Cagayan de Oro City is the capital of the region of Misamis Oriental, the regional center for Northern Mindanao. A young conurbation compared to other extremely developed cities in the Philippines, Cagayan de Oro has a population of over 460,000 in 200,000 households. Initially bonded as a conurbation as "Cagayan de Misamis," its name was ultimately changed to "Cagayan de Oro" in acknowledgment of the gold mining activities in the area well-known to Spanish explorers. Cagayan de Oro's economy is chiefly based on industry, trade, service and tourism. It serves as base for both local and multi-national companies, counting Del Monte Philippines, Nestle, Coca-Cola and Pepsi Cola. Cagayan de Oro City is famous as 'the city of golden friendship'.