‘2005 a very promising year’

Gov. Juan N. Babauta has called on the public to get ready for busier and more productive days this year.

“This year appears to be very promising. Our people should better be ready for more exciting days ahead as we see improved economic activities this year,” said the governor, who just arrived from a trip to Beijing where he signed the much-awaited Approved Destination Status agreement with China.

Babauta, at the same time, expressed gratitude “for the hardworking people who keep our government running, who serve the public with dedication, and who put service above self every day they come to work.”

The holiday season, he said in a statement, “is a time to reflect on the blessings we have received over the past year, the challenges we have faced, and the challenges yet to come.”

For his part, Lt. Gov. Diego T. Benavente said the CNMI has a lot to be thankful for. Despite major typhoons, he said the CNMI ended 2004 on a high note.

“We’re in the last phase of our recovery from [typhoons] Chaba and Tingting and there are signs the economy is turning around. Indeed, the prospects for 2005 look promising,” he said.

Economically, major tourism markets are rebounding, with figures of tourist arrivals showing a five-year high, he said.

The CNMI recorded over 600,000 tourist arrivals in fiscal year 2004. China’s ADS approval further boosts the tourism industry’s potentials this year. The CNMI hopes to accommodate some 50,000 Chinese tourists in FY 2005.

Recently, the Finance Department also projected to generate $20 million more in revenues in FY 2005 than in FY 2004.

Finance Secretary Fermin Atalig said that, based on the trend during the first two months of FY 2005, the government would realize $5 million in additional revenues every quarter.

He said that general fund revenues in the first two months of FY 2005 totaled $34.8 million, which is about 19 percent higher compared with the $29.3 million collected during the same period last year.

DoF data showed that total taxes as of Nov. 30, 2004, reached $29.9 million as compared with $26.3 million in FY 2004, while total fees, services, and other revenues totaled nearly $5 million in the first two months of FY 2005, which is about $2 million more than last year’s.