Well, great news for the 80, 000 plus members of the Teachers Savings & Loans Society (TISA), they can expect a 7% bounce interest paid to their Yumi accounts and be able to access it tomorrow, Friday 6th June. This was announced this morning in Port Moresby city by the Chairman of TISA Mr. Gabriel Tai when giving a live stream presentation on the performance results of the 2024 financial year, describing it as a great year of financial performance. In 2024, TISA continued to deliver on its promise of helping members save, borrow, and build toward a secure and dignified future. “We remain committed to creating value not only through financial returns but through trust, transparency, and long-term impact. We believe that real growth happens when we invest in people- our members, our commodities, and our staff. That is the TISA way, and it is why our mutual model continues to stand strong in a changing world,” said Chairman Tai. TISA Savings and Loans made: A profit of K62.2 million after taxes and a robust balance sheet of K0.99 billion for the 2024 financial year. A total income increase of K42 million in 2024 and a modest decrease in Assets by 2% to K0.99 billion compared to 2023. In 2024, the TISA group achieved an overall profit of K22.7 million, with a Total Group Assets increasing by 22% to K1.39 billion compared to the previous year. “Although our insurance and banking verticals incurred losses, TISA still managed to generate profits at the Group level,” said Mr. Tai. TISA maintained strong financial and operational performance, continued to grow its member base and reinvested earnings into technology, staff development, and member benefits. “I am pleased to announce that the TISA Board has approved an additional Bonus Interest of 7%, which will be credited to all our members’ Yumi Accounts with TISA Bank for the financial year ending 31st December 2024.” This 7% is equivalent to approximately K24.5 million in total to be paid to all TISA members accounts. “Members will be able to access the 7% interest in their Yumi accounts tomorrow.” This achievement shows TISA Group’s commitment to providing value and benefits to its members. Meanwhile Mr. Michael Koisen, Group Chief Executive Officer (CEO) for Teachers Savings and Loan Society (TISA), explained that the 7% has been consistently paid to members over the years as per the Savings and Loans Legislation. “We’ve never gone below that 7%. If the legislation allowed us, we could pay more, depending on the profits we make and the board’s decision, but the Savings and Loans Legislation limits us to paying only 7%. If you’re not in the Savings and Loans Legislation, you can pay more depending on profits you make. So, 7% last year was about K24 million, this year the same, K24 million," said Mr. Koisen.

Parliament resumed sitting this morning only to be adjourned right after it commenced proceedings after experiencing power disruptions. Deputy Speaker of Parliament, Koni Iguan addressed the house saying that the continuous blackouts in the city of Port Moresby yesterday have badly affected the National Parliament’s standby power generators; hence, during the opening prayer this morning, the lights went out in the parliament chamber. “It’s already affected the aircon and while we were praying, you can see that we have a blackout.” “So, honorable members, I adjourn parliament to tomorrow (Thursday 5th June) 10 o’clock AM,” announced the Deputy Speaker. Much of today’s activities have now been moved to tomorrow and it is hoped that the power issue at the parliament house can be resolved, especially its generators. Meanwhile, PNG Power has been attending to power issues in Port Moresby city. From notices issued out, PNG Power over the weekend attended to power issues. On Sunday 1st June, PNG Power teams worked on the Moitaka Feeder and the Bomana 33kv line where an emergency outage had to be made. PNG Power also advises customers with standby generators, like the parliament house, to utilize them during times of blackouts.

