Category Archives: Savings

Proposed policy to declare revenue

Source: Loop PNG

9th October 2017.


The Department of Mineral Policy and Geohazards Management (DMPGH) says it is working to introduce a policy for stakeholders in the mining industry to declare any revenue received or made from mining projects.


Secretary Harry Kore told Loop PNG that the policy idea came about during consultations for the Revised Mining Act.


He said while there are reports of mining revenue generated, a lot of locals impacted by mining activities claim to not see any tangible results.


Kore said the policy will ensure stakeholders such as provincial governments, authorities such as the Mineral Resources Authority (MRA), Mineral Resources Development Cooperation (MRDC), as well as landowner association chairmen and landowner company CEOs declare revenue received for the benefit of all.


“You fail to do that and you will be held accountable and you will be penalised under the law. So it becomes a practise. Every quarter they just declare their interest. We know that so much money goes to our landowners but whether it trickles down to the peoples is another thing,” said Kore.


The policy idea is similar to a draft legislation currently being drawn up by the PNG Extractive Industry Transparency Initiative to make mandatory all revenue from the mineral, petroleum and gas sectors to be fully disclosed as per good governance standards.


Kore said they are yet to have formal discussions regarding the policy idea however, there is cooperation and the policy complements that of the work the EITI is undertaking.


Secretary Kore added that one of the agendas of the policy is to ensure there is sustainability in how revenue is invested back in the country.

BSP plans to increase savings products

By GEDION Timothy

THE Bank of South Pacific plans to increase some of its savings products this month, according to chief executive officer Robin Fleming.

Fleming, pictured, told The National last week that the savings product included Plus Saver, Kids Account and Sumatin Account.


Fleming said BSP would also be reducing the interest rate on a new personal loan from this month.

“BSP will be shortly announcing an increase in our savings products – Plus Saver, Kids Account and Sumatin Account – which become effective in early 2017 and we will also be reducing the interest rate on new personal loans from early January 2017,” Fleming said.

He reported positive results for 2016. “BSP released its results for the nine months to September 2016 to the market in early November at which time we reported a net profit after tax (pre-audit) of K466.6 million which was a 16 per cent increase on the September 2015 results,” Fleming said. He said all countries in which Bank of South Pacific operated –

Papua New Guinea, Cook Islands, Fiji, Samoa, Solomon Islands, Tonga and Vanuatu – contributed to the bank’s improved performance in 2016.

He said the addition of Vanuatu to the Bank of South Pacific list was a milestone.
According to BSP website, BSP opened its doors in 1957 as a branch of the National Bank of Australasia Limited. In 1995 a consortium of  PNG businesses acquired the bank creating the first and only PNG private sector owned bank.