Economy
The strategic location of Iloilo City at the center of the Philippines makes it an excellent hub for trade, commerce and industry. Its universities and colleges provide the skilled and talented labor which together with its port facilities, telecommunications infrastructure and utilities have a major impact in attracting businesses and industries focused mainly in banking and finance, retail trading, and business process outsourcing or BPO. The BPO industry has been one of the most active economic sectors as of the current period. The city draws on the region's extensive range of raw materials and its large consumer market. The local government has provided incentives to business in preferred investment areas, such as income tax holidays and free issuance of permits and licenses.
Trade and industry
There were 8,407 business establishments as of December 2003 in Iloilo City, of which 1,182 are new. Total capital investments for new business establishments is P365,506,020.92. However, both new and renewed capital investments for the year 2003 amounted to Php 13.02 billion.
Of the employed person by type of industry from primary occupation 82% belongs to service sector, 14% belongs industry sector and only 4% are in agriculture (as of April 2003 FIES, NSO).
Average annual family income (at current prices) is P 283,604 or a percentage increase of 32.3 between 1994 to 1997 while Average Annual Family Expenditures is P 226,887 or a 25.6% increase (2000 FIES). Average per Capita Income is P 65,036 and Average Per Capita Expenditures is P 51,557 (FIES 2000). Average Inflation Rate is 3.2, the Average Purchasing Power of the Peso is 0.62 and the Average Consumer Price Index (CPI) is 162.6 in 2003. (Source: NSO, Prices Section).
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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)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“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)