Flashback – Dec. 1998-2002

Panel weighs green card[/B]

The Economic Recovery and Revitalization Task Force eyes the possibility of granting residency to businessmen as a way of attracting investors to the CNMI, a plan patterned after Guam which has made the neighboring island an investment hub in the region. Such proposal is among the recommendations initially outlined by the task force as come-on to investors, whose presence in the Northern Marianas have thinned since the implementation of stringent business requirements early last year. Potential investors frowned at a law requiring them to put up a $100,000 security bond on top of $150,000 in actual assets, which was designed to curb the proliferation of mom-and-pop-type of investments.

Newly-appointed Commerce Secretary Frankie Villanueva yesterday said he is optimistic that the Northern Marianas will be able to hurdle the effects of Asia’s financial crisis because the island offers many economic advantages different from the rest of the countries in the region. However, he said the recovery of the island depends primarily on the improvement of the economic situation in Asia, specifically, Japan. He noted that the strengthening of the yen against the U.S. dollar is a positive sign since it will allow more Japanese tourists to travel to the CNMI. “We have enjoyed a period of 10 to 15 years of uninterrupted economic growth. However, we must understand that economic slowdown is part of an ordinary economic cycle in any country. What we need most at this moment is the confidence in knowing that the economy will eventually turn around,” said Villanueva.
[B] December 24, 1999

CDA: Don’t alter $50-M CIP plan[/B]

Commonwealth Development Authority Board Chairman John S. Tenorio yesterday warned the Senate against changing the original plan on the $50.8 million capital improvement projects, saying this would only jeopardize their implementation. He said the proposal by senators to borrow additional $10 million from Bank of Guam on top of the $30 million loan initially secured by the government will delay use of the funds as it will mean months of processing by the bank. “There will be problems by raising the amount of the loan because this is an interim financing and we have placed everything to our underwriters and bond counsels as well as to Bank of Guam to utilize the $30 million,” Mr. Tenorio told in an interview.

Police authorities yesterday arrested Pedro Tudela Borja for allegedly kidnapping and robbing a Bangladeshi national last Dec. 18 in Chalan Kanoa. The Department of Public Safety is also conducting a manhunt for Miah Jahangir, another Bangladeshi, and three more unidentified male suspects who were with Mr. Borja when they forcibly took victim Motahar Hussain across the post office in Chalan Kanoa. According to police reports, Mr. Motahar, an employee of Michigan Garment, was watching TV at a friend’s room when the suspects arrived.
[B] December 24, 2002

A Christmas without rebates?[/B]

It appears that the $19-million loan agreement meant to pay off overdue tax rebates/refunds may not be sealed in time to have the checks ready for Christmas Day as earlier hoped. This, as the administration—as of yesterday—was still locked in negotiations with the Bank of Guam. Gov. Juan N. Babauta reportedly said last night that the negotiating parties were trying to work out some conditions in the loan agreement. The local chief executive and Attorney General Ramona V. Manglona reportedly communicated with the Guam-based counsel of Bank of Guam via telephone yesterday.

The Commonwealth Ports Authority disclosed yesterday that Japan Airlines and its sister company, JALWays, have increased their passenger load this holiday season as the airline company switched from DC10 airplanes to Boeing 747s. CPA Executive Director Carlos H. Salas said the change have brought in more than 100 additional passengers from Japan for each flight. Besides the aircraft switch, the holiday season also contributed to the increased incoming traffic, Salas said, as well as the flights that were diverted from Guam to Saipan.