SBMA gets $1.225M in cash dividends from SBDMC

The Subic Bay Metropolitan Authority (SBMA) received US$1.225 million in cash dividends from the Subic Bay Development and Management Corporation (SBDMC) during a ceremony in Taipei.

According to SBMA Chairman and Administrator Rolen C. Paulino, the dividends is part of the agency’s share from the SBDMC. He added that the company has declared US$2.5-million in cash dividends for its shareholders, wherein the SBMA has a 49 percent stake in the company.

The SBDMC Board of Directors approved the declaration of the US$2.5-million cash dividend during the board’s 68th meeting held on March 29, 2023 in Taipei. 

The SBDMC Inc. is a joint venture company formed in 1995 between the SBMA and Taiwan’s United Development (UD) Corporation to establish, construct, operate and manage the then Subic Bay Industrial Park, now named the Subic Bay Gateway Park (SBGP).

“The SBDMC, Inc. declared US$2.5M cash dividends with the SBMA having a 49 percent equity share. Meanwhile, UD Corporation, with 51 percent equity share in the company, received US$1,275,000,” Paulino said.

Chairman Paulino represented the SBMA in Taipei, Taiwan, along with Directors Cynthia Paulino, Rolando Ampunin, Raul Marcelo, Ma. Cecilia Bitare, and Senior Deputy Administrator Ramon Agregado.

The SBMA Chief also cited that this is first time that the SBDMC has distributed cash dividends from 1994 since the company has been paying religiously to the agency relative to the Supplemental Agreement until 2025.

The SBMA officials were in Taipei for a trade mission, where they attended the inauguration of the Taipei Bioinnovation Park.

During the visit, Paulino expressed his gratitude to TECO Group of Companies Chairman and Century Development Corporation Chairman Theodore Huang, and SBDMC Inc. Chairman Willy Wang for the warm reception.

He cited that the public-private collaboration formula being used by the companies is beneficial for the growth and development of the community, adding that the formula can also be applied in Subic Bay Freeport. (MPD-SBMA)

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Subic firms launch P72-M commercial complex despite Covid pandemic

Companies registered in this Freeport not only continue to do business but are even expanding operations despite the lingering impact of the Covid-19 pandemic in the local economy.

Last Friday, Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Wilma T. Eisma graced the inauguration of the SBGP-FSI Commercial Complex, a P72-miliion commercial project right at the Subic Bay Gateway Park, an industrial enclave populated by mostly Taiwanese companies.

Eisma said the new project, which broke ground last year, “demonstrates the resiliency of the Subic Freeport to rise amid the pandemic because of solid economic foundation and proves that the Subic agency has taken the right response to the challenges posed by the Covid pandemic.”

The newly-inaugurated complex is a two-story building located along Efficiency Avenue that top-bills SBGP Food Services, Inc. (SBGP-FSI), a joint venture between SBGP developer Subic Bay Development and Management Corp., Inc. (SBDMC) and MCOM Subic Corporation, a firm engaged development and management of properties.

SBDMC President Willy Wang, who also heads SBGP-FSI, said the complex has a high-end 7-Eleven convenience store that has the first ever drive-thru in the country.

The complex also features the Royal Park Restaurant that offers authentic Taiwanese cuisine, a TECO home appliances store, a Taiwanese food specialty store that offers authentic Taiwanese food products, and a function hall with a capacity of 100 persons.

In the same occasion, several Taiwanese firms also donated to the SBMA two ambulances, a police patrol car, and a vaccine refrigerator to boost Subic’s capacity in its vaccination program.

Taian Subic Electric donated the vaccine chamber, while the SBDMC and MCOM Subic Corp. donated the two ambulances. Meanwhile, the police patrol pick-up truck was donated by members of the Subic Bay Taiwan Chamber of Commerce: SBDMC, Inc., Universal Philippines Corp., Sky Movement Logistics, Inc., Tailin Abrasives Corp., Haw Cheng Yen (Paul Gan), Le Charme Hotel, Upower Building Corp., Jack Metal, Inc., Limech Mfg & Trading Corp., Tao Hang Corp., and MSK Group Work, Inc.

Taipei Economic and Cultural Office (TECO) Philippine Representative Michael Hsu, who also graced the opening, said the SBGP-FSI project and the corporate donations are “a testament of the strong relationship between the Philippines and Taiwan.”

“Now that the SBGP-FSI has opened, Filipinos here can savor the taste of Taiwanese cooking,” Hsu said, adding that cuisine from different countries can break boundaries, and bring countries together.

Senator Richard Gordon, who was among the virtual guests during the inauguration, commended the SBGP-FSI investment, citing that the Taiwanese were among the first to invest in Subic after the US Navy left. He added that Taiwan has been very supportive of the Philippines in terms of business and aid.

Among the local officials who attended the opening were: Hermosa Mayor Antonio Joseph Inton; Olongapo Vice Mayor Jong Cortez; TECO Chairman Theodore Huang; Philippine Seven Corp. Vice President Robert Tseng; SBDMC Chairman Chin Der Ou; SBGP-FSI Chairman Tung Hai Kao; Taiwan Trade Center Director Clement Chen; Taiwan Chamber of Commerce and Industry in the Philippines Inc. Chairman Michael Lin; Taiwanese Compatriot Association in the Philippines Chairman Simon Su; Subic Taiwan Chamber of Commerce President Andy Liu; Subic Bay Freeport Chamber of Commerce Executive Director Donna Tamayo; SBMA senior deputy administrators Ramon Agregado and Ronnie Yambao; and SBMA Board directos Benasing Macarambon Jr., Rolando Ampunin, Maria Cecilia Bitare, and Marvin Macapagal. (MPD-SBMA)

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SBMA gets medical gear, supplies from TECO, Taiwan firm

The Subic Bay Metropolitan Authority (SBMA) received medical equipment and supplies from the Taipei Economic and Cultural Office (TECO) and a Taiwanese manufacturer here on Friday, boosting the agency’s capacity in the fight against Covid-19.

SBMA Chairman and Administrator Wilma T. Eisma said the donations consisted of five oxygen concentrators from TECO and 100,000 surgical facemasks from MSK Group Work Inc., a Subic-registered business locator.

These will be used by the SBMA Public Health and Safety Department, which is the frontline unit in Subic managing the pandemic, she added.

Eisma personally received the donations from TECO Philippines Representative Michael Peiyung Hsu and MSK Group Work Inc. President Simon Su.

According to Hsu, Covid-19 patients who are classified as severe and require oxygen therapy will immensely benefit from the oxygen concentrators.

He added that these oxygen concentrators are convenient for use by patients, as well as health-care workers, because they are easy to move. One oxygen concentrator can simultaneously serve two adults and five children, Hsu said.

Eisma also expressed gratitude to MSK Group Work Inc., adding that the company, which started producing surgical facemasks in Subic Freeport last year, has been instrumental in ensuring a steady supply of facemasks in the country.

The SBMA has intensified its Covid-19 vaccination program recently with the support of business locators in the Subic Bay Freeport.

In the last two months, the agency received two biomedical refrigerators from Subic firms that brought Subic’s vaccine storage capacity to 40,000 vials, as well as upright freezer for ice packs used in vaccine carriers.

Eisma said the support from the private sector “has been invaluable in the fight against Covid-19 and in the efforts to keep Subic a safe place for productive economic endeavors.” (MPD-SBMA)

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