Cagayan de Oro - Economy

Economy

See also: Economy of the Philippines

Cagayan de Oro is the Melting Pot of Mindanao because of its accessibility, business growth, attractions and notable warmth and hospitality of its people. It is also a business hub of Northern Mindanao region, considered as one of the most progressive and competitive cities in the country. It was recorded to have reached the annual income of 1.345 billion pesos as of the fiscal year in 2006. The city's economy is largely based on industry, commerce, trade, services and tourism.

Investment in Cagayan de Oro for the first six months of 2012 have reached 7.4 billion pesos outpacing the local government's expectation of to nearly 100 percent. Investments in the city is dominated by malls, high rise hotels and condominiums and convention centers. Revenue collections for 2011 pegged at 1.8 billion pesos. Cagayan de Oro is also a favorite destination among businessmen because of its stable peace and order, urban amenities, active private business sector, good banking system and credit facilities, strategic location of the city via international to domestic markets, center for transportation, malls and telecommunications.

With the ongoing construction of the Laguindingan International Airport located in the Municipality of Laguindingan, business analysts predict the entry of more foreign and local investments and an increase in tourism activity in the region will make Cagayan de Oro as one of the chief cities in the southern part of the Philippines.

Read more about this topic:  Cagayan De Oro

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)

    “It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
    —Henry David Thoreau (1817–1862)

    “Everyone is always in favour of general economy and particular expenditure.”
    —Anthony, Sir Eden (1897–1977)