Philippine exports grew by 21.3 % in June 2014

Singapore is top ASEAN importer

Philippine merchandise exports grew by 21.3%, making it the top export performer among selected East and Southeast Asian economies, and raising hopes for a stronger expansion for the rest of 2014, according to the National Economic and Development Authority (NEDA). The Philippines outperformed Vietnam (12.7%), People’s Republic of China (7.2%), Malaysia (5.6%), Singapore (4.7%), Thailand (3.9%), Indonesia (3.8%), Hong Kong (2.7%), Republic of Korea (2.5%), Taiwan (1.2%), and Japan (-6.5%).

Philippine exports grew to US$5.4 billion from US$4.5 billion in June 2013. For the first half of 2014, total exports rose by 8.3% to US$29.8 billion from US$27.5 billion in a comparable period last year. Japan remains as the top destination of Philippine exports, accounting for 17.6 % of the country’s total overseas merchandise sales receipts, with a total value of US$956 million.

Exports to Singapore

Among ASEAN member-countries, Singapore is the biggest importer of the Philippines for June. In the first half of 2014 (January to June), total shipments to Singapore increased by 8.3% as compared to the same period of 2013. The January to May 2014 growth in exports was reflected in glass manufacture, arts/antiques, photography, coconut, beverages and oils/fats/waxes, construction materials, processed and fresh food.

Singapore as a major trading hub in ASEAN is a vital market for Philippine exports of goods and services. Currently, the Philippines is promoting the following industries in Singapore: fresh and processed food, maintenance, repair and overhaul (MRO) service, electronics and electronics manufacturing services (EMS) and IT services.

SBMA to release 2014 1st sem revenue share of contiguous local gov’t units

SUBIC BAY FREEPORT, July 28 (PIA) -- Subic Bay Metropolitan Authority (SBMA) will release beginning August 4 a total of P93.7 million in revenue shares to contiguous local government units (LGUs) in Bataan and Zambales that is covered by its Freeport Zone- up by 26 percent compared to the same period last year.

Olongapo City will still receive the biggest chunk at P22.7 million followed by Subic town in Zambales- P14 million, Dinalupihan in Bataan-P11.8 million, San Marcelino in Zambales-P11.3 million, Hermosa in Bataan-P9.6 million, San Antonio in Zambales- P8.3 million, Morong in Bataan-P8.1 million, and Castillejos in Zambales-P8 million.

“The amount to be released consists of P87.32 million in shares for the first semester of 2014 and P6.38 million in the 10 percent retention share for the first semester of 2012,” SBMA Chairman Roberto Garcia explained in a press statement.

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SBMA to remit P94 M to LGU beneficiaries

MANILA, Philippines - The Subic Bay Metropolitan Authority (SBMA) intends to remit P94 million worth of revenue shares for the first semester to local government units (LGUs) adjacent to the Subic Bay Freeport Zone.

According to SBMA chairman Roberto Garcia, the funds would be made available to eight LGUs by Aug. 4.

Compared to the P74.5 million released by the SBMA to LGUs in the first-half last year, this year’s amount went up by 26 percent. “This is part of our commitment to our neighboring LGUs to spur development in the local communities and help achieve President Aquino’s goal of inclusive growth,” Garcia said.

Of the eight LGUs, Olongapo City would again receive the biggest share of P22.7 million.

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Consortium investing P50M for GenSan special ecozone

GENERAL SANTOS CITY (MindaNews/26 July)–A consortium here is investing some P50 million for the development of a special economic zone that aims to attract local and foreign investors, a company executive said.

Neil Cachuela, administrator of the GenSan Economic Zone (GEZ), said that President Benigno S. Aquino III has declared the facility as a special economic zone early this month.

“This would be the biggest industrial-type special economic zone that would rise in Southern and Southwestern Mindanao,” he said.

Aquino signed Proclamation No. 820 creating and designating around 47 hectares of land in Barangay Tambler as a special economic zone last July 3.

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‘Empties’ to be moved out of Manila port – PEZA chief

MANILA - The government says it's planning to move empty container vans congesting the Port of Manila to speed up imports and exports and help companies suffering from delayed shipments.

Deliveries have slowed since Manila Mayor Joseph Estrada imposed a partial truck ban, and as container vans take up space in the port.

Philippine Economic Zone Authority (PEZA) Director General Lilia de Lima says the government will move the vans, known as "empties," to Subic and Cavite because the delays are hurting businesses, including exporters and other manufacturers in economic zones.

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