DOCSLIB.ORG

America's Economic Challenge in Asia: Guam's Strategic Business Role

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
America's Economic Challenge in Asia: Guam's Strategic Business Role vs S. HRG 99-806 AMERICA'S ECONOMIC CHALLENGE INASIA: GUAM'S STRATEGIC BUSINESS ROLE HEARING BEFORE THE SUBCOMMITTEE ON MONETARY AND FISCAL POLICY AND THE SUBCOMMITTEE ON TRADE, PRODUCTIVITY, AND ECONOMIC GROWTH OF THE JOINT ECONOMIC COMMITTEE CONGRESS OF THE UNITED STATES NINETY-NINTH CONGRESS FIRST SESSION SEPTEMBER 10, 1985 Printed for the use of the Joint Economic Committee U.S. GOVERNMENT PRINTING OFFICE 62-060 0 WASHINGTON: 1986 For sale by the Superintendent of Documents. Congressional Sales Omce U.S. Government Printing Office. Washington, DC 20402 JOINT ECONOMIC COMMrITEE [Created pursuant to sec. 5(a) of Public Law 304, 79th Congress] HOUSE OF REPRESENTATIVES SENATE DAVID R. OBEY, Wisconsin, Chairman JAMES ABDNOR, South Dakota, Vice LEE H. HAMILTON, Indiana Chairman PARREN J. MITCHELL, Maryland WILLIAM V. ROTH, JR., Delaware AUGUSTUS F. HAWKINS, California STEVEN D. SYMMS, Idaho JAMES H. SCHEUER, New York MACK MATI'INGLY, Georgia FORTNEY H. (PETE) STARK, California ALFONSE M. D'AMATO, New York CHALMERS P. WYLIE, Ohio PETE WILSON, California DANIEL E. LUNGREN, California LLOYD BENTSEN, Texas OLYMPIA J. SNOWE, Maine WILLIAM PROXMIRE, Wisconsin BOBBI FIEDLER, California EDWARD M. KENNEDY, Massachusetts PAUL S. SARBANES, Maryland Scorr LILLY, Executive Director RoBERaJ. TomsuD, Deputy Director ;--. 4i SUBCOMMITTEE ON MONETARY AND FISCAL POLICY SENATE HOUSE OF REPRESENTATIVES STEVEN D. SYMMS, Idaho, Chairman CHALMERS P. WYLIE, Ohio, ALFONSE M. D'AMATO, New York Vice Chairman EDWARD M. KENNEDY, Massachusetts BOBBI FIEDLER, California PAUL S. SARBANES, Maryland LEE H. HAMILTON, Indiana DAVID R. OBEY, Wisconsin SuBcosmmITTEE ON TRADE, PRODUCTIVITY, AND ECONOMIC GROWTH SENATE HOUSE OF REPRESENTATIVES WILLIAM V. ROTH. JR., Delaware, DANIEL E. LUNGREN, California, Chairman Vice Chairman PETE WILSON, California PARREN J. MITCHELL, Maryland WILLIAM PROXMIRE, Wisconsin JAMES H. SCHEUER, New York a; ;, . tll~~~~~~~~~~~~~I) AMERICA'S ECONOMIC CHALLENGE IN ASIA: GUAM'S STRATEGIC BUSINESS ROLE TUESDAY, SEPTEMBER 10, 1985 CONGRESS OF THE UNITED STATES, SUBCOMMITTEE ON MONETARY AND FISCAL POLICY AND THE SUBCOMMITTEE ON TRADE, PRODUCTIVITY, AND ECONOMIC GROWTH OF THE JOINT ECONOMIC COMMITTEE, Washington, DC The Subcommittee on Monetary and Fiscal Policy met, pursuant to notice, at 10 a.m., in room SD-562, Dirksen Senate Office Build- ing, Hon. Steven D. Symms (chairman of the subcommittee) presid- ing. Present: Senators Symms, D'Amato, and Mattingly. Also present: Joe Cobb, professional staff member. OPENING STATEMENT OF SENATOR SYMMS, CHAIRMAN Senator SYMMS. The Subcommittee on Monetary and Fiscal Policy will now come to order. We will discuss this morning America's economic challenge in Asia and Guam's strategic business role. Now, I would like to open this hearing on this strategic business role of the territory of Guam by welcoming my colleagues. We have got two of my colleagues here in the Senate with us here this morning. We are delighted that they are here, Senator D'Amato and Senator Mattingly, and then honored guests from Guam's gov- ernment and business community and the Federal officials whose agencies deal directly with the territory. Of course, our first witness will be Delegate Ben Blaz, and we will talk about that a little bit more in a minute. But I am also a member of the Senate Finance Committee, which currently is hearing President Reagan's tax proposal. I will be rely- ing very heavily on testimony given here today to guide me and the tax committees on the effects of the tax proposals on the terri- tories. In my work with the Senate Finance Committee I have become very