SUBIC BAY FREEPORT – The Subic Bay Metropolitan Authority (SBMA) received US$1.225 million in cash dividends from the Subic Bay Development and Management Corporation (SBDMC), which manages a sprawling industrial park here.

In a ceremony in Taipei, SBMA Chairman and Administrator Rolen C. Paulino received the dividends as part of the agency’s share from the SBDMC.

The SBDMC Board of Directors reportedly approved some US$2.5 million in cash dividend for its stockholders during the board’s 68th meeting on March 29, 2023 in Taipei. 

The SBMA has a 49 percent stake in the company that was formed in 1995 as a joint venture between the SBMA and Taiwan’s United Development (UD) Corporation to establish, construct, operate and manage the Subic Bay Industrial Park, now named Subic Bay Gateway Park (SBGP).

Meanwhile, UD Corporation, with 51 percent equity share in the company, received US$1,275,000, Paulino said.

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

The SBMA chief said this was the first time that the SBDMC distributed cash dividends since 1994 while the company has been paying religiously to the agency relative to the Supplemental Agreement until 2025.

The SBMA officials were also in Taipei for a trade mission and attended the inauguration of the Taipei Bioinnovation Park.

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 during the Taiwan visit.

He noted that the public-private collaboration formula used by the Taiwan companies boosts growth and development in the community and that this can also be applied in the Subic Bay Freeport. 

TOP PHOTO: The SBMA trade delegation meet with SBDMC officials and other business leaders in Taipei, Taiwan