Doing Business in the City of Valencia
Overview of the Economy of the City and Find Business Opportunity Here
The city’s main source of economic prosperity is its rich agricultural land and thriving commercial industry. The city has a total land area of 63,126 hectares, 35,321.74 hectares or 55.95 % of this is the total agricultural area that is suitable for crop production. This manifests that the City is agricultural-based in which people depend much of their source of income through farming, livestock and poultry. Valencia’s clayey soil which is highly irrigated and favourable to climatic condition is very conducive for crop production. Adtuyon clay which comprises the 27.89% of the total land area of the City is very suitable for irrigated rice to the City known for its variety of Valencia rice. Investors also come to the City to venture in agri-industrial exportation production such as banana and pineapple which are for that give employment to the people.
Major Agri-Industrial Investors in the City
|No.||Name of Firm||Office Address||Plant Address||Product line||Product|
|1.||Stan filco, DOLE Phil. Inc.||Lilingayon||Lilingayon||Exporter||Banana|
|2.||Sumifru Phil. Inc.||Poblacion||Poblacion||Exporter||Banana|
|4.||Sumifru Phil. Inc.||San Carlos||San Carlos||Exporter||Pineapple|
Being core to the province’s geographical location, Valencia City has become the center of industry in Bukidnon. Aside from the major investors in agri-industry, commercial industry has been continually flourishing in the city. At present there are big commercial centers such as the NVM Mall, Gaisano, Robinsons Super Market, Roy Plaza, Metro Gold and other commercial arcades that generate income and employment. There are even micro scale businesses that offered goods and services to the residents in barangays. Table 18.shows the number of legal business registrants that operate in the city. As such, the composition of the city’s labor force has shifted from the sole focus in farming to industrial manpower. These varied and repertoire of economic boosting ventures could be attested through the increase of banking and financial institutions through the years.
With the increase of agro-industry and commercial industry, the increase of local revenue collection is also evident. On the income generation, local government unit posted a total collection of Php. 658,559,504.04 which is higher than the last year’s total collection. Income from the real property tax, business and other taxes is also higher compared to last year’s collection. Revenues from economic enterprises post an increase of Php. 1,786,206.85 as compared to last year’s income. Of Php. 40,154,235.00, business and other taxes posted the highest collection.
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or to know the steps on how to get a business permit, click this link: Guide to Securing Business Permit