Freeport export earnings down 13.3 pct this year

MANILA, Philippines (Xinhua) - Port congestion in Philippine capital region dragged export earnings of the Freeport Area of Bataan (FAB), an emerging manufacturing hub in the country, down by 13.3 percent in the first 11 months of this year, a port official said today.

Compared with the $402.4 million earnings of FAB on the same period last 2013, it went down to $348.8 million this year.

Freeport chairman and administrator Deogracias P. Custodio said "If not for the port congestion in Manila, export earnings would have been higher."

However, Custodio said investments commitments in the Freeport reached record-high in the first 10 months of 2014 to P84 billion (about $1.88 billion) from P2.2 billion (about $49.2 million) during the same period in 2013.

Data from the Freeport showed that about 17 new locators have pledged to locate their plants within the Freeport Zone.

"These developments are driving the phenomenal growth we are experiencing now. We expect to maintain if not surpass the growth we had this year," said Custodio.

Pledges include business process management, information technology firms, a footware manufacturer, a distillery business and bulk terminal operator, among others.

FAB is the emerging fashion manufacturing hub of the Philippines with company clusters producing high-end brands of garments, apparel, shoes and accessories.

Currently, there are 98 registered and approved multinational locators inside the Freeport as of June 2014.