The question pertaining to funds allocated to districts and provinces to celebrate the 50th Independence Anniversary of Papua New Guinea (PNG) was raised during question time in parliament this morning in Port Moresby city. West Sepik Provincial Member, Tony Wouwou, directed this question to the new Finance Minister, Thomas Opa, enquiring if the National Government will be giving additional funding apart from the K50 million already allocated in the 2025 national budget, for the celebrations. Minister Opa said the government through the Finance Department has given Financial Instructions to District Development Authorities (DDAs) and Provincial Governments to use K1 million from their DSIP and PSIP funds to mark the celebrations on September 16th. He also explained that the K50 million is for the national events and will be used by the National Events Council for that purpose; however, he did not clearly state if this funding will also be distributed to the districts and provinces as support or whether there will be a supplementary budget introduced where supporting funds can come from to go towards staging the 50th Independence Celebrations throughout the country. That explanation did not go down well with the Member for North Fly, James Donald who raised a supplementary question seeking clarification on whether the use the K1 million from the development funds for celebration purpose, is not breaking the law. Minister Opa responded that it’s not illegal to do that. “The Department of Finance through the (Finance) Secretary, has issued the Financial Instructions for the Chairman of DDAs and provincial governments to allocate K1 million in their budget, making it legal for DSIP funds and PSIP funds to allocate K1 million,” the further minister explained. The Member for North Fly strongly believes that these development funds for the provinces and districts should not be touched for the 50th Independence Anniversary celebrations. It should be used to bring about the much-needed services like health, education and law and order in the provinces and districts.

The National Government imposed cut to the 10% Goods and Services Tax (GST) on thirteen (13) essential household goods and items is now in effect as of Sunday 1st June 2025, something which Trukai Industries Limited commends. Trukai Industries Limited, Papua New Guinea's leading rice manufacturer, producing iconic brands such as Trukai, Roots Rice and Wantok Rice has welcomed the recent decision by the Government to implement a zero-rating for GST on essential goods, rice being one of those essential goods. Trukai Industries acknowledges the Government's intention to provide direct relief to consumers during these challenging economic times, and the company valuing its consumers deeply, welcomes this significant initiative by the Government, recognizing its potential to alleviate financial pressures on households across the nation. Mr. Andrew Grace, Head of Trukai Industries, expressed his strong support for this measure, stating, “We are right behind the PNG Government on this. We know times are tough for families across PNG right now, and removing the tax on essential items is a great way to help everyone stretch their budgets a little further." Trukai Industries remains dedicated to providing high-quality, nutritious rice products to all Papua New Guineans at affordable prices. Meanwhile, the 13 essential household items that have had the 10% GST slashed are: Rice, Chicken, Tinned meat, Tinned Fish, Tea, Coffee, Biscuits, Noodles, Flour, Cooking oil, Women’s sanitary products, Soap, and Baby diapers The GST exemption will run for one year, from June 1st, 2025, to 30th June 2026.

The issue of unemployment can be addressed through investments in the development of Special Economic Zones (SEZs) focusing on downstream processing, which can create thousands of employment opportunities. That was the massage from Minister for International Trade and Investment, Richard Maru when launching the official website for the 2025 SEZ Summit today in Port Moresby city. He said the problem has been Papua New Guinea (PNG) relying on the resource sector generating revenue and creating employment; however, as history would show, that has not been the case. “We now have eight (8) mining and petroleum projects on the run, including the PNG LNG project. Despite that, we have the highest unemployment ever, highest law and order issues, highest national debt. So, the resource sector has not been the answer. This is a fact, and we cannot continue to deny that. Our biggest policy mistake as a country, and I’m not blaming anyone, is our over reliance on the mining and petroleum sector. I say that with no apologies. We have to seriously rethink the way we have been doing business over the last fifty (50) years,” said the minister. In saying that, Minister Maru reaffirmed his strong conviction that the way forward is the development of the Special Economic Zones to bring in direct foreign investments with the aim to go into manufacturing and processing raw goods to sell to overseas markets through downstream processing. Giving an example, he said the downstream processing of fisheries products alone in a SEZ is capable of creating employment opportunities for more than 5, 000 people. So far, there are a total of six (6) SEZ projects in line to be granted licenses this year (2025) once they meet all the requirements set by the National Government. The first SEZ granted an operational license was Paga Hill Development, where they are currently building the Paga Hill SEZ project in Port Moresby city. Meanwhile, Minister Maru has high hopes that the upcoming 2025 SEZ Summit that will be held in August in Port Moresby city, will bring in more investors to invest in the SEZs in PNG.

