Legazpi is a major economic hub in the Bicol Region. Economic activities in the city include agriculture, wholesale and retail trade, services, manufacturing and mining. Major sources of income include rice, root crops, and coconut. The city exports coconut oil, copra cake, perlite, and abaca products. The city also has a fast-growing tourism industry with focus on adventure tourism. The city government is promoting Legazpi as an ideal location for ICT–BPO businesses. In 2014, Legazpi’s locally generated income reached Php338.2 million, with total income (including IRA) at Php711.1 million. In the same year, Legazpi ranked first among cities in Bicol in terms of tax collection efficiency. Legazpi City was recognized as the most business-friendly city in Southern Luzon in 2007 by the Philippine Chamber of Commerce and Industry. In 2014, the city was ranked second among the top three livable cities in the Philippines in the Livable Cities Design Challenge organized by the National Competitiveness Council (NCC) and the Asia-Pacific Economic Cooperation.