TEXAS INSTRUMENTS posted $1.53 billion in exports for 2011.

Nanox Philippines Inc. put in $791,064,999.14.

Phoenix Semiconductor Philippines Corp. pitched in $566,091,472.48

Yokohama Tire Philippines, Inc. contributed $298,059,468.72

L&T International Group Philippines, Inc. recorded $145,104,643.34.

SMK Electronics (Phils) Corp. registered $98,493,605.67.

The information technology and business process outsourcing sector contributed at least $124 million in estimated service exports.

These comprised the key rolers in the Clark Freeport’s “staggering $3.912 billion” volume of exports for 2011.

A “historical 161 percent increase” so hailed a press release from the Clark Development Corp.

The equivalent to “around 8.1 perent of the estimated total Philippine exports of 48.5 billion in 2011.” So stressed CDC President-CEO Felipe Antonio Remollo.

Impressive?

No, we are not impressed.

For the umpteenth time, we take issue with CDC’s (sub)standards of success.

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. The CDC should show the import figures.

And then the public can really say if “staggering” is as it should be.