and natural harbors in the country by terms of passenger movement and cargo handling; and with the on-going building construction boom, especially in the real estate and retail sectors. Iloilo City has the lowest crime rate in the Philippines, the lowest level of corruption, the highest life expectancy in Visayas and Mindanao, a large concentration of middle class, ranks first in the happiness index, and the most business-friendly city. Trade and industry There were 8,407 business establishments as of December 2003 in Iloilo City, of which 1,182 are new. Total capital investments for new business establishments is P365,506,020.92. However, both new and renewed capital investments for the year 2003 amounted to ₱13.02 billion. Of the employed person by type of industry from primary occupation 82% belongs to service sector, 14% belongs industry sector and only 4% are in agriculture (as of April 2003 FIES, NSO). Average annual family income (at current prices) is P 283,604 or a percentage increase of 32.3 between 1994 and 1997 while Average Annual Family Expenditures is P 226,887 or a 25.6% increase (2000 FIES). Average per Capita Income is P 65,136 and Average Per Capita Expenditures is P 51,557 (FIES 2000). Average Inflation Rate is 3.2, the Average Purchasing Power of the Peso is 0.62 and the Average Consumer Price Index (CPI) is 162.6 in 2003. (Source: NSO, Prices Section). Banking and finance The banking industry in Iloilo dates back during the Spanish times. The establishment of banks during such time is hinge to Iloilo's importance as an international gateway when its port was open for foreign ships to dock in, and the sugar-boom. The first Banco Español-Filipino (now Bank of the Philippines), opened its first branch outside of Manila in Iloilo. The first Philippine National Bank branch outside Manila also opened in the city. With that, there are also international banks implying the city's importance in banking history in the Philippines, that opened in Iloilo during Spanish-American times that ceased their operations in the city: the Hong Kong and Shanghai Banking Corporation (HSBC), first HSBC branch outside Manila; and Standard Chartered (first Standard Chartered Bank branch outside Manila). At present, Iloilo ranks 3rd in the country as the city with most deposits or savings account, fueled by OFW remittances, IT-BPO industry, and the local industries. The surge of microfinancial and other lending institutions in the city has also sprouted. It is the headquarters of