Weed out anti-business policies - senators By ALDWIN R. FAJARDO

With the CNMI still reeling from the effects of the regional economic chaos, three senators yesterday stressed the need for a closer cooperation between the executive and the legislative branches of government to pull out the local economy from distress.

Newly-elected Senator Ramon Deleon Guerrero and incumbents Ricardo S. Atalig and Joaquin G. Adriano have vowed to work toward the elimination of anti-business policies which, they said, are chasing potential investors away.

All three lawmakers said both chambers of the 12th Legislature should strengthen its involvement with the Economic Recovery and Revitalization Task Force, and work for legislation that would help lure investments to the CNMI.

“There is an inevitable need to revisit our existing laws and policies so that they will stand firm and stable,” said Mr. Atalig, stressing the need to weed out anti-business laws.

At the same time, Mr. Adriano urged the Legislature to focus its attention to refine the Commonwealth’s economic policies, as well as the Foreign Investment Act, in order to pave the way for recovery.

Mr. Deleon Guerrero also called for strong support to the local tourism and garment manufacturing industries. “We must keep in mind that the government can’t survive without the success of the business sector.”

Business analysts have said that in order to make the local economic environment on track with the regional setting, the government should start seeking new package of incentives that would entice businessmen.

International economic scenario is forcing the CNMI government to rationalize the local system of granting foreign and local investors fiscal incentives.

The CNMI may have to improve perks granted to investors if it aims to be competitive with the incentives offered by neighboring island-states and countries in the Asia-Pacific Region.

The Economic Recovery and Revitalization Task Force should also look at realigning existing business incentives or at least give it some flexibility where investors can choose which perks they need.

The administration is hard-pressed to enhance its incentives scheme in light of the dwindling tourism industry and the eventual demise of the garment sector in five to seven years.

CNMI has been grossly impacted by the Asian economic crisis which started pinning down major economies in the region in mid-1997. Countries in the Asia-Pacific Rim are pinning their hopes on the return of capital to the region to spur economic recovery.