Flashback July 10, 2000-2002

[B]July 10, 2000

CDA issues stern warning to borrowers[/B]

While consistently stressing that it discourages the practice of foreclosure of properties by delinquent borrowers, the Commonwealth Development Authority last week warned that it may be forced to forfeit properties of clients whose outstanding loans have not been performing in over two years. CDA Board Chair John S. Tenorio said the government-controlled lending agency has already instituted flexible repayment terms to provide borrowers the convenience of paying their monthly amortization at an amount they can afford but some clients have persistently failed to serve their payment terms.

[B]OIA to help CNMI lure new airlines[/B]

Office of Insular Affairs Director Ferdinand Aranza has pledged to continue assisting the Northern Marianas government in attracting other airlines to service the islands, but said such effort depends on the market conditions. OIA, which has jurisdiction over the CNMI, has been approached by the Commonwealth to draw support from federal agencies, particularly the Department of Transportation and the Federal Aviation Administration, to press its demand for direct flights to Saipan from key Asian cities.

[B]Fund’s investment drops $33 million[/B]

The Northern Mariana Islands Retirement Fund’s off-island investment reported a net loss of $33,424,334 for the months of April and May this year due to the volatile performance of its investments in stock markets. However, the portfolio return for the current fiscal year (October 1999 to May 2000) still jumped 11.38 percent or a total of $37,925,409. This brings to $371 million the total investment of the Fund for FY 2000.

[B]July 10, 2001

50 Pepero supporters defect to Covenant[/B]

Fifty key officials of the Committee-to-Elect-Pepero have defected to the Covenant Party, boosting the chances of Covenant standard-bearer House Speaker Benigno R. Fitial in the November polls. Covenant Party Chair Eloy Inos confirmed the defection, saying this was a direct result of Lt. Gov. Jesus Sablan’s decision to withdraw from the gubernatorial race.

[B]Due to funding woes, senator foregoes 3 staff[/B]

The shortfall in funds at the Legislature has claimed its first casualties. Three employees of Sen. Ramon S. Guerrero were given termination notices yesterday, leaving the senator with only one staff member. “I feel bad but what can I do? This is due to the budget situation. I must go with it even if it hurts,” said Victorino N. Igitol, one of those who were given until August 7 to pack up and leave. The two others were not identified and were unavailable for comment.

[B]Authorities weed out $750K worth of pot[/B]

Law enforcement agents last Sunday swooped down on a pot plantation and seized close to 500 pounds of marijuana with an estimated street value of $750,000. A team made up of agents from the CNMI Division of Customs, US Drug Enforcement Agency and the Guam National Guard spotted the marijuana plantation during an aerial inspection around Papago and Kagman.

[B]July 10, 2002

Halong slows down, gains strength[/B]

As tropical storm Halong approaches the Marianas region, the Emergency Management Office said it has slowed down its forward movement while gaining wind strength, which makes this weather disturbance feared to be more devastating than typhoon Chata’an. As of 7pm last night, EMO Director Rudolfo Pua said Halong has a maximum sustained wind of 65 miles per hour gusting up to 80 miles per hour, bearing an almost-typhoon strength. At about 4pm Monday, the EMO reported that its strength was just about 46 miles per hour gusting up to 58 miles per hour.

[B]Mayor declares Rota a local disaster area[/B]

Rota Mayor Benjamin T. Manglona has declared the island a local disaster area in the wake of Typhoon Chata’an and has asked Gov. Juan N. Babauta to request President George W. Bush to make a similar declaration on a national level. In line with this, Babauta has asked the Federal Emergency Management Agency for a joint Preliminary Damage Assessment of the island to verify the destruction and estimate the amount needed to bring Rota back to its feet.