21 December 2009

2009 Subic Freeport revenue to top 2008 record

Revenue generation in this free port this year will be slightly higher than the P5.27 billion recorded in 2008, as cash collections by both the Bureau of Customs (BoC) and the Bureau of Internal Revenue (BIR) began showing minimal growth in the last quarter.

Subic Bay Metropolitan Authority (SBMA) administrator Armand Arreza said that combined BoC and BIR earnings will “pull Subic through to a positive performance despite a shortfall in foreign direct investment (FDI).”

“As of now, we only need about P394.6 million more to reach the 2008 revenue level. That’s about a month’s worth of collections to make,” Arreza said, adding that BIR figures for October and November have yet to come in.

With combined collections averaging P443.7 million a month in the last 11 months, “the December earnings alone should bring total earnings over and above the 2008 record,” Arreza added.

According to figures compiled by the SBMA, combined BoC and BIR cash collections from January to November 2009 have already reached P4.88 billion. This is broken down into a P3.85-billion revenue delivered by the BoC, and a P1.03 billion collection remitted by the BIR.

Aside from cash collections, the Subic Customs office also recorded some P2.78 billion in non-cash earnings, which are mostly composed of government to government transactions.

However, the BoC is still short by about P71.36 million in its collections this year, in order to attain its 2009 target. The agency has set a P3.92 billion goal for the January-November period, but has thus far collected only P3.85 billion.

Meanwhile, exports generated by businesses in the Subic Bay Freeport this year have reached $800.98 million as of September, a slight increase over the $755 million export production recorded in the same period last year.

Subic’s biggest exporters this year are: Hanjin Heavy Industries & Construction Corp., with $355.56 million in freight-on-board (FOB) deliveries; Wistron Infocomm (Phils) Corp., with $111.4 million; Lets Do Mobile Philippines, $63.52 million; Sanyo Denki Phils., $50.91 million; Hitachi Terminals Mechatronics Phils. Corp., $43.08 milion; Juken Sangyo Phils., $26.03 million; Tong Lung (Phils) Metal Industry, $17.71 million; Lindberg Subic, Inc., $14.88 million; Nicera Philippines, Inc., $12.13 million; and Nidec Subic Philippines Corp., with $9.8 million.

On the other hand, import transactions made in the Subic Bay Freeport from January to November 2009 reached a total of $2.01 billion, SBMA records indicated.

This figure represented a 6.14 percent decrease from the $2.14 billion record set in January-November 2008.

The top importers for this year are: Hanjin Heavy Industries & Construction Corp., with an FOB total of $378.46 million; Sanyo Denki, with $335.17 million; PTT Philippines Trading Corp., $289.94 million; Wistron Infocomm, $182.56 million; Nidec Subic, $135.45 million; Nicera Philippines, $86.79 million; Micro Dragon Petroleum Inc., $72.65 million; Koryo Subic, Inc., $54.3 million; Lets Do Mobile Philippines, $48.54 million; and Ixion Corporation, with imports totaling $45.4 million. (SBMA Corporate Communications)