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CDA extends director’s contract for 2 more years
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Posted on Feb 29 2012
By Clarissa David
Reporter
Reporter
Commonwealth Development Authority board has extended the contract of executive director Manuel A. Sablan for another two years.
Sablan confirmed yesterday that the board made the decision during Wednesday’s meeting. He said his new contract contains the “same terms and conditions.” Sablan has an annual salary of $70,000.
With the CNMI’s “very trying situation,” Sablan noted the challenges of being in charge of an agency tasked to stimulate economic development in the Commonwealth. But he also emphasized that there are many potential ventures for the CNMI if only the right infrastructures are put in place.
“That’s why it is very important that we try to be very pro-active in some of these things,” Sablan told Saipan Tribune. “Yes, the economy has been very depressing but sometimes we just have to think how we can structure or set the business environment to bring operation costs down.”
According to Sablan, the CNMI’s dependence on fuel is a significant factor in the cost of doing business on the islands, hence there should be emphasis on finding solutions to this problem such as venturing in alternative energy projects.
Citing the need to look for new sources of revenue, Sablan said CDA should also find ways to provide assistance to businesses by giving them access to credit facilities that would give them the financing to effectively perform and generate more income in the process.
He said companies need a loan or revolving credit line to keep their businesses going but oftentimes, they do not meet the criteria set forth by these financial institutions.
“If we could structure something so that we could work with the bank and induce the bank to make the loan with CDA through government participation, then the borrower [business] will have the financing,” said Sablan.
Sablan said the government should collaborate with commercial banks “as much as possible” in addressing the economic downturn on the islands.
