Flashback

JUNE 7, 2005

NO FUNDS YET FOR ’05 COLA

The NMI Retirement Fund board has decided to withhold the release of a 2.7-percent cost of living allowance for retirees this year due to the lack of remittances from the central government.

“The board has made a decision that we would only give it [COLA] when there’s funding from the government for such purpose. We can’t shoulder it ourselves,” said Fund administrator Karl T. Reyes.

This came even as the Fund approved to raise the COLA to 2.7 percent this year, which translates to about $863,000 for 2005. The previous year’s COLA was at 2 percent. The allowance is incorporated in the retirees’ pension every 15 days.

‘BIGGER PAYOFF IN DEVELOPING CHINA MARKET’

The government should take advantage of China’s growing number of travelers and tap into the market, which could yield substantial income for the Commonwealth, according to the chief economist of the Hong Kong Shanghai Banking Corp.

HSBC chief economist George Leung said that tourist spending in Hong Kong amounted to about HK$100 billion last year. Leung projected that the figure would reach nearly HK$130 billion by the end of the year, HK$150 billion in 2006, and about HK$170 billion in 2007.

Although Hong Kong’s textile industry has suffered a decline with the rise of mainland China, the former British colony received a substantial 12 million of the 23 million Chinese travelers last year.

JUNE 7, 2004

CNMI GETS $1.7M GRANTS

Gov. Juan N. Babauta and Deputy Assistant Secretary of the Interior David B. Cohen signed Friday three different grants for the CNMI totaling $1.7 million.

Babauta said the grants included a $720,000 funding for the continued automation of the labor and immigration information system. “We want a full automation of the entire system,” he said.

A separate $71,000 grant would go to Rota for the improvement of its emergency response team. “This funding will be used to improve the emergency response capabilities on Rota by creating an early warning system,” he said.

‘CNMI MOURNS REAGAN’S DEATH’

“We in the CNMI are saddened by the death of one of the greatest presidents of our time. President Reagan had a tremendous impact on the CNMI and our region,” said Gov. Juan N. Babauta yesterday.

For one, it was Reagan who granted eligible CNMI residents naturalized U.S. citizenship in 1986.

“By the stroke of his pen, he made everybody U.S. citizens and thereby paved the way for the full implementation of the status of the Covenant,” Babauta said.

JUNE 7, 2003

AGINGAN PROJECT SHORT OF $3.2M

The federally required upgrade of the Agingan outfall on Saipan still faces a budget shortfall of $3.2 million, according to CUC executive director Lorraine A. Babauta.

In her report to the CUC board of directors, Babauta said the lack of budget is resulting in delays in implementing the project.

So far, she said the U.S. Environmental Protection Agency, which had required the immediate completion of the outfall, “is closely watching and considering CUC’s actions, recommendation, and communications” amid the budget shortage.

MONEY TALK DIVIDING NMI?

House Speaker Heinz S. Hofschneider asserted that the popular initiative clamoring for an 80-20 distribution of revenues among the three senatorial districts is the desire of the Saipan people and not of the lower house.

The Speaker made the statement as he balked at Senate President Paul A. Manglona’s challenge bidding the House to explain the constitutional provisions on popular initiatives.

“A popular initiative is different from a legislative initiative. And I think the Constitution spells that clearly. Be that as it may, why should the House provide them an explanation? It is the people of the Third Senatorial District’s contention that they are tired. It’s not the desire of the House,” said Hofschneider.