This is according to Alvaro A. Santos, MPLT chairman, in an interview with Variety on Friday.
Santos said MPLT met with acting Gov. Eloy S. Inos last week to discuss how much MPLT is going to be transferring to the general fund.
“He wants to know for sure or with some precision how much MPLT will be giving to the general fund so he can add it up to the other revenue resources,” Santos said, referring to Inos.
Santos said MPLT normally transfers contributions to the general fund at the end of the fiscal year. “We haven’t done that yet for fiscal 2011 which started on Oct. 1 last year.”
Santos said MPLT is looking at writing a check to the general fund at the end of the fiscal year.
“We gave him [Inos] a conservative figure of a little over $1 million,” said Santos.
He also told Variety that the transfer of interest of earned income to the general fund is not as great or greater than in the past year.
Based on the annual MPLT report for 2009, MPLT remitted $2,013,563 to the general fund in 2009, $6,319,596 in 2008, and $2,228,048 in 2007.
In 2010, MPLT infused $1.626 million to the general fund.
Santos said, “For the record, since inception, MPLT has transferred about $48 million in interest earnings.”
He cited the financial crisis last year as a reason that contribution to the general fund for the current fiscal year may not be as great or greater than in the past years.
“Of course, as a recovered interest, we gave out of our principal, which is the corpus $4 million to the general fund. When you reduce the corpus, then your earning ability reduces as well correspondingly,” he said.
