By Francis Talasasa, Reporter
August 23rd [Koror] “Eco- Tourisms; they need to be locally owned and locally operated” stressed Biologist and Manager of Planet Blue Kayaks Mr. Ron Leidich during the 1st National Environmental Symposium this week. [restrict]
Palau now has 176 license tour operators and the majorities are foreign owned and foreign operated. Mr. Leidich said according to the foreign investment article 105, It was assumed that tour companies, gift shops and transportation companies were supposed to be 100% Palauan owned.
Findings showed from year 2000 to 2012 while Palau expected more employments for locals in private sectors, the number of jobs have actually decreased. How is that possible when a number of visitors in the same time period have doubled, he said.
The statistic office shows a growth adjusted wage index, an average spending power of every Palauan men, women and child. What have we’ve seen in a 12 year period is that every citizens of Palau has lost 18 hundred dollars in spending power. One will expect more visitors would mean more profit and those profits would spread to the community. This report tells the story of what is called a transfer income. The money never comes to Palau because transactions are booked and billed abroad without tax. Everybody from tour companies, pre- booked restaurants and Hotels are doing this practice, explained Leidich in his strong presentation. Many economists call this phenomenon “Leakage”. It is simply leaking out.
“The richer are getting richer and many locals are simply getting by, the promise of mutual benefit has not being kept”, “There is a cash economy flowing like a river under this economy that continues unreported”, he says.
He made calls to teach young generations how to become entrepreneurs and help suggest better concepts through a community partnership, yet it brings another challenge how would children become entrepreneurs when the water front property in Palau has been leased to the next 5 generation. [/restrict]
ICB Bank and Pangea Foundation to cooperate on a password-based financial services business June 14, 2019 - Palau ICB Bank will launch new financial services based on the Pangea Foundation and cryptography promote business. ICB Bank on Thursday, the cryptographic currency foundation Pangea (PAN) and block chain-based cryptography and signed business agreement to promote the financial services business. ICB Bank uses the Pangea Foundation's password currency 'Pangea' to combine financial services. We plan to jointly promote various Pin Tech businesses. In particular, ICB Bank is working with Pangea Foundation. ICB Bank promote issuance of visa cards and master cards based on cryptography. The company is releasing debit cards that can be settled as collateral. If a Visa or Master Card is actually issued, payment will be made in everyday life anywhere in the world. It is becomes possible, consumers can use the Visa/Master Card on-line merchant's Bitcoin, Ethereum. The bank, a financial institution works with the Cryptographic Fund to provide financial services that can be applied in everyday life. The roll out is expected to be the first in the block chain pin tech industry. An official from the Pangea Foundation said, "Working with the bank, in the future, global credit card companies and we will expand services to Eurpoe, Latin America and other countries in connection with possible banks." he said. On the other hand, Cryptography Pangea (PAN) is an ERC20-based token used for remittance and payment. Adds a centralize authentication agreement to decentralized lenders technology for faster transaction rates. Billing platform at the same time. Currently, Indonesia, Vietnam, Uzbekistan, Europe, etc. and the Cryptographic Exchange of eight countries in Southeast Asia and Latin America.