FLASHBACK – Dec. 22, 2011

CPA’s hand in economic dev’t lauded[/B]

The Strategic Economic Development Council has commended the Commonwealth Ports Authority’s efforts in cutting back airport charges, which strengthened the CNMI’s competitiveness as a prime tourist destination. Bob Jones, chairman of the SEDC committee on air service initiative, said CPA’s earlier decision to rollback charges at the Saipan International Airport makes it easier to sell the CNMI as a destination to airline companies. “We were looking for major factors that would make existing airlines to continue servicing the islands and entice new carriers to come in. CPA’s decision is a great contribution to the overall efforts,” said Jones.

With a concrete economic blueprint now in the bag, the CNMI government anticipates to generate an additional $200 million revenues in a four-year period through the revitalization of the islands’ tourism industry. Following 15 months of discussions, the Strategic Economic Development Council yesterday unveiled a blueprint seen to alleviate the Commonwealth’s financial woes through aggressive marketing and physical improvements. The Council presented the first phase of its economic recommendations to Gov. Pedro P. Tenorio yesterday, where SEDC Chair Scott Bowman, who is also the regional manager for Duty Free Shoppers, emphasized the advantages of a tourism-based economy for the Commonwealth.

Kumoi bats for fewer controls on non-commercial fishing[/B]

Sen. Ramos S. Guerrero introduced legislation that seeks to allow non-commercial net fishing in the Northern Marianas, provided the harvests are intended for personal or immediate family consumption. The proposed measure-Senate Bill 13-118-is Guerrero’s answer to the Department of Lands and Natural Resources’ proposal to ban certain types of net fishing in the CNMI. The agency is pushing for the moratorium in a bid to protect the CNMI’s diminishing fishery resources. SB 13-118 seeks to amend Section 6(e) of Public Law 12-12 to clarify the scope of the DLNR’s authority to promulgate regulations that will better secure marine conservation areas.

The House of Representatives is planning to coordinate an open forum for members of the public education community, where pertinent educational issues may be tackled constructively. The lower House is spearheading the forum in a bid to provide a neutral venue where Public School System and Board of Education officials, as well as teachers and parents, can air their sentiments without fear of retaliation. Speaker Heinz S. Hofschneider said the invitation will be extended to everyone, but warned would-be participants not to take the discussions into a “personal” level. “It is always a good rule to remind everybody that the easiest and quickest thing to do in life is to criticize. I’d like to suggest to everyone to criticize constructively,” the Speaker pointed out.

NMIRF investments hit $358M in Nov.[/B]

The NMI Retirement Fund’s international investments grew to $358.16 million in November-an increase of about $4.597 million from October’s $353.56 million, according to Fund administrator Karl T. Reyes in last Friday’s Board of Trustees meeting. Though a mere 1.3 percent increase over October’s investment performance, Reyes said that, if the market value of the Fund’s portfolio were deposited in a bank, the $4.597 million earnings are equivalent to an interest rate of 15.82 percent. This is also the first time that the Fund’s portfolio reached this high since 2001. Reyes attributed the meteoric rise in the Fund’s portfolio to the robust market that has continued its bullish streak since the middle of this year.

The NMI Retirement Fund and the Marianas Public Lands Authority have signed a land lease contract for a piece of land adjacent to the NMIRF building that would be used as a parking lot for the Fund’s clients and employees. The piece of land-located southeast of the Fund building-measures about 2,500 sqm and would be leased by the Fund for five years, at a cost of $5,800 per year. Fund administrator Karl T. Reyes explained during Friday’s Board of Trustees meeting that they need the additional parking space, particularly during the 15th and 30th of every month when they release the pension checks of retired members.