Pedro I. Itibus has been re-elected board chairman for the Commonwealth Development Authority.
Board members unanimously elected Itibus, who works for the Department of Public Lands, during a meeting on Thursday.
Based on rules and regulations, CDA board members are required to elect their officers every two years.
Itibus said in an interview that he appreciates the vote of confidence by his fellow board directors. He said this is his fifth tenure as board chairman. His board appointment expires in September 2014.
“We've been working so hard together cohesively. We argue then come back and resolve whatever the difference is. It's a very healthy discussion,” said Itibus, adding that he has enjoyed working with both board members and the CDA staff.
Itibus said his priorities under his current term as chairman is for the board to continue working out solutions to assist delinquent borrowers.
“We would like to look at our 2 percent interest reduction, whether we could go lower than that. But to go lower than that, we might as well just close the office,” he added.
Itibus also said that he wants to see the State Small Business Credit Initiative move forward so that interested borrowers can avail of the program.
He said he is very optimistic that CDA is in a better position for a turnaround this year given the agency's efforts to generate savings.
These efforts, Itibus said, include their office relocation from the Wakin's Building in Gualo Rai to Morgen Building in San Jose and the temporary closure of the Tinian office.
Reopening the Tinian office would depend on the agency's financial situation, he added.
With the SSBCI program up and running, Itibus said they are hoping to get more clients from Tinian “then maybe we can open the office again.”
Also elected as board officers were Rota board representative Diego M. Songao as vice chairman and Tinian board representative Edwin P. Aldan as secretary.
Meanwhile, CDA's Development Corporation Division also held an election of officers during its Feb. 5 meeting. DCD elects its officers on their first meeting every year.
Rota's Tom Glenn Quitugua was re-elected chairman while Tinian's Edwin C. Hofschneider was selected vice chairman.
CDA is an autonomous public agency established in 1985 with the mission to provide economic loan funds to private and public sectors for economic development in the Northern Marianas.
Its board of directors is composed of Quitugua, Hofschneider, Itibus, Songao, Aldan, Saipan's Edward C. Sablan, and Marcie M. Tomokane.