Economy and Mining
The Province of Masbate is classified as a first class province.
Masbate is endowed with rich natural resources. In line with its agriculture are other industries such as large farming, livestock and poultry raising. Along its coastal areas, fishing industry predominates. Agricultural lands are planted with rice, corn, rootcrops and coconut.
Masbate ranks second only to Bukidnon in raising cattle. About 70% of these are sold to Metro Manila and other provinces in Luzon. Farming is the main source of livelihood. Copra is the leading product, followed by corn, rice and rootcrops. Fishing is a major industry along the coast.
Manufacturing firms are in the copra industry, handicrafts, furnituremaking and fish processing.
The province is surrounded with rich fishing areas where all kinds of commercial species of fish teemed in great abundance.
Rich minerals are found in the province. Masbate is described by geologists as a province sitting on a "pot of gold". Other minerals found in the area are manganese, copper, silver, iron, chromite, limestone, guano, and carbon.
Cottage industry such as furniture and cabinet making, ceramics, garments, handicrafts and metalcrafts, are likewise source of livelihood.
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