The capital of Panama is the country's major trade, industrial and cultural center. This is also a city stricken in time that boasts three burgs: Old Panama, the Historic Core and the Modern Town. Pedro Arias Davila founded the first of them -built by Spaniards on the Pacific coast- on February 15, 1519. Buccaneer Henry Morgan ransacked the city in 1671. Two years later in 1673, Governor Don Antonio Fernandez de Cordoba y Mendoza ordered the city be moved to the San Felipe neighborhood in the old part of town (historic core). From that moment on and until 1910, the walled city sustained a good deal of transformations, even the inclusion of some European architectural styles. Later on and caught between these two first villages, a modern and gorgeous burg was built. The new part of town features luring avenues, wide streets, deluxe buildings, lots of shopping malls, stores and warehouses for everyone. Finally in 1910, that new part of town was officially vested as the nation's capital after the country's separation from Colombia. The city grew on following the grand opening of the Panama Canal back in 1914. Panama City is now a modern burg that hosts the national government and its 35 permanent diplomatic missions. Its economy is mostly based on oils, plastics, clothing, leathery, canned foodstuffs, beverages and tourist, one of its premiere income sources.