Economy
See also: Economy of the PhilippinesCagayan 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:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“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)