Economy
Marinduque is an agricultural province, primarily growing rice and coconuts. Handicrafts from Marinduque are also exported to dıfferent parts of the world, and fishing is another important part of the economy. Mining was once an important player in the economy until a mining accident (the Marcopper Mining Disaster) occurred, bringing the industry to a standstill on the island and causing enormous damage to the people and the island. The provincial government has just recently sued Marcopper's parent company, Placer Dome, for $100 million in damages. Placer Dome was purchased in 2006 by Barrick Gold, who has now been joined in the lawsuit.
A significant role in Marinduque's economy is also played by tourism, especially during the lenten season. While this is not one of the larger parts of the island's economy, it has shown great growth. Recently, some residents are now engaged in butterfly farming. Butterflies are raised for export to countries in both Europe and the Americas. Locally, live butterflies are released in celebration on different occasions, such as birthdays, weddings, and some corporate events.
Read more about this topic: Marinduque
Famous quotes containing the word economy:
“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)
“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)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)