Torres enacts CEDA bill

Gov. Ralph DLG Torres, third from left, gives brief remarks before signing House Bill 22-21 into public law. The bill renames the Commonwealth Development Authority as the Commonwealth Economic Development Authority and allows the new CEDA to proactively reach out and promote the CNMI as a location for private investment. Also in picture is Lt. Gov. Arnold I. Palacios, Finance Secretary David DLG Atalig, the bill’s author Rep. Angel A. Demapan (R-Saipan), and Governor’s Council of Economic Advisers co-chair Jerry Tan.
(JOSHUA SANTOS)

Gov. Ralph DLG Torres signed into law yesterday a bill that renames the Commonwealth Development Authority as the Commonwealth Economic Development Authority and tasks it with the duty of promoting the CNMI as an investment destination in a bid to diversify its economy.

Departing from the usual practice of enacting new laws at the Office of the Governor, Torres signed House Bill 22-21 in a news briefing Monday afternoon at the Gilbert C. Ada Gymnasium conference room. He was joined by Lt. Gov. Arnold I. Palacios, Senate President Jude U. Hofschneider (R-Tinian), House Speaker Edmund S. Villagomez (Ind-Saipan), Governor’s Council of Economic Advisers co-chair Jerry Tan, chief economist and member of the Fiscal Economic Diversification Committee Matthew Deleon Guerrero, and many of the CNMI’s other critical economic role players.

According to the bill, “the purpose of [CEDA] is to be the primary agency tasked with the economic development of the Commonwealth, and to be empowered to undertake this mandate with the flexibility to become proactive in the pursuit of industries and investments that will strengthen the CNMI economy.”

In his remarks, Tan talked about how many private investors have already expressed their interest in the CNMI and spoke of the necessity for the new CEDA to be focused on its goals. “[We need to] identify what do we need as a destination, what do we need as a community. The second step is to go out and promote and look for quality investors, quality investors that will come in and develop something that we need,” Tan said.

In interviews after the event, both Hofschneider and Villagomez both expressed their support of the bill. H.B. 22-21 was unanimously passed by the House of Representatives on March 25, and was unanimously passed by the Senate on May 18.

“The CEDA bill is definitely something that both houses of the legislature unanimously supported, and the idea of creating or adding additional responsibility and [a] centralized agency for our economic development moving forward is something that we should all be excited about. We appreciate the signing of it and now it’s time to put it to work,” said Hofschneider.

“It’s a good bill and I thank the governor and the lieutenant governor for signing this into law. Right now, we’re kind of like in a downtime. We are receiving all this help from the federal government, and there’s still more funding coming in so it’s a good time to also take advantage of how we can recover or reconstruct. …This is one way to get the economy stimulating and preparing for when things get back to normal as soon as possible,” said Villagomez.

In an interview after the event, Demapan expressed gratitude for the Legislature’s and the governor’s support of the bill he authored, and said that Monday was a big day for the CNMI.

“I’m really grateful for this day. This was a big project, a very big piece of legislation that a lot of stakeholders were involved in, and to be able to be the mover of this legislation and to have it finally enacted into law so that the new CEDA can begin its efforts to reinvigorate our economy is just a major accomplishment for the Commonwealth,” said Demapan.