Police Commissioner David Manning has confirmed that senior officers of the Independent Commission Against Corruption (ICAC) will be investigated by police for alleged corrupt practices. Commissioner Manning in a statement, confirmed receiving a formal referral from the ICAC Commissioner, Mr. Andrew Forbes, pertaining to the conduct of senior ICAC officers. The referral includes allegations of finance irregularities and expenditure of public monies not approved by an officer authorized under the Public Finances (Management) Act 1995. Manning said the Royal Papua New Guinea Constabulary (RPNGC) has commenced initial enquires. “In accordance with established procedures, initial enquiries are being conducted by police to inform consideration of the referral by the Sensitive Investigation Board. Where the Sensitive Investigation Board assess a referral as disclosing suspicion of criminal offence, the matter will be assigned for independent investigation by the National Fraud and Anti- Corruption Directorate.” “It is the expectation of the RPNGC and that of government, that all matters relating to the transparent and legal management of public entities be held to the highest standards and scrutiny,” said the police commissioner. ICAC was established by the National Parliament to combat corrupt conduct by public official, public bodies and corruption by private individuals who may be in receipt of government funds. “It is appropriate that the anti- corruption watchdog adheres to the expectations of the nation and refers any concerns pertaining to its own personnel for independent and transparent scrutiny.” “As in all claims made in a referral to police, any accused are innocent until proven guilty in a Court of law,” said Manning.

The people the Autonomous Region of Bougainville (AROB) can expect to see the Aropa Airport get some quality improvements to its facilities with the upgrade project now commencing. The project was officially launched over the weekend by Prime Minister James Marape, who said it aligns with the Papua New Guinea Government’s development plans. “The Aropa Airport has long required substantial upgrades, having last been improved over a decade ago. “This project aligns with the Government's Medium-Term Development Plan IV (MTDP IV 2023-2027), aimed at boosting connectivity and fostering economic growth in the region,” Prime Minister Marape said. Awarded to China Railway Construction Group Co. Ltd (CRCG Ltd) for K58.20 million on October 9, 2024, the project encompasses: • Aircraft pavement repair and strengthening • Bituminous chip seal resurfacing • Construction of a new terminal building and parking facilities • Installation of a new Precision Approach Path Indicator (PAPI) • Upgrades to airport power, water supply, sewerage systems, and electrical systems “The benefits of this project include a 5-10-year lifespan for the chip seal without major maintenance, modernized terminal facilities that enhance passenger processing, and job opportunities for local residents,” Prime Minister Marape said. The project is expected to be complete by 2027 and is one of five major airport projects under CADIP II, which also includes upgrades to Gurney, Kiunga, Hoskins, and Wewak airports. Marape thanked the Asian Development Bank, National Airports Corporation and the CRCG contractors for ensuring commencement of this upgrade project, asserting to it as an important milestone paving way for more spinoff opportunities for the people of AROB.

The Treasurer, Ian Ling Stuckey, was questioned in parliament this afternoon on whether there will be supplementary budget put in this year to realign expenses. The Deputy Opposition Leader raised this question during question time, raising some serious funding and financial issues that the country is currently facing, due to what he said was the Treasurer failing to generate the projected revenue as per the 2025 National Budget. “Are you as a responsible government going to bring in a supplementary budget and realign expenses, cut off the Connect PNG scam and focus on districts, provinces and key sectors like the health department?” He gave an example of the Goroka Hospital’s emergency ward having to close due to no medications to keep it operational. Also, he said the provinces and districts have not received their full funding in the PSIPs and DSIPs, stating that his district just received only K2million recently, not the full amount for the district administration to function. He said these are serious issues that question the financial management of the Treasurer and the fiscal implementation of the 2025 budget. “The 2025 budget will fail if we don’t bring a supplementary budget and realign our priorities for the nation,” Nomane said. In response, Treasure Ling Stuck said, yes, that is on the cards but, there is a process to go through before it can be decided if the need be for a supplementary budget. “There is a process to follow for supplementary budgets, obviously, we need to finalize mid-year economic outlook report that’s due on the 31st of July, after we’ve received confirmation of where we are on the implementation of the budget, then we can have a more informed view to table a supplementary budget. At this point in time, we’ve had some very detailed discussions to do so, and at this stage we at the department of treasury are intending to recommend to cabinet for a supplementary, but of course that’s subject to where exactly we are with numbers,” said the Treasurer.

