Finance can no longer remit $500K a month to MVA

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THE Department of Finance can no longer guarasntee that it can continue remitting $500,000 a month to the Marianas Visitors Authority due to the steep decline in tourist arrivals amid the global Covid-19 outbreak, MVA Managing Director Priscilla Iakopo told the board in a recent meeting.

The amount represents MVA’s share of the hotel occupancy tax collections, which are its primary source of funds.

But Iakopo said Finance told her it will try to remit at least $200,000 to MVA every month.

Before the Covid-19 outbreak, she said Finance has been “keeping [its] word by remitting a minimum of $500,000 each month,”

Finance still owes MVA $3.3 million for fiscal year 2019, and $4.4 million for the period that covers Oct. 2019 to Jan. 2020, Iakopo said.

As of March 9, she added, MVA’s outstanding payables amounted to $786,000.

She said MVA was able to pay its offshore promotional and marketing offices until November last year.

But based on the offshore invoices from Japan, Taiwan, China, and South Korean, she said MVA still owes them $1.4 million.

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