CDC's flawed economics

“IN 2011, the CDC earned a staggering $3.912 billion in exports - a historical 161 percent increase from the state-owned firm’s US$1.453 billion record in 2010 due to impressive performances of its locators and investors.”
So crowed the Clark Development Corp. of its self-proclaimed crowning achievement in celebration of its 19th anniversary last April 13.
“The entry of Texas Instruments (TI) in 2010 made a remarkable contribution to the export industry of this bustling Freeport with the $1.53 billion it posted last year.”
So hailed the CDC in its praise release of April 16 that went on to virtually sing hallelujahs too to the other outstanding performers among the Clark locators and investors, to wit:
a) Nanox Philippines, Inc., $791,064,999.14;
b) Phoenix Semiconductor Philippines Corp., $566,091,472.48;
c) Yokohama Tire Philippines, Inc. (YTPI), $298,059,468.72;
d) L&T International Group Philippines, Inc., $145,104,643.34; and
e) SMK Electronics (Phils) Corp., $98,493,605.67.
By sector, the breakdown goes:
a) electronics, $3,103,885,248.18;
b) tires, $298,059,468.72;
c) garments, $226,884,390.58;
d) other manufacturing, $131,355,636.92;
e) aviation-related, $13,246,818.88; and
f) other sectors, $139,335,526.76 .
“Clark’s export performance is equivalent to around 8.1% of the estimated total Philippine exports of 48.5 billion in 2011.”
So the CDC proudly proclaimed in self-congratulation on the occasion of its 19th anniversary last April 13. Our repetition to underscore the significance of the occasion.
In fact, and in effect, the CDC merely repeated what it praise-released just last January as “staggering $3.912 billion volume of exports for 2011” comprising a “historical 161 percent increase.” Note that the superlatively, if not outright hyperbolic, laudatory phrases were a constant in the CDC press releases, though three months issued in-between. The only difference is in the attribution of the report – specifically to CDC President-CEO Felipe Antonio Remollo then; to the generic CDC now. Brought about, no doubt, by the unceremonious firing of Remollo.
So then as now we take issue with CDC’s (sub)standard of performance for Clark as a Freeport. And thereby raise anew what we pointed out in our editorial of January 31, to wit:
"We have no doctorate in economics, but any student of Economics 101 would know that exports are not the sole factors in the profit equation. There are the imports to consider too. Thus, the full process, be it of production or of profit computation equationed in: E – I = P or L. That is exports minus imports equals profit or loss. 
So the Clark Freeport posted $1.53 billion in exports for 2011. So how much did the Clark Freeport spend in imports for 2011? Half the picture won’t tell the whole story.”
No matter CDC’s propensity for redundancy. Which now impugns upon this government corporation either some intellectual dishonesty or functional illiteracy.
Whichever hews not with the express vision of the P-Noy presidency. So sad.