copper, silver, iron, chromite, limestone, guano, and carbon.
Cottage industry such as furniture and cabinet making, ceramics, garments, handicrafts and metalcrafts, are likewise source of livelihood.
Read more about this topic: Masbate
Famous quotes containing the words economy and, economy and/or mining:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“Any relation to the land, the habit of tilling it, or mining it, or even hunting on it, generates the feeling of patriotism. He who keeps shop on it, or he who merely uses it as a support to his desk and ledger, or to his manufactory, values it less.”
—Ralph Waldo Emerson (1803–1882)