Engr. Rex L. Bingabing Director IV of PHilMech, Dr. Eduardo Cayabyab of TMTD and Dr. Michael Gragasin of AMD, received the payment from the Agri Component executives, Eugene T. Gabriel (VP for Operations), Samuel B. Cariño (Executive VP) and Dr. Manolito C. Bulaong.
Agri Component Corporation is one of the licensed manufacturers of PHilMech in fabricating its technologies. Under the agreement between the two parties, the manufacturing company is obliged to pay three percent of the total monthly net sales of the technology, as evidenced in their quarterly report on the total number of units sold.
The one million royalty paid by AgriCom is only for the sales of the Multi-fuel Biomass Furnace, one of the best-selling technologies of PHilMech.
"We want to emphasize our partnership with private partners especially with Agri Com. During research stage palang ng mga projects, we team up na with our manufacturers kaya we recognize their expertise. Sana magtagal pa ang partnership natin," Engr. Bingabing said during the event.
PHilMech also eyes the Multi-Commodity Solar Tunnel Dryer (MCSTD), soybean sorter and cornmill as their future projects with Agri Com.
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