The folly of not reading

Santy

Alii Brien and mardi,

In light of the global economic down turn and hardship it poses on Palauans in paying their loan, the 7th Senate introduced a bill to reduce NDBP rate to something like 2 to 3% on top of the rate where the money came from. So if the money was from OEK then interest rate should not be more than 3% because NDBP is not paying back that money. EU gave money to NDBP I believe at 3% so that money should be loaned out at no more than 6%. However the House put about seven riders that were highly controversial including raise to president and ministers’ salaries in that bill. Even though it was a senate bill, it was rejected unanimously when it came back to the senate floor for approval because of the House riders.

I am 100% for high-end visitors and making Palau an exclusive destination catering to such clientele. However I do not believe that NDBP should be in business in funding foreign investors. These are two very different issues and should not be mixed to justify this transaction. It is beyond the scope of their legislative mandate that created NDBP in the first place. I remember analogy used in a court argument to demarcate territory or jurisdiction by one attorney saying that, “alsekum e kebenguk elak moruul er kau el mora teuachel.” What happened to basic reading? Read the laws first and follow its intent. NDBP was designed to help improve the financial situation for Palauans not some rich foreign investors including Aman.

This is what happened to Pension $1 million lost that was invested or invested to PSB. Not reading the law and not following it results in putting us in a stupid situation that all we can really say is oops (choiiks). But all is lost after the fact. If only they read the law it clearly states that Pension fund can only be invested in the U.S. stock market. So please read the law for NDBP and follow its intent before we lose few more millions of dollars.

Aman is undoubtedly a premier international organization meaning that it should be well financed so why is it using funds set aside in NDBP to develop and promote the indigenous people of Palau in the area of commerce. Are we that naive (diak dodengei a ngerang)? They should have money as their world renowned stature suggests. Is this really Aman? Or should I say Amen to Palauan hospitality to share our limited money to help develop foreign businesses. Here we go again with another “belisiich” for us island folks.

The real problem is that leaders and enforcing government agencies including board members do not read the law. Little wonder it is like fighting a losing war trying to make students in Palau be interested in reading in schools nowadays. And please choose people to the boards and commission who are not only capable of reading but posses the affinity to read.

—- In light of the many discussions, especially those that are actively carried-out in online threads, relating to the reported multi-million dollar loan to Aman Resort by the National Development Bank of Palau, the author of this article presents his side that NDBP went beyond the scope of its legislative mandate. —-