Economy
The province's economic activity is highly concentrated in its capital city, Sorsogon City, and the towns of Bulan, Irosin, Gubat, and Matnog as well. Sorsogon Province is classified as 2nd class with an average annual income of ₱339.4M (C.Ys. 2000-2003). This is about ₱11M short for the province to attain 1st class reclassification which requires at least ₱350M average annual income.
The Province of Sorsogon indeed had a great contribution on the 97-percent growth in investments for the first quarter of 2008 and increasing tourism arrivals that buoyed the Bicol Region economy, despite the damage brought about by incessant rains and a rice shortage. This is according to the Quarterly Regional Economic Situationer (QRES) released by the National Economic and Development Authority (NEDA) Regional Office in Bicol (NRO 5).
Among the provinces, Sorsogon posted the highest growth (293% respectively) in investments from the previous year. Next to Sorsogon is Catanduanes that posted a growth of 280%. Albay contributed 39 percent to the region's investments and posted a growth of 221% from the preceding quarter.
“For the third time, Bicol Region hosted the kick-off of Asia's premier extreme sailing event, the Philippine Hobie Challenge last February 16 at Gubat, Sorsogon. This 260-mile journey from Gubat-Sambuyan-Bacsal-Marambut-Suluan to Siargao enticed both local and foreign water sports enthusiasts. It opened the opportunity for the municipality of Gubat to showcase the town's best,” the QRES stated.
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