“Given the depreciation of the Korean won and the weakness in international financial markets, I believe Gov. Benigno R. Fitial is willing to grant all appropriate investment incentives provided for by law,” Press Secretary Charles P. Reyes Jr. said yesterday.
The governor’s decision, he added, will be made in consultation with the secretary of Finance and CDA.
The proposed rules that will allow modifications to a qualifying certificate, or QC, were published on Dec. 1 in the Commonwealth Register.
A QC entitles an investor to tax breaks.
The new rules only apply to modification requests made on or after Oct. 1, 2008.
Saipan Laolao said its Laolao Golf project is now worth $70 million.
When the company was first given an $18 million tax break, it said its project was worth $54 million.
In a separate interview yesterday, CDA economic development analyst Carline Sablan said the CDA board will review the comments to the proposed new QC rules.
“We are near the end of the comment period,” she said. “The CDA board, at its next meeting, will review and consider comments received during this period and decide whether to change the proposed rules and regulations in view of the comments.”
The new regulations state that the CDA board may recommend the modification of QCs for those in compliance and may suggest the suspension or renovation of the QCs of non-complying beneficiaries.
“For the proposed rules and regs to take effect, the board will have to consider comments received to incorporate any changes,” Sablan said.
The board may adopt any proposed changes and notify the public through the Commonwealth Register.
