The Independent Consumer and Competitions Commission (ICCC) , through its nationwide price surveillance exercise, has reported that a lot of shops the ICCC team had inspected are complying with the current Price Measure in place. This comes as good news especially at a time of a rise in the costs of goods and services due to inflation experienced in the country. The ICCC Commissioner and Chief Executive Officer (CEO), Mr. Paulus Ain stated that most of the listed goods on the ICCC watch list as per schedule 1 of the Price Measure No. 4, which are essential basic goods, remain within the 10 percent range as discovered in a lot of shops. "Most of the shops have either set their prices within the 10 percent allowable margin or sought approval from the ICCC to increase the price of a certain good/item. This was not seen previously in 2022 or 2023 and that is a big difference", Mr. Ain said. "We understand that these businesses need to make profit and we are allowing them to increase their prices within the 10 percent allowable margin, but if they want to increase it to more than 10 percent, they have to seek the ICCC’s approval beforehand." In the last two-weeks, the ICCC officers were able to inspect more than 500 shops in Morobe, West New Britain induding the lower and upper Highlands provinces. "During this operation, we received many positive comments and feedback from all the locals stating that the shelf prices have changed or increased by not beyond the 10 percent mark, and we would like to encourage the retail and wholesale businesses that this is an on-going operation and for them not to overcharge consumers," Mr. Ain reiterated. The ICCC also noted during this price measure exercise that the most common items or goods that have had increased prices during this period was on all rice products and tinned fish whilst the other items/goods prices have been reasonbliy steady. So far, the ICCC has covered West New Britain, Morobe, Eastern Highlands, Chimbu, Western Highlands, Hela, Southern Highlands and Enga provinces including the Southern region. Mr. Ain, who was with the ICCC officers in these provinces was there to conduct more awareness through the local radio stations whilst providing support to the teams. Mr. Ain commended his staff for braving the heat and unfavourable weather conditions in respective geoprahpical location whilst also avoiding briberies from a number of shops. “It is safe to say that all the shops in each respective provinces have been completed successfully and most of the officers are expected to return to Port Morebsy over the weekend,” Mr. Ain said.

Prime Minister (PM) James Marape is expected to present in the upcoming parliament session details of his government’s performance and achievements over the past five years and strategies going forward in achieving his government’s objects. The prime minister recently announced that he will present a comprehensive scorecard detailing his government’s achievements over the past five years. This report, scheduled for presentation to Parliament on May 30th, 2024, will outline the progress made since his term began on May 30th, 2019. Reflecting on his government's term, PM Marape highlighted the initial challenges faced upon taking office. “When I assumed the role of Prime Minister, our nation was grappling with numerous critical issues," he stated. “These included a frail economy overly reliant on extractive industries, poor macroeconomic fundamentals unable to sustain growth, a dysfunctional public service, and misalignment between national, provincial, and district development authorities with respect to the national development plan,” Marape said. Additionally, he said unresolved final political and economic issues in Bougainville, along with widespread lawlessness and corruption, posed significant hurdles for his government. “These were some of the formidable challenges we inherited and have diligently worked to address over the past five years.” On May 30th, Marape will provide a detailed account to Parliament on the government’s actions and strategies over the past five years and discuss future directions for national progress. "The country is greater than any individual like me and every citizen deserves to know the outcomes of our efforts through this scorecard," he concluded.

