In an interview, he said these changes will happen by the end of July or 90 days from Gov. Benigno R. Fitial’s submission of the budget proposal to the Legislature which must pass a budget on or before Oct. 1.
During the 90-day period, Inos said, the government will validate its projection of financial resources for FY 2012 which currently amounts to $120 million.
Inos noted, however, that the disaster in Japan is affecting the CNMI’s other tourism markers.
“It is not limited to Japan,” he added. “It has been resonating in other countries in Asia like South Korea whose arrivals are also expected to decrease because of fear of the radiation from Japan,” he said.
Although the administration sees some new businesses “coming up in the horizon” the impact will take a while because these are mostly “long-term investments,” he added.
One of these is Bridge Investment Group which plans to put up a new casino and hotel on Tinian, Inos said.
The government, particularly the Legislature, should take drastic moves in order to prevent the financial resources from plunging, he added.
One of the issues that need to be addressed, he said, is the Constitution’s Article 12 which restricts land ownership to people of Northern Marianas descent only.
The existing land lease terms, he noted, are not enough of an incentive for investors.
Inos said the issue regarding guest workers is also a concern now that stricter federal immigration rules now apply to the CNMI.
He said if the CNMI cannot help investors bring in enough workers, “it’s not just going to work. It’s a big challenge.
