THE Marianas Public Land Trust on Tuesday announced earning $5.12 million in interest income that will be remitted to the general fund for fiscal year 2024.
In a statement, MPLT said the income earned from its investments “constitutes the largest earning distribution in MPLT’s investment history.”
MPLT said the last time it distributed the largest interest income to the general fund was in FY 1988, in the amount of $3 million. (According to the CPI Inflation Calculator, $3 million in 1988 is equivalent today to $7.995 million.)
In FY 2023, MPLT’s interest income distribution to the general fund was $2.8 million.
As required by the CNMI Constitution, MPLT receives public land lease funds from the Department of Public Lands. MPLT invests those funds to earn income, which is then remitted to the Commonwealth’s general fund. The Legislature appropriates those funds in consultation with the administration.
MPLT said it remains important for DPL to remit all public land lease income — minus administrative expenses — so MPLT can invest it and generate funds.
“This is the mutual constitutional mandate for our beneficiaries: invest public land lease funds, generate income and then to the Legislature for appropriation,” MPLT said.
This year’s substantial distribution, MPLT said, was applied to the $15 million CNMI Yutu loan that covered major expenses from typhoon damage to facilitate recovery.
“The record-setting distribution highlights MPLT’s prudent management and strategic investment approach for the benefit of its beneficiaries through the General Fund,” MPLT said.
MPLT said its Investment Policy Statement focuses on diversified investments in equities, fixed income and alternative investments for the greatest value for distribution to the general fund.
For more information regarding MPLT, visit www.mplt.gov.mp/.
