The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country. Goldman Sachs includes the country in its list of the «Next Eleven» economies.
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The arrival of Ferdinand Magellan in 1521 marked the beginning of an era of Spanish interest and eventual colonization. In 1543, Spanish explorer Ruy López de Villalobos named the archipelago Las Islas Filipinas in honor of Philip II of Spain. Miguel López de Legazpi arrived in the Philippines in 1565 and consolidated Spanish rule in the islands, which remained a colony of Spain for more than 300 years.
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Cranberries and blueberries are the dominant crops grown. Other crops grown include strawberries, corn, and potatoes. In 2001 Richmond had approximately 47% of BC’s cranberry acreage.
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The property owner, Vanprop Investment Inc., has plans for Lansdowne to be a pedestrian-friendly area with shops and services lined within its block. Richmond’s Japanese community has a long history in Steveston dating back to the 1800s. The Township of Richmond, British Columbia incorporated on 10 November 1879. Coast Salish bands had temporary camps on the island, to fish and collect berries, which were scattered and moved from year to year.
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