interested in the issue of tax autonomy for Guam because I have seen the effects of unwise tax policies and how they can stifle and block economic development, and I am a strong advocate of policies that aim at stimulating economic enterprise and growth. The Joint Economic Committee is holding this hearing in re- sponse to the concern and request of Delegate Ben Blaz, who repre- sents Guam. He brought to my attention some of the issues in- volved in the territory's economic development and how Federal (1) 2 policies and pending tax, trade, and other legislation can affect the territory. The Joint Economic Committee is an investigative, rather than a legislative body. The committee is a congressional forum where new ideas are examined and brought forward. It has served as a launching pad for many major national themes such as tax simpli- fication, privatization, and enterprise zones. President Reagan's first-term tax cuts were one of the new ideas launched by this com- mittee. The major focus of this hearing will be Guam's role, actual, and potential, in America's ever-expanding trade with the Asia-Pacific region. That trade has grown phenomenally in the last 10 years and now exceeds our total trade with our traditional European allies. The Heritage Foundation and Reason Magazine have pub- lished lengthy reports that demonstrate how the territory of Guam, if given Federal support and freedom from overregulation, could develop into a second Hong Kong in this vital trade arena. There will be two sessions to this hearing. The morning's session, which I will chair, will be conducted by the Subcommittee on Mon- etary and Fiscal Policy. The afternoon s session will be held by the Subcommittee on Trade, Productivity, and Economic Growth. Rep- resentative Daniel Lungren will chair that hearing. This morning's session will begin with testimony on President Reagan's tax reform proposal and its effect on the territory of Guam. The proposal contains important provisions that would grant the territory the autonomy to delink from the mirror tax system based on the IRS Code and set up a tax system appropriate to Guam's needs. The second major topic this morning will deal with the roles of Federal and local government in the territory's development and will include a discussion of a subject dear to my heart, the opportu- nity for transferring government service to private contractors. I also am looking forward to your testimony on the. impact of immi- gration laws on the territory because I have a deep interest in pro- posed changes to U.S. immigration laws. Before we begin the testimony, I would like to mention that my friendship and association with Delegate Ben Blaz goes back sever- al years and my respect for him has increased over those years. As a matter of fact, I had the pleasure a few years ago of publishing in the Congressional Record a speech Brig. Gen. Ben Blaz made at the Marine Corps' basic school at the end of his distinguished career in the Marine. Corps. And now I would like to ask Delegate Blaz if he would come for- ward for his opening remarks And I think just as a matter of interest that Delegate Ben Blaz was the first Guamanian to be a commissioned officer in the U.S. Marine Corps in the Armed Forces of the United States. He was on Guam during the Japanese occupation, so he understands the stra- tegic significance that Guam means to the security of the United States. And I think as a point of personal pride, for not only him but for myself and all the other former marines, that General Blaz was lib- erated on Guam by the fighting 9th Marines of the 3d Marine Divi- sion in 1944, and later on he had the privilege and the high honor 5 FOR YEARS GUAM HAS PLAYED ITS PART IN PROTECTING AND ADVANCING THIS NATION'S INTEREST IN THE REGION MILITARILY. WITH GUAM'S NAVAL BASE, STRATEGIC