Alternative funds for scholarship program The Issue: The lack of funds to accommodate both full and part-time students of the Northern Marianas. Our View: The alternative is to encourage local banks to earmark student loans for education purp

It is widely known that the revenue generation of these isles has significantly been reduced as a result of the assaults on the local economy by the Asian Crisis. The closure of more than 2,000 tourist related businesses have definitely made a dent in the annual revenue collection “as we know it”.

Such major drop in revenue generation has also adversely affected basic public services in education, health and public safety, including the scholarship program.

Occasionally, we would read or hear of economic recovery in Japan and other Asian countries. At the same time, restructuring of financial systems in Japan and Asia among the biggest corporations had analysts saying that while these countries may have stemmed the crisis with economic stimulus packages, attaining real recovery would take several years.

Such analysis should be the bench mark local leadership must read and digest as it wrestles with the issue of recovery of near and far. As it ponders what lies ahead, alternative financing in the education of our scholars must be found in this very community. And the alternative isn’t far-fetched either.

Former Speaker Benigno R. Fitial explained the role of the banking community who could make a difference and substantive contribution in the education of our children. This may be the only alternative left in our blank shopping list to mitigate the plummet in local funds for scholarship purposes.

A loan to acquire lifetime skills promises greater returns over the long haul. For students who are really committed to such goal, a loan is but a vehicle to preparing themselves for the challenges of the next millennium. As such, it behooves local leadership to explore with the banking community how this alternative could be had during the first part of the 21st Century.

For part-time students, Fitial related that employers ought to be given tax breaks for partaking in the training and education of their local employees. Again, this is another issue that would require the meetings of the minds among all key players. It’s good for the indigenous people who are determined to acquire and upgrade their skills. It’s a way to get our act together in providing opportunities for those who proactively partake in the acquisition of lifetime skills. Si Yuus Maase`!