Flashback November 27, 2000-2002

Lending activities down 15 percent[/B]

In what appears to be an alarming sign that the CNMI economy is yet to witness even the slightest growth, private banking institutions have cut down lending activities in the third quarter of the year by as much as 15 percent.

Overall amount of loan agreements approved by eight commercial and savings banks in the Northern Marianas shrunk by $44.5 million to $255.7 million in the third quarter of 2000 from $300.2 million of the same period last year.

According to a report prepared by Jesse Palacios of the commerce department’s Banking Division, only loan agreements with the Commonwealth government registered growth in the period under review.

A petition supporting the call of resignation or removal from office of Philippine President Joseph Estrada has been going around in the CNMI among overseas Filipino workers based here.

More than a thousand have reportedly signed the paper that began circulating immediately after the political crisis confronting the Estrada administration hit last month.

The one-page petition has sought support from the estimated 20,000 Filipino workers and residents on the islands for the mounting calls back home for their embattled president to step down.

No budget yet for BB transition panel[/B]

Nine days into its official existence yet the Transition Committee remains without a budget, as the bill that would provide the funding for their operations remains pending at the House of Representatives.

It may be, however, that the lower chamber will act on House Bill 12-424 during tomorrow’s special session-the second in a series of marathon sessions that the House will hold to act on remaining pieces of legislations.

As provided for in the proposed measure, the Legislature seeks to provide the transition panel with $275,000 that it would use for its operations and for the inaugural expenses of the incoming Babauta administration.

Failure of the Commonwealth Utilities Corp. Board to adopt travel policies similar to those of the CNMI government has resulted in losses through overpayments and unliquidated advances covering the period from October 1999 through March 2001.

This was the result of an audit conducted by the Office of the Public Auditor on travel expenses incurred by CUC officials, Board members and personnel covering an 18-month period up to March this year.

Besides this, the audit also found out that CUC management has not adopted a written and comprehensive travel policy manual to guide its Board members and personnel.
[B] November 27, 2002

Fewer holidays eyed [/B]

House Rep. Arnold I. Palacios last week floated legislation that proposes to reduce the number of legal holidays from 14 to 11, in a measure seen to save the government some $2 million per year.

The proposal, House Bill 13-218, seeks to merge celebrations of three legal holidays—Commonwealth Day, Columbus Day and Citizenship day—which, according to Palacios, are observed in the context of one common sentiment.

With just weeks before the year ends, the Strategic Economic Development Council had a powwow yesterday with government leaders and private sector members to identify the challenges facing the CNMI in 2003, as it continues to struggle with a soft economy, static tourism figures, and falling revenues.

SEDC chairman Bob Jones is optimistic that the meeting and the plans they came up with would actually translate into tangible actions on the part of the Babauta administration, Legislature, government agencies, and the private sector.