Guam Business Magazine appreciates the fact that Sen. William A. Parkinson reads the magazine, as do other senators, and no doubt he reads the Marianas Business Journal also.
Glimpses Media, which publishes the magazine and MBJ, received a copy of the senator’s July 11 release featuring the Bank of Guam ASC Trust List of the Top Companies in Micronesia in the May-June issue of the magazine.
Guam Business Magazine has been publishing the list of the Top Companies in Micronesia for more than 30 years.
Since the magazine first invited companies to participate, the list has included large and small businesses, and its participants include those across a variety of industries. Participants vary from year to year.
The senator’s release is correct that the military buildup in Guam — and opportunities in the other islands of the Micronesian region — draw businesses in the construction and contracting industry.
Such is the nature of business. There are some local companies that, to their credit, have successfully sought and do business off island in the same manner and some are within the contracting industry.
The senator mentions certain companies and their gross revenues, in one case not noting that revenues do not solely come from contracting.
The senator may be unaware of the long history of such companies in our region, stretching back decades. Participants in the list have built government facilities, and tourism industry properties such as the Hilton Guam Resort & Spa and housing for our residents.
Companies on the list played a part in developing civic organizations and sports on the island when they first invested in Guam. The magazine’s files have photos that record those contributions, and timelines and data on the island’s business history, and what companies have also contributed to the other islands.
The wider impact of contracts awarded for work in Guam includes the trickle-down effect on our economy through sub-contracts, the leasing of property for local offices, local employment at all levels, and apprenticeships and training for employees, while those employees are also paid for their employment.
The senator is correct that work currently awarded for military construction (or upcoming) will not last forever.
But there are opportunities ahead, such as advanced manufacturing. Discussions and actions on other opportunities the island could create, particularly to generate tourism, currently take various paths.
In the meantime, it is an unfortunate trend in the Guam Legislature that senators announce bills without sufficient research or outreach to civic organizations or industry experts to discuss consequences.
Such was the case with the senator’s amendment for a 6% Business Privilege Tax. Had it passed, although targeting construction companies, the amendment’s removal of the threshold would also have affected businesses — many of them small businesses — that contract with the federal government or its entities. These include those in the real estate industry, our local wholesalers and auto dealers, bakeries and more.
If Senator Parkinson — or any senator — is looking to direct their talents and energy to help our fragile economy and the businesses that participate in it — and by extension our people who work on the island — Guam Business Magazine and the civic organizations would be happy to make suggestions on how that could be done.
The civic organizations include the Guam Chamber of Commerce, the Guam Hotel & Restaurant Association, the Guam Contractors Association, the Guam Association of Realtors, and the Guam Chapter of the National Association of Women in Construction.
The island also has the GCA Trades Academy, the Guam Auto Dealers Association, the Port Users Group, and the Guam Chapter of the Society for Human Resources Management. The University of Guam and its faculty are also willing and able to provide information for senators.
This is a wealth of resources. All you have to do is reach out and ask. mbj
