Economy
The total Internal Revenue Allotment (IRA) share of the municipality of Sogod for the fiscal year of 2011 was PHP 64,821,215.00 and PHP 16,122,286.86 for the local-sourced revenues making the municipality as the second-largest income-maker and IRA in the entire province of Southern Leyte. Also, it is one of the largest in the entire island and being competitive to other neighboring municipalities like Abuyog, Albuera, Bato, Baybay, Dulag, Hilongos, Liloan, San Juan, and Maasin City. The municipality is one of the fastest growing economies in the southern portion of Leyte, as it is very evident until today because many people from other communities gather in the public market and in the major groceries (like Joaquin Yap and Sons Marketing, Inc. (JYSMI), PANELANS and the Antonio Palanca Remedios Aquino (APRA) Grocery) to meet their local necessities and to sell their products and produce. Fishes, meat, vegetables and rice are also abundant in the public market of Sogod because there are many consumers and they can afford to transfer their produce from their area to the market easily by well-maintained roads and infrastructure that leads to the poblacion.
A majority of the people living in the Pacific Coast and the Panaon Island choose Sogod as their choice because of its proximity and location than commuting to Maasin City due to its location, being the farthest area of trade. The municipality is also booming due to the heavy migration that the municipality has encountered, seeking a better future in the municipality.
Despite its economy, the town is facing a major face-lift, as the town undergoes construction of several buildings like banks, cooperatives, restaurants and a mall. Gaisano Capital Group, one of largest shopping mall chains in the country, opened its first constructed mall in the province one June 10, 2011 during the town fiesta and can be found at the corner between Benito Faelnar Circumferential Road and Bagares Street, Barangay Zone V.
Read more about this topic: Sogod, Southern Leyte
Famous quotes containing the word economy:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“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)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)