Like other provinces, agriculture is Masbate’s main source of living.  Their major crop is copra, next are corn, rice, coconuts and root crops.  Aside from farming, Masbate is known as the cattle country. It ranks second to Bukidnon as the largest supplier of cattle.  About 70% of these are sold to Metro Manila and other provinces in Luzon. The province also has gold, copper, silver, iron, manganese, limestone, marble, clay, quarts and feldspar mine deposits.

Masbate is famous for its Rodeo Festival.  Celebrated every 3rd week of June, where a week-long tournament of bull-riding, cattle wrestling, lassoing, calf casting, post driving, carabao racing and other rodeo games are held, much like the rodeos in Western America.  Another noble tradition of the province is the Candelaria.  In the town of San Jacinto, children ranging from 2 to 7 years old wear angel wings on their backs while being blessed by the parish priest.  Each one offers eggs and bread as a sign of prosperity.

Aside from their famous festivities, the island of Masbate is also blessed with beautiful beaches.  The Matangtubig Spring is popular for its cool waters that come out from three rocks, surrounded by giant trees and luscious vegetation. In the town of Mobo are Dacu and Bituon beaches, the former a favorite site for weekend picnics and the latter, so-called because of the many stars lighting it on clear nights.

Two major airlines fly directly to the town of Masbate.  PAL and Asian Spirit have daily flights from Manila to Masbate. Flying time is about one hour. Buses also travel from Manila to Bulan in Sorsogon province and from there one can take a ferryboat to Masbate.