Taiwan investor gets solons’ sympathy

Ben R. Rosario

The sad plight of a rich Taiwanese family who lost their fortune investing in the Philippines drew mixed emotions from administration and opposition lawmakers who, in a congressional hearing last week, took turns in lambasting the way officials of the Subic Bay Metropolitan Authority (SBMA) treated them.

While several members of the House Committee on Oversight revolted in anger for the shabby treatment SBMA officials gave the Taiwanese family, Zambales Rep. Ma. Milagros "Mitos" H. Magsaysay, known as the "Iron Lady" of the House, was reduced to tears as Jack Hu, vice president of the Universal International Group, gave one simple reason why they will still invest their money should they recover from near bankruptcy.

"It is because my mother has come to love your country so much," Hu said.

When asked why instead of being her usual feisty self, she cried at the height of the hearing, Magsaysay explained that the tears just came streaming from her eyes as she listened to Hu’s heartrending story.

"Nakakaawa naman talaga iyong mag-ina. They came to invest when the Philippine economy was down, the least that we could offer them is swift and fair brand of justice," the lady solon said.

Hu and his mother, Susan, are fighting for their right to continue operating the Subic Bay Golf and Country Club which the SBMA handed over last June to the South Korean firm Hanafil Golf and Tour Inc.

Represented by minor stockholder Benjamin John Defensor III, nephew of Sen. Miriam Defensor Santiago, Hanafil was offered a one year free rent of the golf course that was developed in 1998 by the Hus, using the R1-billion proceeds of sale of the family’s remaining real estate properties in Taiwan.

Government will lose at least R16.4 million from the deal that was arranged by SBMA Administrator Armand Arreza.

During last week’s hearing, congressmen led by administration Rep. Elpidio Barzaga (Kampi, Cavite) and opposition Rep. Liwayway Vinzons Chato (LP, Camarines Norte), assailed Arreza’s decision to ignore pending court cases that were filed by the Hus to recover the golf course.

"These Taiwanese businessmen invested billions of pesos not only to earn but also to help our country’s economy. They do no deserve the arrogant treatment. We are sending a wrong message to other prospective investors," Barzaga said.