The garment manufacturing industry has proven its might, contributing over $39 million in total revenues to the public coffers during the fiscal year 1999, a report from the Office of the Governor showed.<\/p>\n
The $39 million generated by the government from the garment certification fees during the last fiscal year was 6.68 percent higher than the previous year’s $36 million.<\/p>\n
During the period under review, the Commonwealth generated only about $19.9 million from excise taxes and at least $5.9 million from hotel occupancy tax.<\/p>\n
Income taxes were the main source of revenue for the government, contributing more than $58 million, while business gross revenue tax replenished public coffers with some $54 million.<\/p>\n
The apparel manufacturing industry has emerged as a primary source of government revenues during the time tourism is down.<\/p>\n
Government officials, acknowledging the contributions of the business sector to public coffers, said the government is obligated to provide an environment conducive for investors and a stable set of policies aimed at encouraging the infusion of fresh investments into the CNMI to stir economic growth.<\/p>\n
Saipan’s garment manufacturing industry remains unfazed by the both the Asian crisis and pressures from the U.S. mainland.<\/p>\n
The Quarterly Economic Review report released by the CNMI Department of Commerce noted that total apparel exports from January to March last year reached $361 million.<\/p>\n
The figure is over $60 million higher than the 1997 first quarter tally of $295 million, or the average $260 million quarterly garment export last year.<\/p>\n
For the whole of 1998, Saipan’s garment manufacturing industry exported over $1 billion worth of apparel products. Major buyers of Saipan-made apparel products include the Gap, Liz Claiborne, Tommy Hilfiger and Ralph Lauren’s Polo line.<\/p>\n
The garment industry has been expected to pull out from the CNMI in seven years when the agreement which created the World Trade Organization takes into effect. A kin to this, the United States will have to phase out its garment quota system by 2005.<\/p>\n
Some garment manufacturing companies have already started establishing factories in Mexico, Cambodia, the Philippines and other Latin American countries.<\/p>\n","protected":false},"excerpt":{"rendered":"
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