22 January 1996 00:00 [Source: ACN]
IMPORTED chemicals and chemical products accounted for an estimated 25% of the Philippines' trade deficit in the first nine months of 1995, figures released by the Chemical Industry Association of the Philippines (SPIK) showed.
From January to September last year, the country's trade deficit rose 7.7% to US$6.41bn, up from US$5.95bn in 1994.
The country imported US$1.5bn of chemicals, plastics, fertilisers, synthetic resins and fibres last year. This value represents 38% of the total US$4bn chemicals and consumer chemical products imported last year.
Latest available figures showed that the chemical industry posted a 10.8% growth rate in 1994 on the back of a growing economy.
Chemicals as raw materials or intermediates for consumer products contributed Peso1420bn (US$54.16bn), or a 25% growth in revenue to the country's top 1000 companies in 1994.
Total project investments for basic industrial chemicals in the Philippines last year was Peso1.93bn.
New investments in H2 1995 are expected to increase, said SPIK, but figures were not available.
New investments in petrochemicals and oleochemicals are expected to spur the chemical industry well into the year 2000.
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