Economy
The city is known as the "Banana Capital of the Philippines" due to numerous banana plantations scattered throughout the city. In fact, Panabo is the home of the world’s biggest banana plantation, which is owned by the Tagum Agricultural Development Company (TADECO), which covers around 6,900 hectares of banana fields and produce millions of boxes of export-quality bananas annually. The city itself cultivated 40% of its land or around 10,000 hectares into planting export-quality bananas, which is better known as "Cavendish Bananas". Thus, banana cultivation and exportation are the main economic lifeblood of the city.
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Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)