Economy
Davao City is considered as Philippines' Asian City of the Future and the Crown Jewel of Mindanao since the city is the most important financial and trade center and the richest city in Mindanao by income. It is also the largest city in the BIMP-EAGA Economic Circle, a subregional economic cooperation initiative in Southeast Asia.
Like the rest of the country, Davao City operates on an economic system that is market-oriented, although pricing mechanisms remain regulated in a few sectors (particularly on basic commodities) to protect consumers. The competitiveness of the market has been enhanced through the dismantling of protection for "infant industries" and the breakdown of industries with monopolistic or cartel tendencies. As of year 2010, the city's agricultural sector accounts for roughly 48% of the city's economy, industrial sector at 16%, and commercial and service industries may account at around 35%.
The city government is marking P4.13 billion for this year's budget, about P80 million lower than last year’s, without introducing new taxes. In fact, Davao City is the fifth richest city in the Philippines, making the city as the richest in the country outside Metro Manila. Davao City ranked 87th as the world's fastest growing city by the City Mayors Foundation, which is based in London, United Kingdom and Freiburg, Germany. According to them, the city has a projected average annual growth of 2.53% during the 15-year period, which made Davao the only city in the Philippines to make it on the top 100.
Read more about this topic: Davao City
Famous quotes containing the word economy:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“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.”
—Jane Jacobs (b. 1916)