17 Apr 2018
- By Cherrie Anne E. Villahermosa – [email protected] – Variety News Staff
THE Senate on Thursday unanimously confirmed the reappointments of former Sen. Frica Pangelinan and former Rep. Martin Ada as board members of the Marianas Public Land Trust.
Prior to the roll-call vote, Sen. Sixto Igisomar asked Senate President Arnold Palacios if he could ask the two appointees some questions regarding investing public land money.
Igisomar said he was not around when the Senate Committee on Executive Appointments held a public hearing for Pangelinan and Ada.
Palacios granted Igisomar’s request.
Igisomar commended MPLT for doing a good job in investing public land money. He then asked Pangelinan and Ada about some funding issues and how the Legislature can assist MPLT address those issues.
In an interview, Pangelinan noted that Igisomar always asks the right questions.
“It was good that we ironed out any misunderstanding,” she added. “The bottom-line is our task which is very clear: that we are to invest money generated from public lands…. It’s all about investments and making sure we’re generating income. We are trustees of the money from public lands. It’s a very volatile market and it all depends on the market outlook so it’s critical that we follow the policy and work closely with our investment consultants and monitor the performance of our managers to make sure we are at least hitting the benchmark of the market.”
Pangelinan thanked Gov. Ralph Torres and Lt. Gov. Victor Hocog for their vote of confidence in her and for reappointing her to the MPLT board.
Sen. Teresita Santos said Pangelinan and Ada are knowledgeable and are upholding their fiduciary duty as trustees.
“During the public hearing, they were able to respond to questions regarding how funds invested by MPLT have directly benefitted persons of Northern Marianas descent,” Santos said.
“The trustees also indicated that MPLT has been making reasonable and prudent investments within established guidelines. To date, however, MPLT is still waiting for the Department of Public Lands’ transfer of funds report which cannot be released until an audit is completed.”
Source: Marianas Variety : http://www.mvariety.com/cnmi/cnmi-news/local/103732-senate-confirms-pangelinan-ada-as-mplt-trustees