Economic Profile

Figure 16 shows the result of the labor force survey conducted by the Philippine Statistics Authority (PSA), particularly the rates of labor force participation, employment, unemployment and underemployment. In the recent survey, employment rates tops the most percentage which means majority are reported either at work or with a job or business although not at work.

Unemployment to be the least which means persons in the labor force who are reported as (1) without work; and (2) currently available for work; and (3) seeking work or not seeking work because of the belief that no work is available, or awaiting results of previous job application, or because of temporary illness or disability, bad weather or waiting for rehire or job recall.

Underemployment refers to the employed persons who express the desire to have additional hours of work in their present job or an additional job, or have a new job with longer working hours.

Labor Force refers to the population 15 years old and over who contribute to the production of goods and services in the country. It comprises the employed and unemployed.

Figure 17 shows the percentage of child labor or children aged between 5 to 14 years engaged in labor. For the last two years, it could be observed that there is a minimal increase by about .03 percent. This could be attributed to the root of child labor which is poverty and the lack of decent work for parents. They deny their children the chance to attend school and learn the skills they need to become productive adults and force their kids to work to earn income for their families. Hence, the city needs to strengthen the implementation of existing laws or perhaps even implement tougher penalties against employers that illegally employ child workers to curb this abuse.

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 give employment to the people. Table 17 shows the major agri-industrial investors in the city.

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.

Figure 20 shows the total number of business registrants in the city for two consecutive years. It has increased by 57.65 percent which shows that a booming business is evident 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 873,891,218.65 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 by Php 13,209,431.21 as compared to last year's income. With 81,600,000 pesos, business and other taxes posted the highest collection.