By Nazario Rodriguez Jr.
Horizon news staff

A new bill that seeks to amend certain section of the Financial Institution Act and require all foreign investors to use the facilities of the Palau Public Utilities Corporation had been passed on first reading on Wednesday’s 16th day of the ninth regular session of the House of Delegates.
Delegate Joel Toribiong introduced HB No. 7-158-9, which is to amend 28 PNC section 108 (c) to reflect an additional requirement of the exclusive use of PPUC in order to be granted a foreign investment approval certificate.
It is also to enact an additional section to 37 PNC Chapter 3 to create an exemption for the national and state governments from the payment for the provision of streetlights on public roads.
The bill, which is referred to the committee on resources and development, explained that the current law has no provision requiring that such foreign investors must use PPUC to power their businesses, thus "a substantial amount of income and community reinvestment may be lost by the lack of such provision."
Toribiong’s bill said that requiring the use of PPUC would provide substantial income for the corporation.
Toribiong believes that the influx of such monies will fuel the economy in the form of bolstering the corporation itself and in turn, providing a steady stream of income for current employees and potentially necessitating an increase in employment.
The bill further explained that permitting foreign investors to import power from outside utility companies is not in keeping with the spirit of the FIA itself.
Also on Wednesday, two bills on second reading were passed. These were HB No. 7-154-9, to extend expiration date for the Bureau of Lands and Surveys and Land Court; and HB No. 7-155-9, HD1, to allow for a darker tint on side and back vehicle windows.