NCSL talks about its plans to become an ebank, Papua New Guinea’s Treasurer, Ian Ling-Stuckey, reveals potential second economic stimulus package for MSMEs and changes in taxation collection in Bougainville. The business news in brief.

PNG’s James Marape and Bougainville’s Toroama in January 2021 during the presentation of the joint communique. Credit: James Marape Office

SMEs

Treasurer Ian Ling-Stuckey says the government could be considering a second economic stimulus package for small- and medium-sized enterprises that could follow up on the K5.6 billion package announced in April 2020.

Ling-Stuckey has met with the President of the MSME Council, Des Yaninen, who, according to LOOP PNG presented 15 recommendations to the Treasurer, including: increased transparency around MSME funding from the National Development Bank and Bank South Pacific, domestic tourism interventions, incentives for landlords to extend rental grace periods and waiving of late lodgement penalties for annual returns, among others. (LOOP PNG)

Technology

The introduction of new space-based technology is allowing NiuSky Pacific (formerly PNG Air Services Limited) to provide real time surveillance services ‘covering PNG’s entire airspace above 20,000 feet up to flight level 600 (60,000 feet)’ for the first time in the company’s history. (LOOP PNG)

Banking

Nasfund Contributors Savings and Loan Society Ltd (NCSL) has plans to become ‘the best electronic bank in the country’ and has hired an external consultant to review its strategy. The consultant has delivered a report that NCSL’s board and management ‘will soon discuss and [decide] on a path towards realising the aspiration to become a bank,’ reportedly said NCSL CEO Vari Lahui. According to The National, the company hasn’t applied for a banking licence with Bank of PNG yet. (The National)

Agribusiness

During a business update on the Sepik Plains Farm, Yangoru-Saussia MP Richard Maru reportedly said that initial phase of the farm is still under constructions because of the disruptions caused by COVID-19 last year. He also said that once the farm is complete it will add value to cocoa, copra, fish and other agricultural commodities. (The National)

National

Prime Minister Marape has announced that the Autonomous Region of Bougainville is set to receive 70 per cent of taxation revenue collected in Bougainville instead of 30 percent. (Post-Courier)