which is the old Pamilihang Bayan ng Ilagan located in Centro Poblacion (now called Xentro Market) and the multi-million pesos New Ilagan Public Market Complex in barangay Baligatan. In front of the public market is a three-storey structure called as Ilagan City Mall, the first LGU-owned and operated mall in the city. The increasing number of market goers coming from the different regions of the city and adjacent municipalities, prompted city officials to facilitate the construction of the modern market. Ilagan is home to eighteen banks which is primarily composed of universal, commercial, savings and rural banks. There are also thousands of commercial establishments composed of distributors, retail and wholesale. Pawnshops, lending companies, insurance agencies, cooperatives and other financial institutions are spread all over the city. Food and beverage There are several food and beverage companies in the city. The largest of which is the Coca-Cola Beverages Philippines, Inc. (CCBPI) which operates a softdrink bottling plant in barangay Guinatan. Another, is a vinegar and soy sauce fermentation company locally known as 'Best Choice', which is operated and owned by Robelly's Food Products and also the Jack Confectionery, which operates a wine fermentation plant. There are 15 bakeries/bakeshops and 1 ice cream/ice drop company. Aside from the increasing number of local cafés, restaurants and several multi-national fastfood companies opened their respective branch/es in the city. Furniture making One major industry in Ilagan is furniture making. Several furniture shops, located along the National Highway in barangays Alinguigan 2nd & Alinguigan 3rd, manufacture and sell furnitures made of quality narra wood. These barangays were dubbed as "Butaka City" of Ilagan, where the Guinness Book of Records' entry for the biggest lounge chair in the world, the Butaka, was manufactured. Tobacco industry Ilagan became one of the largest producers of tobacco during the Spanish time. The tobacco monopoly have caused the valley to languish in poverty from 1785 to 1797. The lifting of the monopoly was caused by the heavy loss incurred by the government. A royal decree released in 1882 which aimed to totally abolished the monopoly and attracted foreign capitalist to invest in the country. In Ilagan, the Compañía General de Tabacos de Filipinas also known as La Tabacalera was established in 1881 and produced the famous La Flor de la Isabela which was the largest company of its kind in the world at that time. The Tabacalera acquired two haciendas in