The $100,000 Conundrum

At Issue: The $100,000 security deposit has taken its toll against fresh capital investments in the islands.

Our View: We’re seeing a major drop in new investments as a result of a protectionist measure.

The product of the previous legislature against local industries did nothing but boost the ego of politicians (renown for killing business) while paralyzing fresh investments.

As such, the parade of measures approved that are at best, anti-business, are beginning to take their toll on current and future investments. The resiliency of protectionist attitude of “So What?” has driven out new investors and the beaten public now asks: “Now What?”

The Omnibus Economic Reform Act proposed by the new House Leadership would do away with the $100,000 question for they know that their counterpart in the private sector can definitely use the money for expansion of current investments. The leadership understands that unless the business community is given room to maneuver, the local coffers will suffer tremendously in terms of defraying the cost of education, health and other essential public services.

The previous leadership has toyed with time like there’s no tomorrow. Its neglect in this respect has the equivalence of throwing gasoline to an already raging fire. Most have taken to picnicking while our house was on fire. Guess what: The recipients of this grand neglect are the very people you represent in our legislative institution. Perhaps it is high time that you reassess where you have failed to deliver campaign promises for better tomorrows for posterity.

Indeed, the task of policy-making is a daunting one solely the preserve of those who understand their primary role of enhancing the livelihood of the people in this community. This target was way off the mark in the negative effects triggered by protectionist laws. It did nothing but force the closure of 2000-plus businesses which has resulted in less revenue generation to meet the spiraling cost of essential public services.

These drawbacks can also be attributed to the lack of thorough review of legislation where many substantive measures were given the nod without appropriate public input and subsequent reasoned analysis. This attitude can’t be tolerated in that the disposition of substantive issues require educated people with visions of where they wish to take their constituency–abject poverty or economic prosperity.

Frankly, the former seems the dizzying answer and the people in the villages do not deserve the hardship passed unto them by such grand neglect and failure. Think about it. Si Yuus Maase`!