Tag Archives: Investment

BSP opens branch in Cambodia

By: Cedric Patjole – 26 May 2017
Bank South Pacific will be creating history when it enters the Asian market following the announcement of its new new branch in Cambodia.
This was revealed today during the announcing of the final dividend to shareholders for 2016 today.
The decision to enter Cambodia was settled on May 2nd this year.

BSP owns 50 per cent of an asset finance company called RMA Finance, which is now in the process of being rebranded to BSP Finance Cambodia Proprietary Limited.
“It’s already operating. We now own 50 per cent and the formal rebranding, hopefully by the end of July we’ll have the BSP colours proudly in Cambodia,” said BSP CEO Robin Fleming.

The new branch in Cambodia is part of BSP strategy to enter the Asian market following its successful penetration in the Pacific which it has successfully covered following its acquisition of Westpac’s assets in the region.
BSP Board Chairman Sir Kostas said other countries in BSP’s sights include Lao’s, Myanmar, and Vietnam which they hope to enter between 18 months to two years.
“We’re starting to do feasibility on these Laos, Myanmar, I mean these things don’t happen overnight. There’s a timeframe, we make sure we have all the ticks in the boxes first. Make sure all the regulatory requirements are satisfied and we proceed. 
But there is opportunity in these countries. That’s the main thing,” said Sir Kostas.

BSP is the largest business in PNG outside of companies in the resources sector.
The banking chain has seen remarkable growth, particularly over the last three years despite a tough economic environment.
The growth and performance is attributed to the management team and staff of the company.

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We Borrow To Build – O’Neill

By MALUM NALU
22th May 2017

BORROWING is needed to boost economic growth, and the country has the ability to repay all the loans it takes out, Prime Minister Peter O’Neill says.

He told heads of Government departments during their meeting at the coastal village of Keapara in Rigo, Central, on Friday that the economy continued to grow.

“Because our GDP has grown, our ability to repay those loans has also grown. That is why we are able to borrow a little bit more money to build infrastructure,” he said.

“Borrowing is not a curse. It is our ability to manage that borrowing, making sure that we invest in the right sector.

“Infrastructure is nation-building.

“It is the right sector to invest.

“It builds the economy of the nation.

“That is why we must continue to invest in it.”

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He said the Asian Development Bank, International Monetary Fund and World Bank lent money to PNG at concessional rates such as two per cent because they had “confidence in our economy”.

“Every country each year had a limit on how much they can borrow from these institutions,” O’Neill said.

“PNG’s limit is always being upgraded every year.

“That’s because they do an independent assessment of our economy, and they have confidence in our economy.”

He said the debt-to-gross domestic product level had decreased from 70 per cent in 2000 to about 35 per cent currently.

Sir Ruben Taureka Higway Open

18th May 2015 – 12pm

The 14 km world-class four-lane highway from 6 mile junction to Bautama was officially opened today by Prime Minister and leader of PNC party Hon. Peter O’Neill who assured the people of Central Province about his government’s commitment in helping to build their city after the formation of government after August this year.

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Governor Powes Parkop who also attended the event with other dignitaries namely – Moresby South MP Hon. Justin Tkatchenko, Moresby North-East MP, Hon. Labi Amaiu, Moresby North West MP, Hon. Michael Malabag, BSP CEO Mr Robin Flemming, and Hebou owner Sir Thophilus Constantinou said since independence no other government like the PNC led government delivered in terms of road infrastructure for the country and made reference to the nation’s capital as the model city in the country.

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Mr Parkop said for many years previous governments had budget surpluses yet failed to develop the economic corridors of the country. He said the Sir Ruben Taureka Highway was a prime example of the current government’s commitment and vision shared by his office (NCDC), which was to make Port Moresby – ‘the pearl of the South Pacific.’

The 14 km road cost the national government K160.2m to build under the helm of Hebou Construction in Port Moresby,

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