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Economy

Palawan’s economy is basically agricultural. The three major crops are palay, corn and coconut. Mineral resources include nickel, copper, manganese, and chromite. Logging is also a major industry. Palawan has one of the richest fishing grounds in the country. About 45% of Manila’s supply of fish comes from here. Having natural gas reserves of approximately 30,000 trillion cubic feet, the province is the only oil-producing province in the country. In addition, tourism is also a thriving sector.

Pearl diving used to be a significant economic activity for Palawan until the advent of plastics. The world’s largest pearl, the 240mm diameter Pearl of Lao Tzu, was found off Palawan in 1934.

The economic and agricultural business growth of province is at 20% per annum. Coconut, sugar, rice, lumber, and livestock are produced here.

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