Naga City is Bicol’s recognized center of business, education, culture and religion. It is the fifth oldest city in the country; and is home to the devotion to Our Lady of Peñafrancia.

Naga, despite its small size, is recognized as one of the Philippines’ fastest-growing local economies. It grows at an average of 6.5% annually. The city accounts for more than 21% of all investments in the region. New investments in 2005 grew by a whopping 84.93%, led by commercial and residential real estate sectors. fDi (Foreign Direct Investment) Magazine of the UK’s Financial Times Group, cites it as The Most Cost-Effective City in Asia for 2005-2006.

The city provides all the amenities and facilities of a first-class city without the usual “ills.” It is considered among the most livable of the country’s 117 cities; and was chosen by Asiaweek Magazine, in 1998, as one of the Most Improved Cities in Asia.

The presence of the most prominent universities in the region has led to a human resource pool that has allowed Naga to build a niche in the information and communications technology (ICT) sector. For one, the city leads in the country in digital animation as it is host to many of the Philippines’ top computer animators and the first university—Ateneo de Naga-- to offer a degree in Digital Illustration and Animation.

An environment conducive to business is assured. Naga has consistently been chosen by the Philippine Chamber of Commerce and Industry as one of the Most Business-Friendly Cities in the country.