Economy
Apart from being the provincial capital, Laoag City is also the center of the fast developing North Luzon Growth Quadrangle http://www.northquad.gov.ph/. The city is situated in a strategic area close to the economic centers of East Asia and is reachable in 45 minutes by plane from Manila. Having critical infrastructure such as the Laoag Airport at Gabu and the Currimao Port makes Laoag the port of entry of goods and services complemented by an extensive road and highway system that connects it to other cities. An extensive banking system is also found in the city with an impressive number of twenty-five different local, domestic, and foreign banks ready to serve any financial needs.
With a 12,747.35m total land area, Laoag City provides a large opportunity for economic expansion. The historic scenic tourist spots, availability of internationally competitive accommodations and facilities, and the presence of supportive national government agencies, makes Laoag an ecotourism center, as classified by the Department of Tourism. The Northwestern Luzon Growth Quadrangle, fondly called the NORTH QUAD, also aims to develop rural areas through an integrated countryside agri-industrial development approach with emphasis/focus in attaining sustainable and equitably growth; increase the productivity of agriculture and fisheries; encourage industrial competitiveness in the local and foreign markets like Taiwan, Japan, South Korea and Hong Kong. Plans are also being undertaken for the establishment of an ECO-TOURISM village, which will showcase the rich cultural heritage of the Ilokanos and the local industries.
Laoag and the surrounding municipalities also bolster a strong workforce. A proposed industrial park name "Laoag Ecozone" is set to rise within the city limits to host manufacturing companies. Opposite the industrial site will be housing projects and along the national highway going to the Laoag International Airport are rural barangays to become residential zones. At present, most industries in the city are small-scale consisting of small-scale food processing factories, rice mills, jewelry-making, hollow blocks factories and metal crafts.
The city is also in the forefront of green-technology after Danish investors set-up the first wind-driven powerplant in Southeast Asia. The 25-megawatt plant cost $47.6 million US Dollars and an $11 million US Dollar expansion is concurrently under construction, which is set to quadruple the capacity.
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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)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“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)