Asunton Coñgresso

“The wisdom of the few may be the light of mankind; but the interest of the few is not the profit of mankind.” James Harrington, 1656

“There’s a whole new revolution in the conduct of business under the ‘new economy’ so spurred by the Information Technology (IT) the world over,” said House Floor Leader Oscar Babauta.

“Either we explore how do we bring Information Technology to our islands and reap its benefits or forever find ourselves playing ‘catch-up’ with the rest of the global community as a result of our negligence,” he said.

“Like any other positive investment legislation, the telecom measure now before the Senate requires proactive review in order for the CNMI to establish the legal infrastructure for Information Technology to set foot here,” Babauta related.

“It is very uncomforting how we have allowed negative laws to strangle and stifle current investments,” he pointed out. “This attitudinal deficiency has netted the CNMI not only a significant closure in the number of businesses, but has discouraged expansion of current investments.”

“The silent though significant negative message that is sent out to prospective investors who have taken stock of how we treat current investors has well-meaning future partners heading elsewhere,” he pointed out.

“The $100,000 deposit fee is one culprit of miscalculation on the part of policy makers that has resulted in seven major investors turning away from the CNMI,” Babauta related.
“Two went straight to Guam where they were given the red carpet treatment, thus a gain for our neighbor, a loss for the CNMI”.

“Stability is everything for investors current and prospective,” he said. “If in the past we have demonstrated our inability to work in partnership with current investors, the future for lasting investments in the CNMI would definitely be far more bleak than meets the arrogant ego of the unthinking and selfish few”, Babauta related.

“Furthermore, how I wish that policy makers take time to listen to the views of the ordinary people in the villages,” he said.
“There, they will find the true sentiments of how our people perceive the legislature who’s contributed significantly to its own poor reputation”.

“The Omnibus Economic Reforms Act may not be a perfect piece of legislation as approved by the House, but it is a significant step towards changing the image of the CNMI in the way shortsighted protectionist measures have negatively depicted our childish attitude about investment,” he said.

“Lest we forget, it is through the private sector–through taxes they work for and pay into the local coffers–that we get the opportunity to dispose of these hard-earned taxes to meet essential government services Marianas-wide”, he pointed out. “The business community has been and is still reeling trying to make ends meet and the least that we could do is exercise some sense of sensitivity and responsibility through the prompt review and consideration of much needed measures to help them through a deepening crisis”.

“Unless stability in policy is attained and made a working habit in substantive policy review, any other action or peripheral legislation would simply get no where, especially when investors have taken serious stock in our negative attitude involving their hard-earned investment money”, Babauta related. “It’s time that we get our act together!”