FLASHBACK March 6, 2000-2002

Bank assets near $600M mark[/B]

While economic indicators point to flat growth, the Commonwealth’s half-a-billion dollar banking industry is inching its way to the $600 million-mark, indicating a strong financial infrastructure in the Northern Marianas. Bank assets registered consistent growth in each of the four quarters last year, reaching $589.9 million as of end-December 1999, up from the previous quarter figure of $571 million. Deposits totaled $570.4 million in the fourth quarter of 1999, higher by about $15 million from the quarter-ago’s $555 million. In the second quarter of last year, total bank deposits amounted $554 million, inching upwards from the previous period’s $529 million. Total deposit demands for the Commonwealth government and other agencies reached $19 million in 1999, while demand for private clients amounted $133.8 million.

An attempt by lawmakers to restore the mothballed 80-megawatt Saipan power project is courting yet stiff opposition as at least two leading bidders have urged Gov. Pedro P. Tenorio to veto their measure due to questions on a provision that could eliminate competition. The consortium of Tomen, Singapore Power, Alsons and Tan Holdings Corp. wrote a letter to the governor to lobby against passage of Senate Bill 12-19 which is pending before his office for approval. The move followed similar action by Saipan Power Partners/Hawaiian Electric Inc. which appealed last week to Mr. Tenorio to junk the legislation it viewed as favoring front-runner Enron over the others despite it having a “more costly” bid.

Bishop warns against growing moral decay in NMI[/B]

Traditional values in this predominantly Catholic society is now besieged with the emergence of people whose diverse moral backgrounds have apparently brought about rapid shifts to CNMI’s moral belief system. Bishop Tomas Camacho signaled the warning yesterday amid escalating concerns of what is perceived to be a growing moral decay in the Northern Marianas, particularly with the proliferation of prostitution in the Western Garapan district. “The moral values of the Commonwealth is definitely changing because of these people from different backgrounds. And we are sort of outnumbered, so the change is so rapid…because there is so few of us here,” said the Catholic priest in an interview with reporters.

Lands and Natural Resources officials yesterday lifted restrictions imposed on certain food products coming in from the Federated States of Micronesia. Following reports of complete eradication of cholera epidemic in the State of Pohnpei, DLNR Secretary Joaquin S. Tenorio canceled latest Emergency Order of Quarantine signed in February 6, this year In a memorandum, Tenorio ordered the lifting of food ban after Pohnpei officials declared FSM cholera-free.

‘No to matching requirement’ [/B]

One of the primary issues that could be raised during the upcoming Section 902 talks with the U.S. government is removing the matching requirement for Capital Improvement Program funds. This is besides pushing for a possible increase in CIP funding levels, said acting Gov. Diego T. Benavente yesterday, who quickly added that this may, however, be tough. Although he stressed he will still have to talk to Gov. Juan N. Babauta on the specific topics that would be included in the Section 902 talks, Benavente said he assumes that his appointment will be for the Section 702 negotiations.

With depleting government coffers and the economy reeling from a crisis, local agencies-including the Marina office of the Department of Lands and Natural Resources-are resolute in enforcing revenue generating measures , such as collection of unpaid bills from delinquent boat owners. Marianne Teregeyo, public information officer of the Department of Lands and Natural Resources, said there are at least 10 boat owners who are delinquent in paying their bills in connection with their boating slips. Boating slips refer to designated areas given to boat owners to dock their boats at the Smiling Cove Marina, explained Teregeyo.