Tuesday, 8 March 2011

Clark exports to hit $7 billion in 3 years

Manila Bulletin

MANILA, Philippines - Exports growth from Clark Freeport Zone is expected to accelerate to $6 to $7 billion in the next three years versus its roadmap target of $2 billion exports by 2014 following the start of operation of two giant electronics firms in the freeport.

Clark Development Corp. president Benigno N. Ricafort told reporters at the sidelines of the recent forum on “Philippine Public-Private Partnership: Rising to the Challenge” in Makati that exports of TI Philippines and Phoenix Semiconductor of the Philippines, which is owned by the Samsung Group, exports commitments of $3 billion each annually once they come into full commercial operation.

TI has opened the first phase of its operation and has started initial exports. Phoenix, which is owned by Korea’s electronics giant Samsung, expects exports to hit between $300 million to $400 million by end this year.

“So, easily Clark could hit annual exports of $6-7 billion in 36 to 40 months or three years from now,” Ricarfort said.

Last year, Clark freeport exported $1.34 billion exports.

In terms of investments, Ricafort said that aside from Yokohama’s $600 million tire manufacturing project they have other project proponents.

“We are working on several projects pharmaceutical and support companies for semiconductor manufacturing,” Ricafort said.

. He said the committed contracts alone are expected to bring in around $1 billion already including that of Yokohama.

“It takes time to negotiate and investors would like to keep negotiations under wraps,” Ricafort said.

Investments are also expected to hit $1 billion this year largely due to the $600 million investments of Yokohoma Tire Philippines Inc. for a tire manufacturing facility in the freeport zone. (BCM)

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