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02/03/25 - Amid harsh economic times, CNMI Governor Arnold Palacios said one of the key elements of upcoming talks with federal officials will be economic recovery assistance to all existing local businesses.
When asked if businesses can expect a “BOOST 2.0” program, Palacios said, “You can call it BOOST 4.0, BOOST 2.0, but if we ever do it again it would have to be well-oiled and well put together for the business community.”
BOOST, which stands for Building Optimism, Opportunities, and Stability Program, was created under former Governor Ralph Torres and used $17 million in American Rescue Plan Act funds. Palacios said, “It would have been really a BOOST had we done it right.”
The comment came after Marianas Press asked the governor about his plan to help local businesses amid a struggling tourism economy at a press conference last Thursday.
Palacios said economic recovery assistance for all existing businesses is a key part of the future 902 talks with The White House. The talks have essentially been paused after a new president took office. CNMI officials met with White House representatives last year under the Biden-Harris administration. President Donald Trump now must appoint his representative to continue the dialogue.
The governor also said he will work with the U.S. Delegate Kimberlyn King-Hinds to look into federal programs for economic recovery funds.
“I really do not want to go back in time, but had we done the BOOST program properly and put in $50 million to help us, to help every small business, or medium-sized business, or even big businesses, to weather the storm, we would have been in a much better position and you all know it,” Palacios said. “That was a lost opportunity for all of us.”
The governor said he is also talking to members of the Commonwealth Economic Development Authority to explore what the agency can provide to help businesses.
He noted that the currency exchange rates continue to make Guam and Saipan unattractive to tourists who are now increasingly traveling within Asia.
“In regards to the small businesses, I really believe that we need to help them, get a program together and I will engage more with our folks in D.C.,” Palacios said, adding that other members of Congress are also ready to help.
Watch the full press conference on the Marianas Press Facebook page or on MP's YouTube channel at https://youtu.be/lMlzxEyAyAQ
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Story by Thomas Manglona II
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