AIR COMMAND BASE, NAVAL AIR STATION, AND NAVAL COMMUNICATIONS STATION WE HAVE HA) A SECURE-MILITARY FOOTHOLD IN THE REGION. THE NEW ROLE GUAM MUST UNDERTAKE IN THE REGION, HOWEVERIS VASTLY DIFFERENT. GUAM IS INVOLVED IN THE MOST ACTIVE TRADE REGION IN THE WORLD AND IT MUST ASSUME A LARGER PART IN THIS ACTIVITY. THE COUNTRIES OF THIS REGION HAVE BECOME EXTREMELY EXPORT-ORIENTED. THEIR UNDEVELOPED FARM- BASED SOCIETIES HAVE BEEN CONVERTED TO INDUSTRIAL-BASED MANUFACTURING. TRADE IS THE BUSINESS OF THE FUTURE. GUAM MUST TAKE PART IN THIS TRADE. MANY AMERICANS ARE UNAWARE OF THE DEVELOPMENT OF THIS REGION. I BELIEVE IT IS THROUGH PUBLIC HEARINGS SUCH AS THIS THAT THESE DEVELOPMENTS CAN BE MADE MORE WIDELY KNOWN. THANK YOU, MR. CHAIRMAN. 6 Senator MArrINGLY. I have no statement, Mr. Chairman. I wel- come Delegate Blaz, and I will have some questions for the record later. Senator SYMMS. Mr. Blaz, welcome to the subcommittee. STATEMENT OF HON. BEN BLAZ, A U.S. DELEGATE IN CONGRESS FROM THE TERRITORY OF GUAM Delegate BLAz. Thank you very much. I must admit I was a little bit overwhelmed by your remarks. I am a bit nervous here, and I hadn't heard the Marines mentioned in so long that it reminded me of what a good time I had, and you did, too, as I recall. Thank you very much, Senator Symms. I also want to thank Representative Lungren, who has agreed to cochair the subcommit- tee hearings this morning and this afternoon. This would not have been possible without your help and encour- agement. I would also like to warmly welcome Guam Government and business leaders who have shown a real commitment to the cause of enhancing Federal-territorial relations by coming 9,000 miles at their own expense to testify at these hearings. It is very important for the future of our territory that Congress hears and examines the views of Guam's leaders on how the terri- tory can play a larger role in the international trade and develop- ment that America is such a vital part of in our area of the world.
Load more

Recommended publications
  • The Palau Community Association of Guam, 1948 to 1997
    MICRONESIAN JOURNAL OF THE HUMANITIES AND SOCIAL SCIENCES Vol. 5, nº 1 Dry Season Issue June 2006 FROM SOUL TO SOMNOLENCE: THE PALAU COMMUNITY ASSOCIATION OF GUAM, 1948 TO 1997 Francesca K. Remengesau Department of Mental Health and Substance Abuse, Government of Guam Dirk Anthony Ballendorf Micronesian Area Research Center, University of Guam This article provides a narrative reflective history of the founding, growth, development, decline, and near end of the Palau Community Association of Guam. The historical experience of this community association parallels, in some re- spects, the growth and development also of Guam. It examines the early immigration of Palauans to Guam; their moti- vations, their success, and their thoughts on the future. A wide diversity of Palauan opinion has been gathered for this study beginning with testimonies from early immigrants following World War Two, to young people who are students and workers. The Palau Community Association of Guam This study provides information on the his- (PCA) has been a very important social and torical as well as the contemporary experience cultural institution for Palauans on Guam for of the members of the Palauan community on more than fifty years. A comprehensive history Guam, and also describes the Palauan skill at of the development, activities, and social evolu- socio-cultural change in the context of migra- tion of this association has never been re- tion and transition to a wage economy, and corded before now. It is important for the considers the impact of a new socio-cultural present Palauan community of Guam, espe- setting on women’s economic roles, on tradi- cially the younger people, to know about the tional customs, and on education.