The Government of Papua New Guinea is adamant to go into downstream processing of most of the country’s resources and what better way to do it than to learn from one of the leaders in the region- Indonesia. That is why the Minister for International Trade and Investment Richard Maru is strongly appealing to Indonesia through the PNG Indonesia Ministerial Committee, to send its envoy to attend the PNG Investment Week planned from the 31st of August to the 3rd of September. “This is part of our independence celebrations,” said the minister when announcing this upcoming investment week at the recent launching of the PNG Indonesia Business Council Incorporate in Port Moresby city. “We are going to have a specifically targeted investment conference, where we are going to look at investments that will transform our economy into the future.” Minister Maru went on to say that for so long the country has been relying on the mining and petroleum sectors and now it’s a time to change the focus as PNG marks its 50th Independence Anniversary. He said it's time PNG refocus on downstream processing in the agriculture sector as priority then go into the non-renewables sector for downstream processing. He then went on to say that what country to better learn from going into downstream processing than Indonesia, PNG’s closest neighbour sharing the same land border. Indonesia has a huge market and a population that has a big demand. It is also big in downstream processing, manufacturing most of its products and selling them abroad. This according to Minister Maru, makes Indonesia a preferable trading partner for PNG and a country that’s worth learning from. “We must not continue to do business the same way and expect a different result,” said the minister. “Indonesia will be a fantastic country to learn from.”

The BSP Financial Group Limited (BSP) and a local commodity buyer have teamed up to make things easier for cocoa farmers when it comes to making payments for their cocoa beans, through the bank's new Wantok Wallet product. This was recently made possible when the commodity buyer- Elliven Limited in Lae city was recently commissioned as a BSP Payment Processor on Wednesday 21st May, establishing an innovative payment solution that would enable commodity buyers to transfer funds directly to growers’ and farm entry owners’ accounts- eliminating the need for cash payouts. BSP Agency Banking Senior Manager Stanley Seimoni said this digital payment system offers a safer, faster, and more efficient alternative to traditional cash-based transactions. “Since 7th May, Elliven Limited’s Lae buying point has processed a total of 562 transactions, valued at K2.4 million – payments made as a BSP Payment processor. As part of our commitment to financial inclusion, our teams were at Elliven Limited’s Lae buying point this week, conducting awareness sessions on Wantok Wallet, actively assisting farmers open an account opening or activate a wallet. Farmers who do not have accounts with us can have a Wantok Wallet activated by our team. All they need is a mobile phone to access their payments at any BSP ATMs or Cash Agent,” Mr. Seimoni added. To date, BSP has deployed 7 Payment Processors across 28 buying sites, with a strong presence in the New Guinea Islands (NGI) region. This initiative is part of BSP’s ongoing efforts to expand financial access and inclusion—this time focusing on rural farmers—through practical, technology-driven solutions. Elliven Limited Founder, Mr. Ron Neville described this initiative as a game changer and to expand the Payment Processing Solution to other buying points; Kerevat, Rabaul, Wewak, Maprik and the Autonomous Region of Bougainville. “Our customers here in Lae are smiling – the new payment system has changed everything. In the past they waited hours, even days to receive their payments. Today it takes just five minutes for payments to reach their accounts,” said Mr.

