Sending the greenback out By ALDWIN R. FAJARDO

Lita Silanga, a Filipino contract worker, literally rushes from their office in Garapan to a remittance center in Susupe as soon as she gets her paycheck.

She says at least half of her salary goes to her children in the Philippines. Like Ms. Silanga, more than 30,000 other foreign workers in the Northern Mariana Islands send a portion of their earnings to families and relatives back home.

Being host to thousands of guest workers, the Northern Marianas accordingly becomes a paradise to remittance or money-transfer companies which mostly cater to Filipino and Chinese contract workers.

The CNMI now becomes an oblivious home to a flourishing money-transfer industry, characterized by an exciting trend — when a company folds up, a new establishment contiguously emerges.

In 1998, one remittance company — Prince Enterprises — filed for bankruptcy and eventually closed shop.

That same year, however, the Banking and Insurance Division of the Department of Commerce issued business licenses to two remittance companies — one catering primarily to Chinese and the other to Filipino workers.

New Century Development Inc., or the Far East Finance and the Philippine National Bank which holds a regional office on Guam were granted their respective licenses to conduct money-transfer business that year.

The issuance of these companies’ permits to operate brings to 10 the total number of door-to-door remittance establishments currently operating in the CNMI.

Last year, another remittance company catering to Filipino workers went bankrupt, but its slot was immediately replaced by a new company — Asia-Pacific Inc., displaying an unwavering money-transfer industry in the islands.

Government statistics indicate a sharp increase in remittances during the third quarter of 1999 which reached $16 million from the previous period’s $15 million.

For the first three quarters of 1999, the banking division has already recorded remittance transactions involving $45.2 million with nine operating establishments.

Commerce officials are projecting total remittances last year will surpass the 1998 figures of about $58 million, which is 12.4 percent higher than the previous year’s $52.4 million.

The government has also recorded an increasing trend in the total amount of money being sent by Chinese workers, who are mainly concentrated in the garment industry, to their relatives in China.

At the same time, reports obtained indicated that remittances to the Philippines have been on a steady upward trend since 1993, except in 1997 which registered a slight drop compared to the previous year’s tally.

Filipinos remitted $37.8 million in 1993 which rose to $39 million the following year. The figure went up to $44.4 million in 1995 and to $48.6 million in 1996.

An answer to the growing market demand, the Philippine National Bank Remittance Center expanded to seven sub-centers in San Antonio, Chalan Kanoa, San, Jose, Lower Base, Garapan, Tinian and Rota since it opened in March 1998.

Overseas Filipino workers on Saipan have expressed concerns over the apparent backlog of remittances in other industry players although the Banking Division requires the delivery of money within 10 days from date of collection.

The Banking Division imposes a fine of at least $10 per day after the 10-day delivery period expires. However, It could not act on the reported delays unless a formal complaint is filed before the agency.