Previous Story
Former speaker Guerrero is new MPLT chief
|
Posted on Jan 21 2012
By Moneth Deposa
Reporter
Reporter
Members of the Marianas Public Land Trust board unanimously elected former House speaker Pedro Guerrero as their new chairman yesterday.
Guerrero, who succeeds Alvaro Santos to the position, was appointed to the MPLT board in January 2010 and served the unexpired term of former member Norman Tenorio. He is expected to finish his six-year term in 2015.
Besides Guerrero, Tinian representative Peter Cruz was also elected as the organization’s new vice chairperson during yesterday’s election.
Although vowing to continue the initiatives of the board’s former leadership, Guerrero stressed the need to look at the present asset allocation of MPLT and see how this could be expanded to realize the desired investment growth.
He cited as an example, the possibility of investing in real estate which, he said, has been bringing positive results to many pension funds in the United States.
MPLT’s total portfolio was valued at $71 million as of Sept. 3, 2011.
Guerrero said it is also his goal to explore alternative investments that would “directly” benefit those of Northern Marianas descent. He said he will encourage his peers to consider putting money in future local investments that will directly help NMDs.
MPLT’s funds are sourced from the land lease payments collected annually by the Department of Public Lands. Its board invests these monies mostly in international markets to generate revenue for the government.
At present, MPLT earnings are turned over to the general fund to fund education, health, public safety, and other services. Guerrero is convinced, however, that MPLT provides no direct benefit to NMDs.
“Did they [NMDs] ever receive direct benefits [from MPLT investments]? The answer is no,” he said. “Being owned collectively by NMD, I think it’s about time we look into providing direct benefits to them through local programs and activities. I know it’s hard, it’s difficult, but it’s a challenge that I want to push and hopefully, my colleagues will support.”
Among the programs that he said could be explored by the board are investing in scholarship programs and assisting local business ventures on Saipan, Tinian, and Rota.
