ECONOMY OF MASBATE

ECONOMY & 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. Abouth 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.

The province is one of the richest in the country in terms of mineral resources that include gold, copper, silver, iron, manganese and chromite. A foreign-owned company, CGA mining limited, is operating a gold mine in Aroroy, Masbate. At least 4 million tons of ore per year are being processed by CGA. The mine has provided tax and fees to both local and national governments. With the millions of ore/rock being processed, after extracting the about 1% gold in the ore, millions of tons of tailings in the form of ground rocks or sediments and water plus some contaminants, are directed by the mine to her engineered tailings storage facility closed to mangrove and populated areas.

In case a strong earthquake of magnitude say 7.8 occur, there is no 100% assurance that the tailings storage facility embankment/dam of this mine in Aroroy can hold the millions tons of contaminated slurry . According to the designer, the embankment may suffer deformation during earthquake and it is not specified the extent of deformation. Deformation may result to escape of millions tons of contaminated sediments from this Dam.

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 is likewise another source of livelihood. They are: furniture and cabinet making, ceramics, garments, handicrafts and metalcrafts.

Note; the longest road in the philippines can only be found in San Pasual because in 50 years of constructing the road from San Pascual to claveria and the feather roads of barangays until now 20 percent only are finished.

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