FLASHBACK February 13, 2001-2003

[B]February 13, 2001

Bank assets soar 27 percent in 4Q [/B]

The need for additional financing by local businesses paved the road for a significant increase in banking activities in the Northern Marianas, with bank assets growing 27 percent and liabilities modestly dropping by 1.3 percent by end-December 2000. A report from the Banking and Insurance Division of the commerce department disclosed outstanding loans soared 27 percent to $325 million in the last quarter of the calendar year 2000 from the previous period’s $255.7 million. This, as liabilities dropped 1.3 percent to $596 million from the last quarter’s $604 million as bank clients see lesser need to save on savings and commercial deposits due to increased activities in the tourism industry.

[B]Teno junks changes to local preference law[/B]

Noting the impacts it may have on projects that are already out for solicitation, Gov. Pedro P. Tenorio rejected legislative proposals to change portions of an existing law, which gives local businesses preference on bidding of projects below $5 million. While continued preference is given to local businesses which hold Commonwealth business license for three consecutive years, Senate Bill 12-83 eliminates the dollar value of government projects to which they can enjoy inclination. This was the same issue raised by Mr. Tenorio in his letter to the Legislature, explaining his reasons behind the rejection of the proposed amendments to Public Law 11-87.

[B]February 13, 2002

Chamber: NMI jobs evaporating[/B]

An economic study in 1999 estimated that over 1,600 jobs would withdraw from the CNMI every year from 2000 until 2005. This eventuality has accelerated since it was presented, with local statistics showing a 27-percent drop in worker applications since last year. Saipan Chamber of Commerce President Richard Pierce pointed this out, underscoring the fact that “no one can produce jobs out of thin air,” in response to appeals from lawmakers for the private sector to take in more local workers. Pierce said that, more than workers, it’s the jobs that are being lost, citing the Economic Study for the CNMI, which the Northern Marianas College-Business Development Center conducted in October 1999.

[B]CPA hiring replacements for Guam National Guards[/B]

The Commonwealth Ports Authority has started hiring local residents who will be joining the Ports Police in preparation for the eventual termination of the contract with the Guam National Guard on March 28, 2002. The CPA yesterday started accepting applications and conducted lengthy interviews of local applicants wishing to join the ports authority’s security force. CPA Executive Director Carlos H. Salas said that at least six local recruits will replace some members of the Guam National Guard who were temporarily stationed on Saipan after the September 11 eventualities in the United States.

[B]February 13, 2003

BoS stakeholders unanimous in support of rehab plan[/B]

With several bank depositors-mostly Chinese-joining the courtroom gallery of Superior Court Presiding Judge Edward Manibusan yesterday, all parties in the Bank of Saipan receivership case expressed support for the institution’s proposed rehabilitation, spurring high hopes of reopening the bank soon. After the hearing, bank receiver Antonio Muna said he expects the judge’s approval of the rehabilitation plan within the next few days. Muna wants the bank to reopen within 30 days from the time the court approves the plan. “We’re really optimistic,” said the visibly pleased Muna, accompanied by lawyer S. Joshua Berger. “It [hearing] was very positive. Everybody [gave] full support.”

[B]Putting a human face to labor migration[/B] [B]BANGKOK, Thailand[/B]—Print and broadcast journalists from around Asia and the Pacific began informal talks yesterday on the trails of migration in their respective countries, as a prelude to the Inter Press Service and Ford Foundation’s migration seminar that is set to begin here today. Media practitioners from Saipan, Malaysia, India, Indonesia, the Philippines, Japan, Taiwan, South Korea, Bangladesh, Sri Lanka, and other neighboring countries converged here for the “On the Asian Migration Trail” project, which will open formal discussions at the Century Park Hotel in Pratunam-Victory Monument.