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Municipal Profile - Masbate City, Masbate
Economy

Masbate city is the center of trading activities in the province. It serves as the intra – distributor of almost all commodities being traded in all municipalities in the entire province. Masbate’s main products are copra and marine resources such as fish. The city’s one town one product is beef tapa. These products are traded in Manila and in the cities of Lucena, Legazpi and Cebu.

Masbate’s coconut industry is the pillar of agricultural sector and the backbone of the local economy with an estimated 928,173 coco trees. It has a potential annual yield of 33.026 million nuts estimated at a conservative value of 165 million pesos.

Being an island, the province is blessed with rich marine resources. Its major marine fishery area are the Masbate Pass, Asid Gulf, Samar Sea, Sibuyan Sea and the Visayan Sea. Understandably, the province is predominantly a fishing economy, with 67% of the population directly dependent on fishing.

masbate bullBeing the country's  cattle country, Masbate is known to have the best breed of cattle transported to other provinces for fattening. The cattle in Masbate is known to have the best taste also because it is being fed solely with grass. That’s why the beef tapa product was developed to be the “One Town, One Product” of the city.

Other traded products such as dried fish, crabs, prawn, bangus, livestock and rice are coming from the neighbouring municipalities of Milagros, Baleno, Balud, Mandaon, Aroroy, Mobo, Uson, Dimasalang, Palanas, Placer, Pio V. Corpuz and Cawayan.

The city has existing trading relations with Manila, Cebu, Lucena, Iligan, Roxas, Iloilo, Tacloban, Ormoc, Legazpi, Naga, Daet and Sorsogon. These are the main destinations of the products traded by the city and those of the other municipalities passing through the city’s port.

Masbate PortCopra, cattle and aquamarine products are also shipped-out to Metro Manila, Cebu, Batangas, Lucena and other areas. Shrimps, crabs, and prawns are shipped to Japan, mud crabs to Taiwan, headless squid to USA and Japan, crab meat to USA and scallops to Europe.

The city is importing products mainly from Manila, Lucena, Cebu and Legazpi. These are mostly rice, bakery raw materials, transport vehicles and appliances, farm inputs, construction materials and basic commodities. These are also traded by the city to other municipalities in the whole province.

Source: Local Government Unit of Masbate City, Masbate
           en.wikipedia.org
           masbatecity.com

 

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