    [Show full text]
  • Government of Guam Documents, 1981-1996
    GOVERNMENT OF GUAM DOCUMENTS: A SELECTED LIST, 1981-2004 by Chih Wang, Ph.D. University of Guam Learning Resources Mangilao, Guam 2006 Copyright © 2006 by Chih Wang All rights reserved. Substantial reproduction or transmission of the work is required to obtain the permission from the author. Library of Congress Cataloging-in-Publication Data Wang, Chih. Government of Guam documents: a selected list, 1981-2004 / Chih Wang p. ; cm. 1. Government publications -- Guam – Bibliography. 2 Table of Contents Contents Page Foreword----------------------------------------------------------------- 5 List by Government Agency Attorney General-------------------------------------------------------- 7 Bureau of Budget and Management Research---------------------- 8 Bureau of Statistics and Plans----------------------------------------- 8 Cartographic / Graphic Design Section Coastal Management Program Compact Impact Information and Education Program Planning Information Program Civil Service Commission---------------------------------------------- 12 Commission on Self-Determination----------------------------------- 13 Department of Administration----------------------------------------- 13 Department of Agriculture--------------------------------------------- 14 Division of Aquatic and Wildlife Resources Division of Forestry and Soil Resources Department of Commerce--------------------------------------------- 14 Aquaculture Development and Training Center Census and Population Division Division of Economic Development and Planning Economic Research
    [Show full text]
  • Networks Enhance Inarajan Village's Sense of Place
    Networks Enhance Inarajan Village’s Sense of Place By Yuki Cruz, Master of Urban Planning 2013 ) ) Overview” provides a general The first chapter identifies synopsis of the island’s attributes that exist within the geographic, economic, and village. These attributes come demographic characteristics. from multiple sources including The second section “Tourism TripAdvisor, Guampedia, and on Guam” discusses the role of local opinion. tourism, the habits of tourists, Executive Summary and current efforts to strengthen The second chapter analyzes the tourism industry. The third the social network of the people section discusses the architec- involved in the Inarajan Historic tural and cultural significance Architectural District Revitaliza- of Inarajan Village. Finally, the tion Plan. The analysis uncovers fourth section provides a synop- trends and shortcoming within sis the Inarajan Historic Archi- the network. tectural Distric Revitalization This document studies how networks can be used to strengthen the Plan. Part 3: long-term social, cultural, and economic vitality of Guam’s Inarajan Conclusion and Village. The document is broken down into three main parts: Over- Part 2: Assessment Recommendations view, Assessment, and Conclusion. The Assessment addresses two This part addresses the Part 1: Overview topics: main findings of this project, suggested future steps, and The Overview is meant to familiarize the reader with the larger recommendations for Inarajan 1. Placemaking for Commu- systems in which Inarajan Village is located. These systems form to make it there. It expands on nity Identity and the environment in which decisions must be made. The influences the social network analysis of of the environment are often viewed relative to time, geography, Inarajan and examples how the 2.
