page_title: Butuan
section_title: Economy
hierarchical_section_title: Butuan / Economy
caption_attribution_description: English: This is my own work. The Downtown Butuan has an LED at the Bee TV Building in the center of Butuan Downtown.
context_page_description: Butuan, officially the City of Butuan, is a 1st class highly urbanized city and regional center of Caraga, Philippines. According to the 2015 census, it has a population of 337,063 people.
  It served as the former capital of the Rajahnate of Butuan before 1001 until about 1521. The city used to be known during that time as the best in gold and boat manufacturing in the entire Philippine archipelago, having traded with as far as Champa, Ming, Srivijaya, Majapahit, and the Bengali coasts. It is located at the northeastern part of the Agusan Valley, Mindanao, sprawling across the Agusan River. It is bounded to the north, west and south by Agusan del Norte, to the east by Agusan del Sur and to the northwest by Butuan Bay.
  Butuan was the capital of the province of Agusan del Norte until 2000, when Republic Act 8811 transferred the capital to Cabadbaran. For statistical and geographical purposes, Butuan is grouped with Agusan del Norte but governed administratively independent from the province while legislatively administered by the province's 1st congressional district.
context_section_description: Butuan is the commercial, industrial, and administrative center of Caraga region. It is a strategic trading hub in Northern Mindanao with major roads connecting it to other main cities in the island such as Davao, Cagayan de Oro, Malaybalay, Surigao, and soon, Tandag. It hosts one of the busiest airports in the country, the Bancasi Airport, serving around 525,000 passengers in 2012. Cebu Pacific and Philippine Airlines serve the airport. Meanwhile, the nearby Nasipit International Port and in-city Masao Port are providing for its shipping and cargo needs.
  The total number of businesses registered in 2013 was 9,619—reflecting a growth of 9.86% and almost 3 times that of the next major Caraga city. New businesses registered numbered 2,032 with a combined capitalization of P504,598,667, an expansion of 75.63 from 2012.
  As further proof of its dynamic economy, Butuan's local income reached P330,510,000 in 2013 besting other major cities in the country. By 2014, its local income is expected to reach P513,870,000.00 or register a growth of 55%; and total income (including IRA) will be P1,515,970,000. The city was ranked 4th and 16th Most Competitive City for the years 2012 and 2014 by the National Competitiveness Council of the Philippines.
  More than 260 financial institutions are operating in the city such as Metrobank, Banco de Oro, Bank of the Philippine Islands (BPI), Land Bank of the Philippines (Landbank), Philippine National Bank (PNB), Chinabank, EastWest Bank, Rizal Commercial Banking Corporation (RCBC), Union Bank of the Philippines (UnionBank), Security Bank and Maybank. Rural banks are also expanding aggressively. Based on a report from PDIC (as of December 2013), total savings deposit in Butuan City amounted to P18,944,854,000, comprising 45% of the total deposits in Caraga Region. The Bangko Sentral ng Pilipinas (BSP) opened its regional office here to take advantage of the vibrant gold trading industry in the region. Insurance companies, led by Philam Life, are also present in the city.
  The city's major agricultural produce are rice, bananas, coconuts, poultry, shrimp, and milkfish.  Its key industries include rice milling, food processing, wood processing, furniture, fuel distribution, shipbuilding, and construction. The manufacturing sector will soon get a boost as an industrial park is currently being developed. Butuan has also proven to be a haven for renewable energy with investments in solar and hydroelectric power generation pouring in the city.
  Butuan is also fast-becoming a cosmopolitan city. Currently, there are three (3) major commercial centers catering its populace. These are Robinsons Place Butuan, Puregold Price Club (both opened in 2013), and Gaisano (Unipace). Leading mall developer, SM, is expected to break ground by the end of 2016 until it will open by late 2020, although some of the mall developers in the Philippines have also expressed their interest in the city such as Gaisano Capital to name a few. 7-Eleven opened its first two stores in the city. Currently, it has eight branches in the city. High-end real estate developers, such as Filinvest and Vista Land, have started their residential projects in the city. The A. Brown Group is also developing another exclusive community with a 9-hole golf course. More low- and medium-cost housing projects are sprouting in the outskirts of the city evident of the city's strong market for shelter. Famous food brands have also opened shops in the city such as Jolibee, McDonald's, Chowking, Dunkin' Donuts, Mister Donut, Greenwich, Mang Inasal, Red Ribbon, Goldilocks, Pizza Hut, Gerry's Grill, Max's Restaurant, Yellow Cab Pizza and Bo's Coffee. KFC has finally opened since December 2016 and Shakey's Pizza reopened its first doors at the new SM Mall by late 2020 since it relocated from Montilla Blvd. a decade later.
  As for the telecommunications infrastructure of the city, Smart Communications, Globe Telecom, PLDT, PhilCom and Bayantel are able to serve its ever-growing needs.
caption: Downtown Butuan
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