She said the central government will then remit $300,000 a week until MVA receives a total of $4.3 million in hotel occupancy tax collections from fiscal year 2019.
Iakopo reiterated the payment plan of the central government is “contingent on the finalization of a bond.”
Early this month, Iakopo said MVA received $500,000 from the central government, adding that it was used to pay local and offshore promotional and marketing contractors with “61 to 90 days payables.”
Contrary to what was earlier reported, MVA is not up-to-date with its obligations to offshore promotional and marketing offices in South Korea, Japan, Taiwan, and China, Iakopo said.
“Our offshore offices need to continue aggressive marketing and promotional activities,” she added.
