By Emmanuel T. Erediano
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Variety News Staff
THE Department of Commerce supports House Bill 24-52, which would allow the Commonwealth Economic Development Authority to use its preferred dividend funds to carry out the mandate of Public Law 22-1 and revive the CNMI economy.
Authored by Sen. Manny Gregory T. Castro, H.B. 24-52 topped the agenda of Tuesday’s meeting of the Senate Committee on Resources, Economic Development, and Workforce.
Department of Commerce Secretary Remedio Mafnas and CEDA Executive Director Derek Sasamoto were among those who testified in support of the bill.
Registrar of Corporations John David “JD” Reyes conveyed Commerce’s support for the bill on behalf of Mafnas.
Mafnas noted that both Commerce and CEDA engage in economic development for the Commonwealth. Although the two agencies have distinct statutory roles, she said they share the same broader objective of strengthening the CNMI economy, supporting private investment, promoting business growth and advancing long-term economic recovery and diversification.
H.B. 24-52, Mafnas said, is vital because economic development requires flexible and reliable resources.
Providing CEDA with authority to use funds already in its possession for economic development activities, she said, will help ensure the CNMI has another active funding source to support recovery, attract investment and promote sustainable growth.
She said the Department of Commerce supports efforts that enhance the Commonwealth’s ability to complete the recovery and build a stronger economic foundation.
For his part, Sasamoto thanked Castro for introducing H.B. 24-52, which he said would address many of the economic issues the CNMI is facing.
“This bill will support everything that we are doing now,” he said.
Beyond funding CEDA promotional events, Sasamoto said, the bill would also allow the agency to use funds as matching support for federal grants and pursue additional grant opportunities that require local matching funds.
Sasamoto also informed the committee that since Public Law 22-1 transformed the Commonwealth Development Authority into the Commonwealth Economic Development Authority, the agency has built momentum in carrying out its expanded mandate to spur economic development.
He said investors have been waiting for government action on lease and qualifying certificate applications. These investors, he said, are from new industries, adding that the CNMI has “gained a lot of attention” in the United States and other parts of the world.
Emmanuel “Arnold” Erediano has a bachelor of science degree in Journalism. He started his career as police beat reporter. Loves to cook. Eats death threats for breakfast.
