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PIA Press Release
2007/09/21

Oleochem posts 427.96% hike in NorMin exports, 2Q 2007

by Rutchie Cabahug-Aguhob

The 7.5% increase in the country's gross domestic products (GDP) ad the 10% gain in capital investments during the 2nd quarter are in line with what the Asian Development Bank (ADB) says.

"The ADB says we need these developments in order to replicate the poverty-eradicating growth of Asia's economic success stories," Pres. Gloria Macapagal-Arroyo said.

Our growth is the highest in a generation and the state of our economy at this point of the year brings hope ad excitement to all of us Filipinos, the President said during a speech she delivered at the recent Electronic Strategic Forum for the Philippines.

"We know how strategic the electronics industry is to our country as it accounts for two-thirds of our exports and employs about half a million people, directly or indirectly, in well-paying jobs," she also said.

Meanwhile in Northern Mindanao, reports from the Dept. of Trade and Industry show that Oleochemicals valued at US$44.588 million have topped the list of free-on-board (FOB) commodities that were exported during the period.

"Considered the biggest performer of all products, oleochemicals contributed 28.51% share in the total regional export (TRE) amounting to US$156.39M for the period," Regional Director Alicia V. Eusena of DTI, region 10, said.

This was followed by hot/cold rolled coils valued at US$21.808 million or 13.94% and crude coconut oil, US$19.547 million or 12.50%.

Actually, oleochemicals out-ranked crude coconut oil and cold rolled steel which have been traditionally no. 1 and no. 2 exports of the region, respectively, she also said.

The other commodities and their order in the top 10 list are: Canned Pineapple Products, US$17.266 million or 11.04%, Sintered Ore, US$17.142 million or 10.96% and Pineapple Silage, US$7.298 million or 4.67%.

Cement Clinker, US$5.589 million or 3.57%, Everyday Milk Power, US$4.530 million or 2.90%, Desiccated Coconut, US$4.165 million or 2.66% and Finished Lumber and other Wood Products, US$3.407 million or 2.18%.

By sector, however, Coconut Products valued at US$72.157 million or a share of 46.14% of the TRE was first in the list of region 10's exports during the quarter.

Again, the other sectors and their order in the exports' list are as follows: Industrial Manufactures, US$23.122 million or 14.78%, Iron & Steel, US$22.363 million or 14.30% and Processed Foods, US$22.242 million or 14.22%.

Other Resource-Based Products, such as the Pineapple Silage of Del Monte Philippines, US$7,416 million or 4.74%, Wood/Forest Products, US3.419 million or 2.19% and Special Transactions which covers products like second hand implements and tools, US$1.402 million or 0.90%.

Fresh Fruits & Vegetables, US$1.235 million or 0.79%, Minerals, US786,887 or 0.50%, Rubber Products, US$709,657 or 0.45%, Sugar & Sugar Products, US$686,800 or 0.44%, Marine Products, US$22,836 million or 0.40% and Gifts, Toys & House Wares, US$237,504 or 0.15%. (PIA 10) [top]

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