Economy
Lipa’s proximity to the country’s capital, Manila, having an approximate distance of 86 kilometers or an hour and half drive via the Southern Luzon Expressway enhances its strategic access to development trends. It is fast emerging as a key city in the province, becoming a major institutional/administrative center, medical center, commercial center, financial center, agro-industrial center and residential center.
It is identified as an ideal hub and center of the CALABARZON Agro-Industrial Region in the Regional Physical Framework Plan of Region IV-A. In the recent past, Lipa is being transformed from basically agricultural to a highly urbanizing area. A significant portion of the agricultural land area of the city has been converted to residential subdivisions, industrial area with the establishment of LIMA Technology Center utilizing lands in the city and Malvar Municipality. Recently, the influx of business process outsourcing (BPO) firms such as call centers have contributed much to the growth of the local economy. BPO sites are scattered throughout the city. It ranked 6th out of 10 in the Top 10 next wave cities of 2010 by the Commission of Information and Communication Technology (ICCT).
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Famous quotes containing the word economy:
“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.”
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