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Chamber says CNMI economy stabilizing
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Posted on May 21 1999
The effect of Asia’s economic crisis on many businesses in the CNMI seems to be waning. At least, this was the assessment made by some members of the Saipan Chamber of Commerce during yesterday’s monthly meeting with Gov. Pedro P. Tenorio.
While the island has seen increased arrivals, it is still too early to say that the island is in its recovery phase, according to Gregg Kresge, vice president of the Chamber.
“Businesses said they have somehow stabilized in the sense that they have reduced losses but they are not also making incredible gains,” he said.
Tenorio asked Chamber members who attended the meeting how they are being affected by the regional crisis which has battered the island’s tourism economy for more than a year now.
The meeting was different from the earlier meetings held with the chief executive since there were no complaints about certain policies affecting the business sector. “It was simply a sharing of views,” said Kresge.
Business leaders told the governor that they have already carried out cost cutting measures to survive the effects brought about by the Asian woes which include reduction in workforce and operational expenses. As such, they do not see further laying off of employees in their respective businesses.
During Japan’s Golden Week, many hotels and resorts have enjoyed a 100 percent occupancy as Japanese visitors flocked to the island to spend four days of rest and recreation.
Japan Airlines offered seven charter flights from different cities in Japan to Saipan which greatly contributed to the 20 percent increase in arrivals during the Golden Week compared to the same period last year.
Does this now mean that the worst is over?
Of course not. The Asian economy is so volatile that anything can still happen, said Kresge. Lindablue F. Romero
