Flashback April 04, 2000-2002

[B]April 04, 2000

Teno reinstates 80MW project
[/B] The installation of power plant on Saipan with up to 80-megawatt capacity is now a law, ending months of uncertainties and bickering that have marked the bidding of the much delayed project. Gov. Pedro P. Tenorio on Friday signed into Public Law 12-1 the bill reinstating the initial plan which the Commonwealth Utilities Corporation scrapped last January despite strong opposition from lawmakers and business leaders.

[B]Chamber prods gov’t to build more water catchment[/B]

Saipan Chamber of Commerce President Lynn Knight yesterday urged the CNMI government to build more water catchment to lessen the island’s dependence on water wells. As the planned water testings would entail a huge expense on most businesses, the availability of water reservoir will somehow ease the burden on establishments that were forced to build their own water wells since the Commonwealth Utilities Corp. cannot provide adequate supply.

[B]Gov’t losing $5M from underground businesses[/B]

The CNMI government is losing about $5 million in annual taxes from the illegal operation of businesses without proper permit from the business licensing office of the finance department and the alcoholic beverage and tobacco control division of the Department of Commerce. The amount lost each year could be enough to fund the need for more public school teachers or improve school facilities. It is also more than enough to send more local students to college through government scholarship programs.

[B]April 04, 2001

CDA gives CUC ultimatum[/B]

The Commonwealth Utilities Corporation has until next week to come up with a plan of action to deal with its $100 million delinquent loan or it may face legal action, which could strip the current Board of Directors the power over the government-controlled power firm. This ultimatum was issued last month in light of CUC’s apparent persistence in acknowledging demands for payment from its creditor — the Commonwealth Development Authority.

[B]CNMI sees downpour of foreign investments[/B]

Foreign investors are beginning to take notice of the new set of perks offered by the Commonwealth to businessmen who will infuse fresh capital into the Northern Marianas economy under a recently-enacted investments law. Commonwealth Development Authority Executive Director MaryLou S. Ada yesterday disclosed the entry of a Guam-based company which will build a multi-million-dollar entertainment center on Saipan.

[B]Ivy League education for local students[/B]

Local students will be presented with the opportunity to attend Ivy League post graduate schools with a fresh education initiative that seeks to establish a financial assistance fund for a doctoral program in key areas of discipline. World-class institutions for higher learning such as the Harvard University, Oxford University, London School of Economics, Sophia University, among others, will be within the reach of Commonwealth scholars if a proposal to institute a Doctoral Scholarship Program will see government approval.

[B]April 04, 2002

Millions in US grants untapped
[/B] Of the possible $79.44 million in federal grants that were open to the Northern Marianas in 1999, the CNMI government only managed to tap an estimated $65.45 million, leaving some $13.99 million in untapped funds. Based on a Federal Grants Review conducted by the Fiscal Planning Services Inc. covering the four U.S. territories-American Samoa, Guam, Northern Marianas and the Virgin Islands-all four territories received a total of $581.5 million in actual grant awards from the federal government in Fiscal Year 1999.

[B]SGMA paints grim picture for NMI economy in 2005[/B]

By 2005, the Commonwealth government is projected to lose significant amount of revenue from the apparel industry as global competition surges due to the elimination of the quota restrictions. Citing the gross economic impact of the quota elimination to the Northern Marianas, the Saipan Garment Manufacturers Association urged the CNMI government to start instituting changes that would minimize its adverse financial effects.