The President of the Papua New Guinea Chamber of Resources and Energy (PNG CORE), Mr. Anthony Smaré continues to be vocal about the government’s proposed National Gold Corporation Bill 2022 (Gold Bill), stating that it will have extreme negative impacts on the country’s economy should it be passed in parliament. Speaking during the National Gold Corporation Bill Information Session in Port Moresby yesterday at the University of Papua New Guinea (UPNG) New Lecture Theatre, Mr. Smaré warned that the provisions of the Gold Bill, which restrict the independence of the Bank of PNG (BPNG) in issuing national currency, will be catastrophic for the PNG economy, leading to a scenario of uncontrolled inflation and significant deterioration of the PNG Kina. He went to explain that the Morauta government’s reforms in 2000 made BPNG independent from Government and foreign forces in its control of monetary policy and regulation of the banking sector and under the Central Banking Act, the BPNG alone is authorized to issue currency notes and mint coins for PNG and controls the flow of money in the economy and therefore inflation. However, Mr. Smaré said the NGC Bill on the other hand has provisions which effectively remove the Bank of PNG’s independence, because Section 329 and 330 of the NGC Bill says that the National Mint company has the exclusive right to make currency, and Section 331 says that the BPNG cannot use anyone else to make currency on its behalf other than the National Mint company. The Bill now provides directions for the Central Bank not to mint or issue Gold Coins. He explained that the role of the Central Bank in producing and issuing gold coins, (for circulation or non-circulation) will now be replaced or transferred to the privately owned National Mint with no restrictions on currency production (s.332). Section 326 of the NGC Bill directs that a Director-State Equity can serve a notice to the Governor of PNG to arrange for the National Mint company to make and print currency and coin as and when it sees fit. The National Mint company will obviously charge for the currency it produces. “We are extremely concerned by the notion that currency control has been taken away from BPNG, provided to a third party who will make profit from the amount of currency they provide as it opens the possibility of currency production tied to the profit imperatives of the National Mint company rather than the traditional goal of BPNG to control monetary policy to supervise inflation in the economy.” “To put the production of currency in the hands of a privately owned third party who are incentivized to produce as much currency as possible, and not pursuant to the supervision of the BPNG, sets the stage for hyperinflation,” said Mr. Smaré. “In this past year, we have seen how the falling foreign exchange rate and high inflation has impacted the PNG economy, this change will make it much worse.” He said the sovereign role of the Central Bank in all aspects of producing currency must be protected at all cost.

The people of the Gulf have been urged to get into viable business activities in preparation for the eventual commencement of upcoming resource projects in the province, so to tap into the spin off benefits that the projects will offer. Prime Minister (PM), James Marape, who was in the Gulf province recently for the opening of the Kerema District SME and Women’s Micro bank branch, called on the people in the province to prepare to supply goods and services to the forthcoming Papua LNG and the Wildebeest LNG Projects. He stated that the focus should be on local agriculture and fisheries for food supplied, forestry for timber and accommodation to cater for the expected surge in workers and visitors. “Papua LNG will materialise in the next two to three years,” stated PM Marape. He outlined that the construction phases are set to span from 2026 through 2028, expressing eagerness for ExxonMobil to expand exploration at Wildebeest, located just north of Kerema, potentially the largest LNG resource in the nation. Marape also called upon Gulf Governor, Chris Haiveta, Kerema MP Thomas Opa, and Kikori MP Soroi Eoe, to begin provincial developments in anticipation of these transformative projects. “I envisage food from our Gulf being directly supplied to these projects,” he emphasised. He also noted ongoing discussions with Governor Haiveta on developing ports in strategic locations like Kerema, Ihu, Paia, and Kikori to bolster logistics. Marape said his government is making efforts to ensure that proper facilities and infrastructures are in place in anticipation of the resource projects and for the benefit of the people. He stated that recent Cabinet approvals, including a contract over K150 million, has gone in to pave the section from Laloki River to Brown River along the Hiritano Highway, a crucial artery for the region. The next phase of development will extend from Bereina in Central province to Malalaua in Gulf province. “The Hiritano Highway is more than a roadway, it is an economic lifeline linking Central, Gulf, and Morobe to the heart of the country and pivotal LNG projects,” he explained. The PM then reassured the people of Kerema and the broader Gulf community of their integral role in this national development, stating, “You are not forgotten.”

The women folk in Kerema district of the Gulf province who wish to go into small businesses can now have access to financial services required for start- ups or support existing business operations, now that there are new facilities opened to cater for that. Just recently the Kerema district saw the opening of the District SME facility and the Women’s Micro Bank branch in the provincial capital. These new facilities came about from the efforts of the local Member for Kerema, Mr. Thomas Opa, who wanted to improve the lives of women and their households in his district. Prime Minister (PM) James Marape applauded the efforts of Mr. Opa for his dedication to mobilising women within the district into Micro, Small, and Medium Enterprises (MSMEs). "I want to commend MP Opa who is mobilising the women of Kerema into MSMEs," Prime Minister Marape said. "Our people must migrate from subsistence lifestyle to the cash economy, earning money from their land and locations they live in." Highlighting the pivotal role of the Kerema District Development Authority (DDA) and Gulf Provincial Government, the prime minister also emphasised their support for both women and men to venture into MSMEs, thereby contributing to the growth of the local economy. "As I always say, if one million families engage in MSMEs, then our people are empowered," Marape remarked. "If one million families earn K10,000 each year from MSMEs including agriculture, forestry, fisheries, and tourism, that is a K10 billion wealth in the hands of our people." Meanwhile, the prime minister also presented K3 million to start rolling out the program for the women folk in Kerema to starting tapping into.