    [Show full text]
  • General Assembly Distr.: General 18 February 2021
    United Nations A/AC.109/2021/9 General Assembly Distr.: General 18 February 2021 Original: English Special Committee on the Situation with regard to the Implementation of the Declaration on the Granting of Independence to Colonial Countries and Peoples Guam Working paper prepared by the Secretariat Contents Page The Territory at a glance ......................................................... 3 I. Constitutional, legal and political issues ............................................ 4 II. Military and related issues ....................................................... 6 III. Land issues .................................................................... 7 IV. Budget ....................................................................... 8 V. Economy ..................................................................... 9 A. General ................................................................... 9 B. Tourism .................................................................. 9 C. Transport and communications ............................................... 9 D. Water system, sanitation and utilities .......................................... 10 E. Renewable energy .......................................................... 10 F. Agriculture and fisheries .................................................... 10 Note: The information contained in the present working paper has been derived from public sources, including those of the territorial Government, and from information transmitted to the Secretary-General by the administering
    [Show full text]
  • General Assembly Distr.: General 15 February 2017
    United Nations A/AC.109/2017/9 General Assembly Distr.: General 15 February 2017 Original: English Special Committee on the Situation with regard to the Implementation of the Declaration on the Granting of Independence to Colonial Countries and Peoples Guam Working paper prepared by the Secretariat Contents Page The Territory at a glance ......................................................... 3 I. Constitutional, legal and political issues ............................................ 4 II. Military and related issues ....................................................... 6 III. Land issues .................................................................... 6 IV. Budget ....................................................................... 7 V. Economy ..................................................................... 7 A. General ................................................................... 7 B. Tourism .................................................................. 8 C. Transport and communications ............................................... 8 D. Water system, sanitation and utilities .......................................... 9 E. Renewable energy .......................................................... 9 F. Agriculture and fisheries .................................................... 10 VI. Social conditions ............................................................... 10 Note: The information contained in the present working paper has been derived from public sources, including those of the territorial Government,
    [Show full text]
  • The Filipino Community of Guam (1945-1975)
    , THE FILIPINO COMMUNITY OF GUAM (1945-1975) A PLAN B PAPER SUBMITTED TO PACIFIC ISLANDS PROGRAM OF THE UNIVERSITY OF HAWAII IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF ARTS IN PACIFIC ISLAND STUDIES May 1987 by Bruce L. Campbell Committee: Donald H. Rubinstein, Chairman Robert C. Kiste Terence Wesley-smith TABLE OF CONTENTS LIST OF TABLES ii LIST OF MAPS . .. .... iii PART ONE: OVERVIEW . 1 1. Historical and Cultural Consanguinity: Guam and the Philippines during the Spanish and American Eras (1521-1941) ............ 3 2. Philippine Labor Migration •.. 17 PART TWO: GUAM'S FILIPINIZATION (1945-1975) 24 1. U. S. Military Reconstruction of Post-War Guam (1944-1946) ................. .. 24 2. Filipinos Rebuild Guam (1947-1950) 27 3. U. S. Political Maneuverings (1950-1960) 35 4. Typhoons and War (1960-1970) ..... 44 5. Decline of Labor Ac~ivities (1970-1975) 58 PART THREE: ACCULTURATION 66 CONCLUSION: NEW DIRECTIONS . .. .. ... ... 76 NOTES .. .. .. 81 BIBLIOGRAPHY . 85 i LIST OF TABLES Table 1 Educational Attainment of Temporary Migrant Workers 20 Table 2 Distribution of Contract Workers, Other than Seaman by Region of Destination ....•... .. 21 Table 3 Foreign Exchange Remittances, 1970-1976 · 23 Table 4 Comparative Wage Scales on Guam, 1948 · 31 Table 5 Median and Average Income, Guam and the U.S., 1959 32 Table 6 Guam Unemployment by Village, 1954 .•.. · 40 Table 7 Losses to Private citizens and Businesses, as a Result of Typhoon Karen, 1962 •••••...... 47 Table 8 Number of Entering Students, U.S. Naval Apprentice Program, 1963-1972 ••.•••••.•••..... 51 Table 9 Number of Graduates, U.S. Naval Apprentice Program, 1963-1972 ••..••.••••••••...•.
