SUBIC BAY FREEPORT – The Subic Bay Metropolitan Authority received $1.225 million in cash dividends from the Subic Bay Development and Management Corp. (SBDMC) during a ceremony in Taipei, Taiwan.
SBMA chairman and administrator Rolen C. Paulino said the dividends are part of the agency’s share from the SBDMC. He added that the company has declared $2.5-million in cash dividends for its shareholders, wherein the SBMA has a 49% stake in the company.
The SBDMC board of directors approved the declaration of the $2.5-million cash dividends during the board’s 68th meeting held on March 29 in Taipei.
The SBDMC Inc. is a joint venture company formed in 1995 between the SBMA and Taiwan’s United Development (UD) Corp. to establish, construct, operate and manage the then Subic Bay Industrial Park, now named the Subic Bay Gateway Park.
“The SBDMC, Inc. declared $2.5-M cash dividends with the SBMA having a 49% equity share. Meanwhile, UD Corporation, with 51% equity share in the company, received $1,275,000,” Paulino said.
Paulino represented the SBMA in Taipei, along with directors Cynthia Paulino, Rolando Ampunin, Raul Marcelo, Ma. Cecilia Bitare, and senior deputy Administrator Ramon Agregado.
The SBMA chief also noted that this is first time that the SBDMC 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 Corp. 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.
