New Business Complex Opened in Belmopan

The City of Belmopan has a new landmark.  The David L. McKoy Business Center, which sits on the Social Security Board compound, was officially opened today.  The building is named after one of the pioneers of the fund.  The eight-million-dollar building will house multiple business and government offices.  A short ribbon cutting ceremony was held this morning. News Five’s Paul Lopez was there and files this report.

Paul Lopez, Reporting

The Social Security Board dedicated the David L. Mckoy building in honor of the former PUP Government Minister who served within the public sector for thirty-two years of his life. The family of the late minister was present at today’s ceremony. His daughter, Lottie Mckoy Gill spoke to us her late father’s legacy.

Paul Lopez

“Do you feel like his service has gone overlooked for a long time?”

Lottie McKoy Gill

Lottie McKoy Gill, Daughter of David McKoy

“Truthfully speaking I believe that has been the case. But today is a remarkable experience that we have faced today. We are enlightened by the Social Security Board naming this building after  the late David L McKoy.”

When McKoy was elected area representative for Stann Creek West in 1957; he became the first Minister of Labor and established the Social Security fund.

Cordel Hyde

Cordel Hyde, Deputy Prime Minister

“Mainly I am here to give salute, and honor the name of David McKoy, the man whose vision it was fifty-two years ago to establish the social security scheme. I was way ahead of hi s time. Twelve years before Independence he has been fighting for this. And basically, it is a scheme that protects against poverty in the old years.”

For the Social Security Board, the new Business Center is not only a source of pride but a means of meeting an obligation to those covered by S.S.B.

Wendy Castillo

Wendy Castillo, Board Director, S.S.B.

“In his address delivered on June fifteenth 1982, on the occasion of the first annual report of the Social Security Fund, the Right Honorable George Cadle Price as Prime Minister of a newly independent Belize, said Social Security is but the beginning of developing the proper attitudes of a responsibility for older or injured citizens so that we can become conscious of the human and social obligations which we must strive to meet. Today the investment committee of your social security board is doing just that. With its new building, we are fulfilling its mission to have a financially stable program to provide a lifetime of coverage to many thousands of Belizeans ensured through the scheme.”

Approximately eight million dollars was spent on its construction. Forty five thousand square feet of the building will be used as rentable space.

Reynaldo Magana

Reynaldo Magana, Investment Chairman, S.S.B.

“Based on our estimates, we will recover the investment in ten years at an eight point two percent rate of return.  The good news I want to share with you all is that as demonstrated in investment in the David McKoy building, we would already achieve immediate returns as it would serve government offices, N.G.O.s and B.P.O.”

Reporting for News Five, I am Paul Lopez.