FLASHBACK – Mar. 20, 2012

House okays FY2000 budget[/B]

Barely a month before Gov. Pedro P. Tenorio unveils his budget proposal for FY 2001, the House of Representatives began over the weekend floor deliberation on the current fiscal year’s spending package which stalled last September over differences on how to spread the declining revenues. On Friday, House members approved the administration’s projected revenue collection for FY 2000 at $211.1 million, of which $4.2 million will be set aside strictly for public lands’ use. About $204.6 million are expected to be generated from taxes, while $2.4 million will come from the nonresident workers’ fees. The estimated $207 million available cash resources are appropriated to various departments and agencies for their budget.

Foreign investors pumped close to $3.5 million in fresh capital into the Northern Marianas economy in three years through a variety of new business activities, a report from the commerce department’s Foreign Investment Office disclosed. Between February 1997 and March 2000, Northern Marianas witnessed the entry of only 10 new foreign companies engaged in real estate, construction, computer consulting, wholesale, retail, furniture production and garment embroidery. Of all 10 companies, Transasian Corporation, which is into condominium and apartment complex construction invested the largest amount at $2 million, while real estate developer Tejima International, Inc. infused $250,000 into the business community.

Chamber to picket Senate to press repeal of 3-year limit[/B]

Lawmakers’ inaction on the repeal of the three-year limit law yesterday forced the Saipan Chamber of Commerce to picket the legislative building. At least 25 businessmen, led by Chamber President Anthony Pellegrino, went up to Capitol Hill and discussed with Senate Floor Leader Pete Reyes their sentiment on the Senate’s seeming procrastination on House Bill 12-137. HB 12-137 seeks to repeal Public Law 11-69 or the three-year limit law in its entirety. “The three-year limit law was passed two years ago just to appease Washington, DC. The situation has changed since then. What I can’t understand is why our senators are making a political football out of it. What is there to think about?” the chamber president noted.

The CNMI government is finalizing drafting of regulations that will pave the road for the implementation of a new set of tax incentives contained in a recently-signed law. The new incentives have been identified in fresh attempts by the government to revitalize the local economy by spurring growth in the private sector. The incentives can result in a 100 percent abatement of all local taxes and a 95 percent rebate of federal taxes for new businesses for up to 25 years. These regulations, which will accompany the Economic Incentive Act of 2000, will be released soon, according to officials.

CRM takes part in confab on coast management[/B]

Personnel of the CNMI Coastal Resources Management Office recently attended two seminars in Silver Spring, Maryland, to discuss current program management issues affecting coastal management. The CRMO personnel took part in the semi-annual Coastal States Organization (CSO) meeting and the 2002 Annual Coastal Zone Management Program Manager’s Meeting that lasted from March 10 through 14 March to discuss current program management issues among the US CZM programs. Among those who participated in the meetings were CRM Acting Administrator Jack Salas; American Samoa Washington Rep. Peggy Salas; CRM Permit Manager and Coral Reef Point of Contact Becky Cruz Lizama; and Washington Rep. staff Walter Villagomez.

Both chambers of the CNMI Legislature will be coming out with a joint letter this week directing Sen. Ricardo S. Atalig and Rep. Andrew S. Salas to work together and come up with a legislation addressing the minimum wage issue. Senate President Paul A. Manglona said he has already met with House of Representatives Speaker Heinz S. Hofschneider and they have agreed to set Atalig and Salas to work on the recommendation of the Special Industry Committee to increase the minimum wage by 22 cents. Salas is chairman of the House Committee on Commerce, while Atalig is chairman of the Senate Committee on Resources, Economic Development and Programs.