Subic exports from Jan to June up 41%

EXPORT earnings from the Subic Freeport increased 41 percent in the first half to $414.5 million on account of semiconductor and electronics shipments, according to the Subic Bay Metropolitan Authority (SBMA).

SBMA data show that, as of end-June, revenue from outbound cargo increased by $120 million compared to the year-ago figure.

The agency cited constant top-earner Wistron Infocomm (Philippines) Corp. and Nidec Subic Philippines Corp. as largely responsible for the upturn.

Wistron, the local unit of Taiwan's Wistron Corp., manufactures motherboards and laptop computer units, and is the largest export earner in Subic.

Nidec Subic Philippines Corp. an affiliate of Japan's Nidec Corp., is part of the mother firm's global network of production bases that churn out small precision motors.

Also, SBMA said the Freeport was a net importer of merchandise during the first half since imports--which rose by 8 percent--reached $743.4 million.

The value of cargoes that were transhipped through Subic to other destinations was flat at $365.9 million.

Still, SBMA expects future growth in the traffic of merchandise as it approved in the first semester a total of 64 new projects.

Although the number was less than those approved for the same period last year, the recent batch accounts for some $1.38 billion in committed investments, 2 percent higher than last year's $1.36 billion.

Also in the first half, the projected number of new jobs created slid by 8 percent to 11,379 from 12,409.

However, SBMA is banking on South Korean shipbuilding giant Hanjin Heavy Industries and Construction Corp. to pump up the numbers, as its $684-million project is expected to contribute a total of 8,800 new jobs once in full swing.

At present, Hanjin directly employs 5,315 shipbuilding employees and an average of 5,000 construction workers.

By Ronnel Domingo - Inquirer