Flashback — March 1999-March 2001

House will hear out Micronesians on bill[/B]

Micronesians who will be impacted by a proposed legislation restricting their stay in the CNMI are welcome to testify at a public hearing scheduled by the House of Representatives next week in efforts to get various views on the plan to change the open migration policy. Local legislators also vowed to forge ahead with the measure despite attempts by the federal government to step in and withhold any CNMI action in light of forthcoming new U.S. regulations on the entry of nationals from the Freely Associated States into its territories. Rep. Melvin Faisao, sponsor of House Bill 11-294 and chair of the Federal and Foreign Relations Committee, said inputs from FAS citizens residing on the island will assist in the drafting of their report to be submitted to the legislative body.

The re-authorization of the Higher Education Act (HEA) of the Federal government opens another funding source for the Public School System to recruit and prepare teachers. The HEA offers the opportunity for the states to reexamine their respective institutions of higher learning and their role in preparing teachers. In a letter to Gov. Pedro P. Tenorio, the CNMI was invited to form a local team with members coming from the legislature, a representative from the Governor’s Office, the chairman of the legislative education committee and the Commissioner of Education.
[B] Mar. 9, 2000

House clears way for creation of tax body[/B]

The House of Representatives yesterday approved legislation proposing the creation of a private sector-led commission tasked to come up with recommendations that will revamp the taxation system in the CNMI. The Tax Fairness and Review Commission will be comprised of five people — a lawyer, a person holding a master’s degree in Business Administration, the director of the Division of Revenue and Taxation or his representative, and two certified public accountants who are nominated by the Saipan Chamber of Commerce. According to the bill sponsored by House Speaker Benigno R. Fitial, these members of the group shall have extensive backgrounds in finance, business and, or taxation.

The CNMI government is laying down the groundwork for the expeditious flotation of the tax-exempt $60 million municipal bond, as finance managers and economic experts review current trends in regional and global economies. The $60 million bond will be tapped to match available federal funds under the Section 702 of the Covenant, which guarantees U.S. funding for Capital Improvement Projects provided the Commonwealth identifies local matching money. The CNMI government took the step in light of criticisms from Washington D.C. and the U.S. Congress on the Commonwealth’s inability to use federal funds earmarked for the CNMI under the Section 702 of the Covenant.
[B] Mar. 9, 2001

Remittances soar 12 pct.[/B]

Remittances soared 12 percent last year to over $73 million from the previous year’s $65 million, preliminary reports from the Banking and Insurance Division of the Department of Commerce disclosed. The 12-percent increase was recorded even without the fourth quarter report of two companies, which are still finalizing their statements that are up for submission at the commerce department. Officials attribute the increase in remittances to the sharp rise of the Philippine peso’s value against the US dollar, which broke the P50-$1 level at the height of the impeachment trial of former President Joseph Estrada in the last quarter of last year.

The Commonwealth Ports Authority is mapping out an effective approach to help existing carriers develop new markets, in efforts to revive the islands’ slumping tourism industry. The Air Service Committee of the Strategic Economic Development Council recommended that CPA and other CNMI government agencies assist signatory airlines tap new tourism markets to increase NMI-bound traffic. CPA Executive Director Carlos H. Salas mentioned the agency’s Airline Incentive Program, which grants airline companies that would serve new destinations significant discounts on airport charges. Mr. Salas said this is CPA’s way of extending its assistance to the overall efforts of the CNMI government geared at revitalizing the Commonwealth’s travel sector.