Friday, 15 May 2009

Hanjin Subic’s top exporter

Written by Henry Empeño
Business Mirror
http://www.businessmirror.com.ph/home/top-news/10350-hanjin-subics-top-exporter.html

SUBIC BAY FREE PORT—Korean shipbuilder Hanjin Heavy Industries Co.-Philippines (HHIC-Phil) emerged as the biggest exporter in this free port in the first quarter after it posted $179.36 million in freight-on-board (FOB) value.

This was the first time for Hanjin to top Subic’s exporters’ list after establishing operations at the Redondo Peninsula here in 2006.

The shipbuilder, which had so far built four container ships at its Subic facility, dislodged long-time export champion Wistron Infocomm (Phils), the Taiwanese computer maker, which fell to third place with total exports of $36.13 million.

Hanjin boosted its run up to the first place by delivering two container vessels, the CMA CGM Topaz and the CMA CGM Opal, at the same time.

Overall, export production by companies in the Subic Bay Free Port Zone surged to $359.45 million in the period January to March, a 55-percent increase over the $232.21 in the first quarter last year. Armand Arreza, CEO of the Subic Bay Metropolitan Authority (SBMA), said the increase in export production shows that Subic “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,” added Arreza, pointing out that Subic’s first-quarter revenues also rose 9.3 percent.

After Hanjin, those that posted the biggest exports are Hong Kong cell phone trader Lets Do Mobile Philippines, with $57.43 million; Taiwanese computer maker Wistron Infocomm, $36.13 million; Japanese ATM-maker Hitachi Terminals, $16.46 million; Japanese micro-motor manufacturer Sanyo Denki, $16.23 million; Japanese wood products manufacturer 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, $3.38 million, and Japanese electronics sensor maker Nicera, $2.79 million.

Subic’s rising export production resulted in an increase in revenue collections in the first quarter with the combined collections of the Bureau of Internal Revenue and the Bureau of Customs reaching P1.29 billion, a slight increase over the P1.18 billion in the 2008 quarter.

SBMA records show the BIR collected P252.08 million in the first quarter, while Customs took in P1.04 billion to surpass its first-quarter target of P669.5 million by almost 60 percent.

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