Subic 1st Qtr. exports hit $359.45 million | SubicNewsLink

15 May 2009

Subic 1st Qtr. exports hit $359.45 million

Exports by registered enterprises in the Subic Bay Freeport Zone reached $359.45 million in the first three months of the year, posting a 54.79 percent increase over the $232.21 million export record in the same period last year.

According to Armand Arreza, administrator and CEO of the Subic Bay Metropolitan Authority (SBMA), export production by Subic firms were recorded at $127.83 million in January, $58 million in February, and $173.59 million in March.

The surging exports in the first quarter this year led to a positive variance of $127.23 million over Subic’s export performance in the first quarter of 2008, he added.

Figures from the SBMA indicated that the bulk of first quarter exports, or a total of $328.29 million, were contributed by the top ten exporters in Subic Bay.

These leading exporters are: Korean shipbuilder Hanjin Heavy Industries Co.-Philippines, which posted a freight on board (FOB) value of $179.36 million; Hong Kong cell phone trader Lets Do Mobile Philippines, with $57.43 million; Taiwanese computer maker Wistron Infocomm (Phils) Corp., $36.13 million; Japanese ATM-maker Hitachi Terminals, $16.46 million; and Japanese micro-motor manufacturer Sanyo Denki, $16.23 million.

Also in the top 10 exporters list are: Japanese wood products manufacturer Juken Sangyo, with exports of $8.73 million; Danish eyewear manufacturer Lindberg Subic Inc., $6.38 million; Taiwanese lock maker Tong Lung (Phils) Metal Industry, $4.34 million; Taiwanese aircon maker Hitachi, $3.38 million; and Japanese electronics sensor maker Nicera, with $2.79 million.

Arreza said the increase in export production is a good sign that the Subic Bay Freeport remains economically healthy despite the ongoing global economic downturn.

“Recent indicators only show that Subic stays on top of the situation and the companies here remain resilient and productive,” Arreza said.

“This makes us all the more confident that hard work on the part of the SBMA and the business locators here would enable us to pull through these hard times,” he added.

Earlier, Arreza announced that the Subic Bay Freeport has increased its revenue remittance by 9.3 percent in the first quarter of 2009, compared to its 2008 record.

He said the combined collections generated by the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) in Subic reached P1.29 billion in January to March this year, an increase of more than P100 thousand over the P1.18-billion total in 2008.

”Basically, Subic made some gains but experienced some losses as far as first quarter revenue collection is concerned,” Arreza said.

“Overall, however, Subic revenue generation posted a positive total and that is consistent with the SBMA's efforts to increase income in the Port of Subic,” he added.

Records indicated that BIR collections in Subic in the first quarter totaled P252.08 million, while the BoC reported collections amounting to P1.04 billion.

The BoC also reported that it was able to surpass its first quarter 2009 target by 55.9 percent since the agency’s first quarter target in Subic was pegged at only P669.5 million.

SBMA records indicated that the biggest annual revenue in combined collections by the BIR and the BoC was posted in 2007 at P5.32 billion, followed by last year’s combined collection amounting to P5.27 billion. (SBMA Corporate Communications)