On declining businesses

At Issue: A financially troubled economy and its implications for the CNMI as we head toward year’s end.

Our View: Must thoroughly reassess tourism industry and other industries that now feed the local coffers.

For a resource-poor archipelago, common knowledge dictates that we can’t afford to put on full display our apparently well honed protectionist attitude to dictate economic policy.

The perpetuation of such punitive attitude sends all the wrong messages to well-meaning current and prospective investors. And whether we like or not, they (future investors) secure pertinent information from current investors. If the former aren’t doing right as a result of protectionist and strangling measures, most (and some major investors have done just that) would head elsewhere where the investment environment is conducive or friendlier to their needs.

The politics of doing business in these isles have become so prohibitive as to definitely contribute to our own demise. It has forced more than 30 percent of tourist-related businesses to close shop since three years ago, a level that is so dangerous in that it may further fan a domino effect on other businesses here.

There’s a reason that we have revisited this issue time and again: Businesses are hurting and they have expressed their frustrations of having to deal with policy makers who have treated their honest expressions, lackadaisically. Need more businesses close shop between now and year’s end before policy makers come to grips with their destructive attitude?

Insolvency of the local government appears to be rising in the horizon. It would mean more jobless people clamoring for the dignity of providing for their families in the old fashion way. Most are embarrassed to line-up at the Food Stamps Office for interviews and orientation for they know their leaders are supposed to provide them meaningful employment opportunities to provide for basic filial needs.

Revenue generation continues to plummet. It means less money for jobs in both sectors, less money for quality public services, and less money for annual appropriations. If there’s still room for meaningful constructive engagement between industries, politicians and bureaucrats, the time to converge is right here and now! Si Yuus Maase`!