Economy
Within the past three decades, its economy gradually shifted from agriculture to secondary/tertiary economic activities such as trading, commerce and services. The shift was ushered by Tuguegarao's role as the Regional Government Center and Center of Commerce in Northern Luzon.
Given its role as the seat of the provincial and regional government, the city serves as commercial and institutional hub. Thus, trade and service establishments together with industrial and tourism-related activities mushroom in the area. On the average, about 142 additional business establishments are registered every year reflecting an average increase of 7.83%. Thus, as of 2006, there were 5,709 registered business establishments for which more than half are located in the Poblacion and less than one-third (1/3) are in the urban barangays. Of the 5,709 registered establishments, 53.48% or 3,053 are wholesale and retail trade establishments. Financing, insurance and real estate firms contributed 488 or 8.54%, and the remaining 2,168 or 37.98% consist of service enterprises and social amenities to include business, recreational, personal, utility and other services. At present, there are 31 banks operating in the city.
As the Economic Center of Region 02, banking, educational and commercial entities proliferate in the city.
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Famous quotes containing the word economy:
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—Henry David Thoreau (1817–1862)
“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)
“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)