Flashback Sept. 19, 2000-2002

Sept. 19, 2000

The House transportation committee will press passage of the controversial bill seeking to regulate sea vessels’ traffic within Saipan’s western lagoon in a bid to enhance safety of the area for tourists and passengers. Committee chair Rep. Rosiky F. Camacho said it would be amended to deal with concerns raised during public hearings conducted for the past few weeks. Among the changes under consideration include requiring installation of a ramp for jetskis instead of using beach areas as well as restricting use of third-class docking facilities. “We will definitely go ahead with the bill,” Mr. Camacho told in an interview. “We need these safety measures and regulations to correct past errors.”

House appeals to feds on crop insurance

The House of Representatives has formally requested the U.S. Department of Agriculture to extend a federal crop insurance program to the CNMI, citing the need to assist local farmers and ranchers. In endorsing the move, the Committee on Health and Welfare said a mechanism to protect local crops and investment by farmers must be in place in order to encourage development of agriculture industry on the islands. HR 12-63, sponsored by Rep. William S. Torres, called on the USDA through August Schumacher, undersecretary of farm and foreign service, to implement the program here, which is similar to the assistance provided to all farmers across the nation.

Sept. 19, 2001

‘Fund’s overseas investments safe’

Despite the reported drop in stock market indices worldwide in the wake of the terrorist attacks in the US mainland, the NMI Retirement Fund assured that its international investments remain safe and sound and have not been adversely affected. “The Fund’s investments are doing just fine and are perfectly safe. The Fund was very lucky in that none of its money managers nor the Fund’s consultants had offices in any of the buildings that were damaged or destroyed,” assured Kathleen Troy-Rucker, the Fund’s legal counsel. She also stressed that the Fund has no immediate plans of liquidating or withdrawing its international investments, saying that this action is still a remote possibility.

CIPs seen to buoy construction sector

The CNMI government has approved the release of a total of $73.56 million for several Capital Improvement Projects, of which more than half will go to projects in Saipan. Despite three line item vetoes, Gov. Pedro P. Tenorio signed into law House Bill 12-374, allocating $18.45 million for Rota, $11.94 million for Tinian, and $17.79 million for Saipan, totaling $48.18 million. Funding for these projects will come from Commonwealth Development Authority bond earnings amounting to $24.02 million, bond interest amounting to $1.2 million, and Covenant Section 702 funding in the amount of $24.97 million.

Sept. 19, 2002

NMIRF is not alone in its investment losses

With the entire American retirement system itself losing $630 billion in 2000 and 2001, the losses sustained by the Northern Marianas Islands Retirement Fund’s investment portfolio merely reflect the general malaise that is plaguing the pension industry. This was stressed by Fund administrator Karl T. Reyes, in reaction to statements in the media that had questioned the Board of Trustees’ capabilities in carrying out its fiduciary duties and responsibilities over these funds. He pointed out a Cerulli Associates Inc. financial report that came out in the newspaper Pensions & Investments, which said the retirement market throughout the United States lost $630 billion, or 11 percent, in the two years ending December 31, 2001.

Rotary Club donates $3K to NMI Scholarship Office

The Rotary Club of Saipan donated $3,000 to the CNMI Scholarship Office to benefit two college students majoring in vocational fields. Rotary Club of Saipan vocational director Agnes McPhetres and president Ed Salas presented a check to CNMI Scholarship Board Chair Roman M. Benavente in a ceremony held Tuesday, Sept. 9, 2002. The scholarship recipients are John-Paul Facey, a sophomore at the Honolulu Community College pursuing a degree in commercial aviation, and Joshu Villagomez, a sophomore at the Cuyamaca College studying auto mechanics. Each will receive $1,500 for academic year 2002-2003.