Subic exports rise by half in 1st quarter

Firms at the Subic Freeport exported $359.45-million worth of goods in the first quarter, up 54.8% from year-ago levels, the Subic Bay Metropolitan Authority (SBMA) said in a statement on Friday.

The top 10 exporters of the freeport accounted for 92% or $332.33 million of export sales in that period.

"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," the statement quoted SBMA Administrator and Chief Executive Officer Armand C. Arreza as saying.

Korean shipbuilder Hanjin Heavy Industries Co.-Philippines led the pack, with sales hitting $179.36 million.

The other nine leading exporters were manufacturers mostly of computers, appliances, and other machinery. They were:

Hong Kong cell phone trader Lets Do Mobile Philippines, $57.43 million;
Taiwanese computer maker Wistron Infocomm (Phils) Corp., $36.13 million;
Japanese ATM-maker Hitachi Terminals, $16.46 million;
Japanese micro-motor manufacturer Sanyo Denki, $16.23 million;
Japanese wood products maker Juken Sangyo $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 ($4.48 million); and
Japanese electronics sensor maker Nicera ($2.79 million).
The state agency reported earlier this week that investment pledges to the freeport — mostly in shipping, trading and tourism ventures — grew 13.6% to P1.5 billion in the first quarter from the same period last year. — JADH - BusinessWorld