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PIA Press Release

NorMin posts US$156.39M exports in 2Q 2007

by Rutchie Cabahug-Aguhob

Cagayan de Oro City (20 September) -- Pres. Gloria Macapagal-Arroyo said our country is the best value for investment in Asia after we have broken the back of fiscal irresponsibility.

"With our revenue, fiscal and investment policies, we are charting a new economic course as we focus our strengths on working to sustain our competitiveness for investment," the President told the participants of the recently held Electronics Strategic Forum for the Philippines in Manila.

"We're cutting red tape to simplify the requirements for investments as we know that cot-cutting measures and the elimination of red tape will allow our Filipino entrepreneurs and investors like to move more rapidly to create new business and increase our export earnings," she said.

Meanwhile, the Dept. of Trade and Industry (DTI) have reported that a total regional export (TRE) of US$156.39M have been posted in Northern Mindanao during the 2nd quarter of 2007.

"These products were transported "freight-on-board" (FOB) which means that freight expenses were shouldered by the buyers in their countries of destination," Regional Director Alicia V. Eusena of DTI, region 10, said.

Of the region's 5 provinces, Misamis Oriental posted the biggest share of US$104.381 million or 66.74% which is almost two-thirds of the TRE due to the improved performances in exports of oleo chemicals, milk powder and desiccated coconuts that posted an increase of 42.64%, from US$73.178 million to US$104.381 million, Eusena said.

Next was Lanao del Norte with US$41.761 million or 26.70% whose drastic decline in provincial exports from last year's US$87.203 million was due to decreases in exports of crude coconut oil and cold rolled steel that dropped by 61.65% and 27%, respectively.

Similarly, exports in Bukidnon that contributed a 6.42% TRE share of US$10.037 million or an increase of 30.64% from US$7.683 million, last year, was attributed to sugar cane and molasses which are among the major contributors of the province that were not there during the same period of 2006.

On the other hand, Camiguin's exports of US$45,703 contributed a 0.03% share of the TRE which posted a 0.23% increase over last year's US$45,600 while that of Misamis Occidental with US$165,000 contributed a 0.11% share of the TRE which posted a decline of 87.08% from last year's US$1.277 million. (PIA 10) [top]

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