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Admin sees some improvements in economy
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Posted on Aug 06 2008
The Fitial administration foresees improvements in the economy in the last quarter of the calendar year as tourist arrivals inch up due to additional flights, combined with other positive factors.
“Overall we have better tourism numbers for the whole year because of the new [Asiana] flights,” press secretary Charles Reyes Jr. told Saipan Tribune yesterday.
With the additional flights, Reyes said it is not just the Japanese and Korean tourists arrivals that are moving up, but also the number of Russian visitors.
In addition, he said, the stimulus checks, refund checks, and rebate checks will at least help prop up the economy “a bit.”
The government spokesman said the administration has already distributed the first batch of refund checks in the amount of $3 million.
“I think we should also be distributing refund checks, if not already, but very soon,” he said. “People should be getting their rebates in their mails this month. This month people should be getting refund checks and rebate checks.”
Reyes said he is not sure how much the next batch of rebate checks will amount to, but he believes it’s in the millions of dollars.
With respect to the stimulus checks, Reyes said that, according to Finance Secretary Eloy Inos, 85 percent of those checks have already been distributed.
“We only have 15 percent or less remaining. We expect to pay them as soon as all the other requirements are met. It’s a matter of requirements. We have to follow IRS regulations,” he added.
Although there is no major investor right now on the horizon, Reyes said there are additional flights “which is a net benefit.”
He also cited that prices of fuel at the pump have been going down a little bit recently.
Yesterday, the price of oil went down $120 per barrel.
“The bottom line is not everything is bad news. We have good news and we have bad news. But it seems that sometimes the bad news take more prominence in the headlines,” he said.
