Gov. Ralph DLG Torres swore in last week two members to the Marianas Public Land Trust Fund board of trustees, marking the second term for both members.
Former senator Maria Frica Pangelinan and former representative Martin Ada were sworn in last Wednesday at the Pedro P. Tenorio Multi-Purpose Center in Susupe, after receiving confirmation from the Senate during a session the week prior.
Pangelinan said the MPLT investments remain her priority. “It’s all about the investment[s], the economic outlook, and…making sure we are generating the incomes that we are tasked to do,” she said. “It’s a very volatile market and it all depends on the market outlook, so it’s critical that we follow the policy and work closely with our investment consultants and monitor the performance of our managers to make sure we are at least hitting the benchmark of the market,” said Pangelinan, citing the political climate of not only the U.S. mainland but also on a global scale.
During the Senate session Sen. Sixto K. Igisomar (R-Saipan), questioned the two members as he was unable to do during the public hearing. The questions revolved mainly around funding sources of MPLT and how the legislature could be of assistance to the fund.
The Senate still ended up unanimously confirming the two.
Sen. Teresita Santos (R-Rota) said in a statement that both trustees are knowledgeable when it comes to their roles and “uphold their fiduciary duty as [a] trustee.”
“Through their statements during the public hearing, [the] trustees were able to respond to questions raised such as how funds invested by MPLT have directly benefitted persons of Northern Marianas descent through housing and local diversified programs,” she said.