Fuel consumers will have to dig a little deeper into their pockets this month to pay for fuel. The fuel prices have increased as of today for the month of May after slightly dropping last month by just a few Toea per liter for all three petroleum products right across the country. This month’s fuel price increases will see a slightly bigger increase for petrol compared to the diesel and kerosene. For the city of Port Moresby, the residents will find at the fuel stations that petrol has gone up to K4.84 per liter, diesel increased to K4.45 per liter and kerosene increased to K4.06 per liter. In comparison, the retail fuel price for Port Moresby in April were K4. 66 per liter for petrol, K4. 39 per liter for diesel and K4.05 per liter for kerosene; therefore, that’s an 18 Toea per liter increase for petrol, 6 Toea per liter increase for diesel and 1 Toea per liter increase for kerosene for May. According to the Independent Consumer and Competition Commission (ICCC), the increases are mainly attributed to the average increase in international crude oil and refined product prices in April 2024. The increase in prices was due to crude oil supply disruptions caused by escalating geopolitical tensions in the Middle East. The domestic retail fuel prices for this month are inclusive of the Import Parity Prices (IPPs) or the imported costs for each petroleum products, domestic sea and road freight rates for the first quarter of 2024, the annual wholesale and retail margins for 2024, and the Goods and Services Tax (GST), including the applicable excise duties, among other parameters. Meanwhile, all prices in all other designated centers in the country will change according to their quarterly approved domestic freight rates for the first quarter of 2024, and their respective annual retail margins for this year. For all other centers, the maximum retail prices for each regulated petroleum product will all increase on average consistent with the increases observed for Port Moresby. ICCC Investigation Officers will conduct inspections to all service stations to ensure prices of declared petroleum products comply with the allowable maximum prices.

Despite numerous awareness campaigns carried out on the roles and functions of the Independent Consumer and Competitions Commission (ICCC), there is still confusion about its functions, especially with matters of price control in light of increases in prices of goods and services in the country. It is for this reason that the ICCC Commissioner and Chief Executive Officer (CEO), Mr. Paulus Ain is once again urging the public to understand that the ICCC does not control the prices of all goods and services. “Many people think that ICCC controls prices of all food items and services including shoes, clothes, and others. This kind of perception needs to be corrected,” Mr. Ain said. The ICCC only regulates prices of certain declared goods and services only. He went on to explain that under the ICCC Act 2002, the Commission is basically powerless to control prices of all goods and services, instead under the Act the main function of the ICCC is to promote competition and do price monitoring. “The price control function (of the ICCC) was done away 20 years ago, and ICCC was given the price monitoring powers to monitor shelf prices and check factors affecting price increase.” However, with the current price surveillance exercise the ICCC is conducting, Mr. Ain explained that the ICCC had to sought government intervention to get extra powers to at least control prices of basic food items like rice, flour, and sugar. This enabled the ICCC to monitor shelf prices of the basic items to be set within a 10 percent range and not above that. "In the event where the shop owner wants to increase their prices, they have to seek prior approval from ICCC and only upon assessment of their genuinity then we allow them to increase their prices," Mr. Ain said. This exercise now is to check the current shelf price against the base price from last year to ensure prices are within the 10% range. The basic food items ICCC is monitoring its shelf prices for are rice, tinned fish, tinned meat, and flour, sugar, cooking oil, frozen chicken products, frozen meat products, soap (bar and liquid) and baby formula.