    [Show full text]
  • A Study of the Leadership Practices of Elected Public Officials in Guam and the Commonwealth of the Northern Mariana Islands
    Pepperdine University Pepperdine Digital Commons Theses and Dissertations 2012 Public leadership: a study of the leadership practices of elected public officials in Guam and the Commonwealth of the Northern Mariana Islands Florie Nadine Manglona Mendiola Follow this and additional works at: https://digitalcommons.pepperdine.edu/etd Recommended Citation Mendiola, Florie Nadine Manglona, "Public leadership: a study of the leadership practices of elected public officials in Guam and the Commonwealth of the Northern Mariana Islands" (2012). Theses and Dissertations. 266. https://digitalcommons.pepperdine.edu/etd/266 This Dissertation is brought to you for free and open access by Pepperdine Digital Commons. It has been accepted for inclusion in Theses and Dissertations by an authorized administrator of Pepperdine Digital Commons. For more information, please contact [email protected], [email protected], [email protected]. Pepperdine University Graduate School of Education and Psychology PUBLIC LEADERSHIP: A STUDY OF THE LEADERSHIP PRACTICES OF ELECTED PUBLIC OFFICIALS IN GUAM AND THE COMMONWEALTH OF THE NORTHERN MARIANA ISLANDS A dissertation submitted in partial satisfaction of the requirements for the degree of Doctor of Education in Organizational Leadership by Florie Nadine Manglona Mendiola July, 2012 June Schmieder-Ramirez, Ph.D. – Dissertation Chairperson This dissertation, written by Florie Nadine Manglona Mendiola under the guidance of a Faculty Committee and approved by its members, has been submitted
    [Show full text]
  • General Assembly Distr.: General 12 February 2019
    United Nations A/AC.109/2019/9 General Assembly Distr.: General 12 February 2019 Original: English Special Committee on the Situation with regard to the Implementation of the Declaration on the Granting of Independence to Colonial Countries and Peoples Guam Working paper prepared by the Secretariat Contents Page The Territory at a glance ......................................................... 3 I. Constitutional, legal and political issues ............................................ 4 II. Military and related issues ....................................................... 6 III. Land issues .................................................................... 7 IV. Budget ....................................................................... 8 V. Economy ..................................................................... 8 A. General ................................................................... 8 B. Tourism .................................................................. 9 C. Transport and communications ............................................... 9 D. Water system, sanitation and utilities .......................................... 9 E. Renewable energy .......................................................... 10 F. Agriculture and fisheries .................................................... 10 VI. Social conditions ............................................................... 11 Note: The information contained in the present working paper has been derived from public sources, including those of the territorial Government,
    [Show full text]
  • Characterizing the Ocean Economies of Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands
    Final Report CHARACTERIZING THE OCEAN ECONOMIES OF GUAM, AMERICAN SAMOA, AND THE COMMONWEALTH OF THE NORTHERN MARIANA ISLANDS July 2018 Eastern Research Group, Inc. Lexington, Massachusetts Written under contract for the NOAA Office for Coastal Management www.coast.noaa.gov NOAA ENOW Pacific Islands Eastern Research Group, Inc. Learn more at www.erg.com. The Coastlines Group Learn more at www.coastlinesgroup.org Center for the Blue Economy Learn more at www.centerfortheblueeconomy.org. Acknowledgements NOAA’s Office for Coastal Management would like to thank the following people who collaborated on this project. NOAA project team: Kate Quigley, Jeff Adkins, Camille Martineau, Jennifer Zhuang, and Jean Tanimoto. ERG project team: Charles Goodhue (project manager) (ERG), Dr. Charles S. Colgan (Middlebury Institute of International Studies at Monterey, Center for the Blue Economy), Dr. Christopher Hawkins (The Coastlines Group), and Doug Lyons (ERG). Additionally, these NOAA Liaisons were instrumental in coordinating interviews with contacts in each territory: Adrienne Loerzel (Guam), Hideyo Hattori (American Samoa), and Robbie Greene (Commonwealth of the Northern Mariana Islands). NOAA’s Office for Coastal Management “Coastal management” is the term used by communities and organizations striving to keep the nation’s coasts safe from storms, rich in natural resources, and economically strong. The national lead for these efforts is NOAA’s Office for Coastal Management, an organization devoted to partnerships, science, and good policy. This agency, housed within the National Ocean Service, oversees major initiatives that include the National Coastal Zone Management Program, Coral Reef Conservation Program, Digital Coast, and National Estuarine Research Reserve System. ii NOAA ENOW Pacific Islands Table of Contents Executive Summary ...........................................................................................................................
