Economy

GenSan Economy

The city’s major economic activity is primarily anchored in two sectors namely the agro-industry and fishing industry.

  • Agro-industry: Endowed with rich volcanic soil, ample and well distributed rainfall all throughout the year and a typhoon-free climate, General Santos City produces export quality high valued crops such as corn, coconut, pineapple, asparagus, banana and rice. It also yields quality exotic fruits, vegetables and cut flowers. The city is also a top producer and exporter of quality livestock such as poultry, hogs, and cattle. But with the continuing growth in population and economy in the passing of time, a number of the city’s agricultural lands have gradually been converted into built up areas in order to address the relatively growing need of dwelling and viable spaces.
  • Fishing industry: General Santos City is the largest producer of sashimi-grade tuna in the Philippines.Thus in as early as 1970, the title“Tuna Capital of the Philippines” has become a tag to it. GenSan also accounts for the second largest daily total catch of fish in the country after Navotas City in the National Capital Region. Locals in the city boast that fishes and seafoods do not come fresher than what is found in their locality. The fishing industry in GenSan yields a total daily capacity of 750 metric tons of fish catch alone and employs about 7,800 workers. Which is why General Santos City is home to seven (7) tuna processing plants in the country. The Fishport Complex in Barangay Tambler has a 750 metres (2,460 ft) quay and a 300 metres (980 ft) wharf for 2,000 GT reefer carriers. The fishport is equipped with modern facilities that comply with international standards on fish catch handling.

General Santos City has registered 1,365 new medium to large enterprises in 2011. An aggregate investment involved is estimated PHP 1.202 billion. Top industry for new investment in 2011 are as follows: Hotel and Restaurant-31%; Wholesale & Retail Trade-20%; Repair of Motor Vehicles, Motorcycles and Personal & Household Goods, Real Estate & Renting Business Activities-17%; Other Community, Social & Personal Services-8%; Financial Intermediation-5%; Manufacturing-5%; Fishing-3%; ICT-3 %

As of 2000, there are 59 banks serving the city. This composed of 46 commercial banks, 5 savings banks, 7 rural banks and 1 cooperative bank. Aside from this, there are 48 lending institutions as well as 49 pawnshops providing emergency loan assistance.

Source:

https://en.wikipedia.org/wiki/General_Santos