Subic exports down sharply in 2003

Export earnings from companies located inside the Subic Bay Freeport declined by 48 percent to $685.42 million in 2003 from $1.32 billion in 2002, the Subic Bay Metropolitan Authority (SBMA) reported yesterday.

The decline was attributed mainly to the drop in shipments of Taiwanese computer giant Wistron Infocomm Phlippines Corp. (formerly Acer Corp.) due to poor global demand.

Wistron’s exports plunged by about 60 percent to only $429.7 million in 2003 from $1.06 billion in 2002.

Wistron’s exports accounts for about 63 percent of the total shipments from locators inside the freeport.

Wistron is the biggest investor in Subic with investments of over $120 million.

The Taiwanese firm manufactures laptop computers, motherboards, peripherals, fax machine dynamic random access memory, computer integrated circuits, hybrid microelectronics, and softwares for Acer, IBM, and Hitachi brands.

Wistron picked the Philippines as an alternate site for the production of laptop computers a few years ago after it decided to shift a portion of its production of laptop computers in China.

It has tied up with Singapore-based logistic support provider Global AirFreight in its bid to transform Subic Bay as one of its global logistics hub.

Other top dollar earners inside the Subic Freeport include ATM maker Omron Corp. With $53.19 million, Sanyo Denki with $36.69 million, wood producer Juken Sangyo with $33.76 million, airconditioning units maker Taiwan Hitachi with $14.69 million, Ocean Pacific with $2.52 million, among others.

SBMA also reported that employment generated by companies inside the freeport zone went up by five percent to 51,486 workers last year from 48.874 workers in 2002.

Wistron emerged as the top employer with 2,931 workers followed by Sankyo Seiki Philippines with 2,575 workers, and Sanyo Denki Philippines with 1,639 workers.

Meanwhile, a new investor, Specified Contractors Inc. is investing P600 million to put up the Subic Holiday Villas for 500 retirees.

Washington-based Philippine Real Estate Center has been tapped to invite Filipino-American retirees to settle in the retirement village.