Papua New Guinea (PNG) shareholders in the BSP Financial Group Limited (BSP) continue to benefit from the bank’s good performance over the years than any other commercial bank, says the Board. The BSP Board Chairman, Mr. Robert Bradshaw, when opening BSP’s 2025 Annual General Meeting on Friday 23rd May, stated that the bank’s track record has been one of excellence in the past decade where most of the PNG shareholders get to benefit from. “Over the past ten years, BSP has delivered a compound annual return to shareholders of 16%, including both dividend and share- price appreciation. Few banks globally can match such as record,” said Mr. Bradshaw. The share- price appreciation is the increase in the value of a stock over a period of time. “Importantly, 86 per cent (%) of BSP shares are held by Papua New Guineans. Meaning these returns flow directly back to the families, communities, churches, superfunds, landowners and provincial entities who invest in BSP across the country.” For the superfunds, Mr. Bradshaw said members also benefit from the good performance of BSP as most of the superfunds are a large shareholder with BSP and when BSP makes good, that is then passed on to the superfunds, and then to the members’ contributions in those superfunds. The BSP Group continues to work towards improving its service and its performance to better serve its customers. “At the same time, we are investing in our future through our modernizing for growth strategy, now well into its second year." "In 2024 we rolled out our new values- “we care, we inspire, we grow”. This reflects the culture we are building as we embrace change without losing the traditional part for our service." As part of that change going forward, Mr. Bradshaw said earlier this year BSP launched a refreshed brand identity and established a new digital enabled flagship branch in Port Moresby city’s waterfront just recently. Also launched this year was the new ‘Wantok Wallet’ product as BSP sees an increase in its digital transaction by 20% as customers increasingly adopt modern banking channels. Other efforts to improve banking include expending efforts in foreign currency capability for BSP’s business clients and the graduation of over 140 staff from the new BSP academy. BSP group also commenced the next training of regional leaders. “New ATMs and new EFTPOS Terminals have been procured, supporting twenty- four- seven banking services across the network, beginning later this year.” “This is more about strategy, it’s about building a bank that is simply faster, more inclusive and more responsive to our customers across the south pacific,” said Mr. Bradshaw.

The ethnic clash this week in Port Moresby city between two groups, one from Goilala in the Central province and the other from Enga province, has left people in fear of more retaliatory attacks between the two groups; however, the police high command has assured that things will be okay. This is because police in the National Capital District (NCD) and the Central province are hard at work to ensure that the murder and arson incident at Waigani in the early hours of Monday morning does not escalate to other parts of the city and the Central province. The Commander of NCD/Central, acting Assistant Commissioner of Police (ACP) Benjamin Turi, has confirmed that police officers from both NCD and Central have been tasked to monitor the command and ensure that nothing like this happens again. He said the investigators are doing their job to firstly identify the deceased, obtain statements from possible eyewitnesses, and create a file that will guide them in further investigations. Commander Turi said the report is sketchy at this time because the Engans and the Goilala's who are involved are yet to come forward to provide statements on what really happened that led to the death and destruction of the market. He also said there are many social media posts regarding this incident that are misleading, which the police are also working to verify and provide updates to the public. He stated he will comment on what really happened when the investigation team collects statements from both sides. He added that police officers in Central are patrolling their areas of operation in Central Province and have confirmed that there are no roadblocks along the Hiritano Highway, contrary to social media posts. He also added that in the city, police units are monitoring possible locations where they think either group may meet to cause trouble in relation to the Waigani killings. Commander Turi said it is an unfortunate situation that has caused many people to suffer, as vendors have lost their food to sell inside the market, and the people who buy from Waigani market now have to travel to other locations to do their buying of fresh garden produce. “I want to assure the public that the situation at Waigani is under control, and my police officers, along with other support units, are hard at work to ensure the city is safe,” Mr. Turi said. “My call now to the city residents is to respect each other. Port Moresby City is Papua New Guinea, and it is not a village where people move around in ethnic groups to harm others and cause trouble in the city.” “We have noted that many people are moving into the city every day, making policing a challenge for us daily,” he said. He further added that the number of unemployed people has increased in the city, which has led to criminal activities. He said police have limited powers to control the movement of these people coming into the city. “I do not want my police officers to correct these unemployed people and get blamed for correcting them because most of them do not know the basic laws on how to respect others who are living in the city. Awareness after awareness is made, but people do not listen; that is why we see people losing lives and properties.” “The incident that started at Waigani involved unemployed people asking a security guard for money, and when they received a negative response, they attacked him, which led to the destruction of properties and lives lost,” Turi said. Commander Turi also commended police officers for their efforts to quickly respond, carry out the investigation, and maintain their presence in the command.