Economy
The economy of Baguio is centered on tourism and its educational institutions, of which it has at least eight colleges and universities, as well as a plethora of trade and technical schools. Based on the latest census done in 2007, almost half of the city's population are students, many of whom come from nearby provinces, with numerous foreign students to add to the diversity.
Another key source of income for Baguio is its position as the commercial hub for the province of Benguet. Many of the agricultural and mining goods produced in Benguet pass through Baguio for processing, sale or further distribution to the "lowlands."
The city is also a major retail center for the Cordilleras and Ilocos provinces, with shoppers coming to the city to take advantage of the diversity of competitively priced commercial products on sale, many of which would otherwise only be available in Manila. The city is also popular with bargain hunters—some of the most popular bargaining areas include Baguio Market and Maharlika Livelihood Center. Despite the city's relatively small size, it boasts numerous shopping centers and malls catering to increasing commercial and tourist activity in Baguio: these include SM City Baguio mall, Baguio Center Mall, Cooyeesan Hotel Plaza, Abanao Square, Maharlika Livelihood Center, Porta Vaga Mall and Bonchic bargain center.
Various food and retail businesses run by local residents proliferate, forming a key part of Baguio's interesting cultural landscape. Some of these include Tiong San chain of department stores and supermarkets, Sunshine Supermarket, Star Cafe, Country Mart, the famous Rose Bowl Restaurant, Good Taste, Marosan's, Patao's, eateries along Bonafacio, Session Road, near Teacher's Camp, Baguio Fastfood Center near the market and many others.
The areas of Session Road, Harrison Road, Magsaysay Avenue and Abanao Street comprise the trade center of the city. It is in these areas where commercial and business structures abound. First-class cinemas, hotels, restaurants, department stores, and shopping centers are to be found in this area. Shopping at the famous City Market offers one a wide array of locally sourced goods and products: everything from colorful woven fabrics and hand-strung beads to primitive wood carvings, cut flowers, strawberries and "Baguio" vegetables, the latter often denoting vegetable types that do well in the cooler growing climate. (Strawberries and string beans—referred to as 'Baguio beans' across the Philippines—are shipped to major urban markets across the archipelago.)
Baguio is home to one of the country's most profitable and best investment areas, a Philippine Economic Zone Authority (PEZA) location called the Baguio Economic Zone (BCEZ). Located in the southern part of the city between Camp John Hay leisure resort and Philippine Military Academy at Loakan. Firms located in the BCEZ mostly produce and export knitted clothing, transistors, small components for vehicles, electronics and computer parts. Notable firms include Texas Instruments Philippines which happens to be the second largest exporter in the country, MOOG, and Sitel.
Read more about this topic: Baguio
Famous quotes containing the word economy:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“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)