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Pass bills to promote economic growth

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SAIPAN Chamber of Commerce president Velma Palacios is urging the Legislature to pass bills that promote economic growth.

Palacios was among the participants in the virtual CNMI Fiscal Response Summit held in April.

She stated during the summit that the private sector “is not participating with the goal of dictating to the government ‘how to do its job,’ but to join as a community to uncover solutions.”

She said that just as the government does not shoulder the sole responsibility for problems in the community, the private sector cannot be tasked solely with providing the solution through increases in taxes and fines whenever the  government experiences a shortfall.

At the same time, she encouraged business community members  to assist in finding solutions that will lead toward long-term stability in the community.

In her letter, Palacios told House Ways and Means chairman, Rep. Ivan Blanco that the chamber is encouraging the Legislature “to continue to review legislation that promotes economic growth such as business relief [pertaining to] taxation and certain fees, as well as decreasing the government’s red tape in business regulation.”

“By making it easier to conduct business,” she added, “the Legislature will create an environment where businesses can thrive, pay higher [business gross revenue taxes], generating more revenue for our government and our economy.”

The chamber, she said, also thanks the Ways and Means Committee for considering the comments of the business community on legislation that affects businesses in the CNMI. “We appreciate the opportunity to give insight on how legislation impacts the economy,” Palacios said.

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