    [Show full text]
  • Appendix 1C Affordability Tech Memo
    APPENDIX 1C Preliminary Assessment of Affordability and Early Gains October 2004 Preliminary Assessment of Affordability & Early Gains Table of Contents Table of Contents Executive Summary........................................................................................................ ES-1 1 Introduction ............................................................................................................... 1C-1 2 Guam and the Water Authority..................................................................................1C-2 3 Service Levels.............................................................................................................1C-6 4 Organization and Business Systems .........................................................................1C-7 5 Financial Situation................................................................................................... 1C-10 6 Affordability and Master Plan Implications ............................................................ 1C-14 7 Conclusions.............................................................................................................. 1C-15 Exhibit A - References.......................................................................................................A-1 Exhibit B - Five Year Financial Projection ...................................................................... A-2 Exhibit C - Stipulated Order Project List Cash Flow ...................................................... A-4 Preliminary Assessment of Affordability and
    [Show full text]
  • General Assembly Distr.: General 11 March 2014
    United Nations A/AC.109/2014/14 General Assembly Distr.: General 11 March 2014 Original: English Special Committee on the Situation with regard to the Implementation of the Declaration on the Granting of Independence to Colonial Countries and Peoples Guam Working paper prepared by the Secretariat Contents Page The Territory at a glance .................................................. 3 I. Constitutional, legal and political issues ............................................ 5 II. Military and related issues .................................................. 7 III. Land issues .................................................. .................. 8 IV. Budget .................................................. ..................... 9 V. Economy .................................................. ................... 10 A. General .................................................. ................. 10 B. Tourism .................................................. ................ 10 C. Transport and communications ............................................... 11 D. Water system, sanitation and utilities .......................................... 11 E. Agriculture and fisheries .................................................. 12 VI. Social conditions .................................................. ............. 12 A. Labour .................................................. ................. 12 Note : The information contained in the present working paper has been derived from public sources, including those of the territorial Government
    [Show full text]
  • JUL 2 6 1996 ACKNOWLEDGMENT RECEIPT Ad.- the Honorable Judith Won-Pat Borja Received
    CARL T.C. GUTIERREZ GOVERNOR OF GUAM OFFICE OF THE LEGISLATIVE SECRETARY JUL 2 6 1996 ACKNOWLEDGMENT RECEIPT Ad.- The Honorable Judith Won-Pat Borja Received. By Acting Lt. Governor and Acting Speaker Time .2 : ,..r/0. /y1. Twenty-Third Guam Legislature Guam Legislature Temporary Building 155 Hesler Street Agana, Guam 96910 Dear Speaker Won-Pat Borja: Enclosed please find a copy of Substitute Bill No. 299 (LS), "AN ACT TO AMEND §2404(9), §2405.6, §2427.5, §2442 AND §2443 OF CHAPTER 2, TITLE 12, GUAM CODE ANNOTATED; TO ADD NEW §2428.4 TO TITLE 12, GUAM CODE ANNOTATED; AND TO AMEND SECTION 23713 OF CHAPTER VII, TITLE XXXIV, GOVERNMENT CODE, ALL RELATIVE TO AUTHORIZING THE ISSUANCE OF QUALIFYING CERTIFICATES TO GUAM INSURERS AND TO CLARIFY THE TAXATION OF CAPTIVE INSURERS", which I have signed into law today as Public Law No. 23-109. This bill was introduced and moved through the legislature as a result of work done by members of the Governor's Council of Economic Advisors, specifically the subcommittee chaired by Mr. Al Pickens, and the Financial Services Section of the Vision 2001 Task Force, who worked closely in conjunction with the Legislature's Chairman of the Committee on Economic- Agricultural Development and Insurance, Senator Joe T. San Agustin. This legislation offers significant tax neutrality in the form of Guam Economic Development Authority Qualifying Certificates in order to increase, also significantly, the insurance business on Guam, specifically underwriters. This legislation does not affect existing service entities in the insurance industry, nor does it change Guam's insurance laws, however this legislation will encourage new underwriters to do business here.
    [Show full text]