THE Senate recently passed five measures that are part of its promise to help revive the economy, Senate President Paul A. Manglona said yesterday.
Four of the bills were introduced by Manglona, R-Rota. These are:
• S.B. 13-52 which seeks to improve the administration of capital improvement projects and ensure quality work by contractors. The purpose of this bill, according to Manglona, “is to remove impediments that may have discouraged administrative and managerial use of the permissible portion of CIP appropriations.”
An earlier version of this bill was vetoed by the governor who cited “legal technicalities.” Manglona said the new bill addressed the governor’s concerns.
• S.B. 13-41 seeks to establish a commonwealth film, video and media office. The development of such industry, Manglona said, will “substantially contribute to the improvement of the economy of the CNMI which “offers an outstanding and unique human and natural resources” for such undertaking.
• S.B. 13-11 would create a National Guard unit for the commonwealth.
Manglona said the U.S. Congress is working on legislation that would provide funding for the CNMI National Guard unit. He is “hopeful that the CNMI will see some funding to support the measure.”
• S.B. 13-51 proposes to create a CNMI board of accountancy which could attract accountants abroad to take the U.S. examinations here.
• S.B. 13-40, introduced by Sen. Jose M. Dela Cruz, D-Tinian, would further liberalize the CNMI’s foreign investment policy.
Dela Cruz said much confusion has arisen from the $100,000 deposit requirement imposed on foreign investors by P.L. 10-44.
The law “has come to be perceived as a barrier to foreign investment and an impediment to capital flows,” he said.
It is now “imperative that the CNMI declare its open door policy” on investments, Dela Cruz said.
His bill states that no department or agency of the executive branch will promulgate or implement any regulation, rule or policy imposing or purporting to impose any restriction on investment or capital flows into the CNMI other than data collection or information gathering to facilitate regulatory aims.
