Economy
Industry
Agriculture is the primary economic resource, with the production of rice, corn, coconut, fruit and root crops. Special programs like the Plant-now-Pay Later and Grains Production Enhancement Program are made available for local farmers; the City Livelihood Development Assistance Program (CILDAP) extends loans to those who need financial assistance for their livelihood. Production of livestock such as hogs, goats, cows and poultry is also a growing local industry.
Production of raw materials like seaweeds, coco processing, cassava constitute a large part of the local economy; small-scale manufacturing of furniture and decors made out of wood, bamboo, rattan, steel and plastic; handicrafts made out of bamboo, rattan, coco shell, wood, marine shell, ceramics, and weaving.
Pagadian Bay and the outer Illana Bay (Iranun Bay) abounds with a wide variety of fish species and crustaceans; seaweed culture farming is flourishing in waters off the bay while fishponds near or along the bay yields milkfish, prawns and crabs. A number of large deep-sea fishing vessels that venture into the Sulu Sea and farther off to South China Sea make Pagadian fishport their base of operation.
Another income-generating industry is mining. The mining area located 1.5 km southeast of Barangay Lison Valley proper approximately forty-nine kilometers from the city proper yields gold, copper and molybdenum.
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Famous quotes containing the word economy:
“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)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“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)