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PIA Press Release

Coco-based products contribute lion’s share in NorMin’s 2Q ’06 exports

by Rutchie Cabahug-Aguhob

Cagayan de Oro City (7 October) -- The government shares the concern of the export industry over the continued strength of the peso. As a matter of policy, however, it will always leave it to the market forces to determine the true value of the currency.

This was stressed by Regional Director Alicia Eusena of the Dept. of Trade and Industry (DTI), region 10, who said the government’s economic team is coming out with specific mitigating measures to assist the export sector to balance out the situation and maintain a business environment that would spur more jobs and better infrastructure.

“Our economy is on an extended bull run and the Administration is confident the people can keep the pace going until the country finally achieves its economic agenda,” she said.

Meanwhile, she said, coconut-based export products contributed the biggest share in the total regional exports (TRE) of Northern Mindanao, during the 2nd quarter, this year.

“These coco-based products which were valued at more than US$66.3M actually comprised 39.11% of US$169.4M, the region’s TRE for the period as shown by the DTI-10 Export Performance Report by Sector.

Eusena said these figures are gathered by their monitoring officers from the firm-level and producers’ marketing reports of their central offices which included the export declarations that goes thru the ports of the Bureau of Customs.

She said Iron & Steel came next with over US$30.6M or 18.07%, followed by Processed Food with US$116.3 M or 14.55% and Industrial Manufactures with over US$23.4M or 13.82% and Chemicals with over US$10.2M or 6.02%.

Contributions from the other sectors were as follows: Fresh Fruits & Vegetables, over US$6.7M or 3.96%, Wood & Forest Products, US$2.4M, 1.41%, Marine Products, US$2.12M or 1.25%, Minerals, US$1.4M or 0.80% and Rubber Products, US$1.16M or 0.68%.

Gifts, Toys & Housewares, US$223, 398 or .13%, Special Transactions, US$218,563 or 0.13%, Sugar & Sugar-Based Products, US$63,362 or 0.04% and Other Resource-Based Products, US$51,073 or 0.03%.

In terms of growth rate, however, Fresh Fruits & Vegetables registered the highest increase of 2,562%, from US$252,208 to US$6.7M which was attributed to the significant rise in the production of fresh pineapples and the entrance of Agribananas, a subsidiary based in Talakag, Bukidnon as well as that of Tubod, Lanao del Norte which exports bananas.

This was followed by Marine Products with 154.23%, from US$835,190 to US$2.123M due to the substantial increase in exports from Misamis Occidental and Iron & Steel with 47.15%, from US$20.8M to US$30.624M.

Similarly, Rubber Products also registered a 40.25% increase in growth rate, form US$824,549 to US$1.156M, Minerals with 34.16%, from US$1.01M to USD$1.354M, Coco-based Products with 12.27%, from US$59.029M to US$66.270M. Chemical with 6.33%, from US$9.6M to US$10.21M and Processed Food with 0.57%, from US$24.51M to US$24.65M. (PIA 10) [top]

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