The Panthers have made it three wins on the trot with a 42-12 victory over an injury riddled Rabbitohs side. Losing his starting halfback and fullback in the first half and two forwards to the sin bin, it was a tough night out for South Sydney interim coach Ben Hornby in his first night in the hot seat. The Rabbitohs showed some early positive signs, leading 12-0 17 minutes into the match however the struggling South Sydney side face another tough week in the spotlight after allowing the premiers to run in four tries in the second half. It wasn't the start the Panthers were hoping for with centre Izack Tago sin binned six minutes in for a hip drop tackle on Jye Gray and the Rabbitohs opened the scoring in the next set through Izaac Tu’itupou Thompson. The Rabbitohs capitalised on the advantage again four minutes later when Cody Walker bent a crafty kick inside for Dean Hawkins to pounce on between the uprights and the Bunnies had a 12-0 lead. Just seconds after Tago returned to play, Rabbitohs forward Jai Arrow traded spots in the sheds after being sent to the bin for a ball strip. The Panthers were quick to give the 12-man Rabbitohs a taste of their own medicine with Sunia Turuva darting over on the right edge before Brad Schneider cruised over untouched four minutes later to level the scoreboard 12-12. Eight minutes before the break Penrith had a third with a Jarome Luai short ball opening the door for Luke Garner to extend the lead 18-12 at the break. The Rabbitohs continued to hang tough in the second half denying the Panthers several opportunities early into the second term but the Premiers kicked on in the 59th minute with Lindsay Smith benefiting off a Brad Schneider kick. The Rabbitohs defence started to show gaps late in the match and a quick tap from Dylan Edwards put the Panthers on the front foot and Taylan May took the ball downfield to extend the lead 30-12. Heads down and hands on hips, South Sydney's defence broke down in the final ten minutes and Garner made it a double thanks to a crafty Turuva flick pass before Tago laid the final try of the match. Source: NRL.com

Jeremiah Manele has been elected prime minister of Solomon Islands polling 31 votes to 18 over rival candidate and former opposition leader Mathew Wale with no abstentions. The final result of the election by secret ballot was annouced by the Governor General Sir David Vunagi on the steps of Parliament a short time ago in Honiara. Going into the vote, Manele's camp had claimed the support of 28 MPs while Wale's camp said they had 20. Manele's victory signals a return of the incumbent government formerly headed by Manasseh Sogavare. Manele's administration, which calls itself the Government for National Unity and Transformation (GNUT), is made up of three parties; his own Our Party is the largest followed by Manasseh Maelanga's People's First Party and Jamie Vokia's Kandere Party. Collectively, the parties came out of the election with 19 MPs but have added nine more to their ranks. We will know which MPs have joined what parties once the registrar of political parties updates its political party membership lists. In the lead up to the election, Manele and his coalition partners were working on merging their policy priorities into a 100 day plan which they are expected to announce to the public in the coming days. Once Manele has sorted the compostion of his Cabinet, he will notify the Governor General to set a date for the first sitting of Parliament during which all 50 members of parliament will be sworn in and Sir David Vunagi will deliver the speech from the throne, the traditional opening address to parliament. Who is Jeremiah Manele Jeremiah Manele who turns 56 this year is the member of parliament for Hograno Kia Havulei in Isabel Province. He is the country's first ever prime minister from Isabel where his home village is Samasodu. Manele served as minister of foreign affairs in the last government and ran in this election under the Our Party Banner however he has previously been affiliated with the Democratic Alliance Party. He was first elected to parliament in 2014 and was the leader of the opposition in the country's 10th Parliament. He has also previously served as the minister for development planning and aid coordination in the 11th Parliament. Prior to entering Parliament, Manele was a longserving public servant and diplomate representing the country as Charge de Affairs of the Solomon Islands Permanent Mission to the United Nations in New York. He holds a Bachelor of Arts Degree from the University of Papua New Guinea and a Certificate in Foreign Service and International Relations from Oxford University.

Three representatives from the Yangoru- Saussia District of East Sepik province have joined others currently attending a Market Analysis Workshop in Alotau in preparation for the opening of the Womayen Market initiative in the district. The workshop, hosted by UN Women, will provide the opportunity for the participants to learn from each other's experiences in supporting local markets and women entrepreneurs, allowing them to identify opportunities for growth and development within their districts, Whilst there in the Milne Bay province, the participants will also visit the Alotau Market to allow them to gain firsthand insights into successful market practices and women-led businesses. The Minister for International Trade and Investment and Member (MP) for Yangoru-Saussia, Richard Maru thanked the UN Women for starting this important training. “We realize that a lot of training is needed, not only for the building of the market and its management when completed, but also financial literacy training and other trainings like cooking, sewing, and other skills that will be required for all our mothers and our people to be ready for the first 24-hour market of Papua New Guinea at Womayen along the Sepik Highway,” said the MP. “We are so grateful that we chose to partner the UN Women who have wasted no time in sending the first three representatives from our district to attend the workshop in Alotau. This is the start of training of our people in the Yangoru-Saussia district to prepare them for the Womayen Market.”

The recent natural disasters that occurred left a lot of people displaced and with little food and water to go by, but with assistance from resources companies like Ok Tedi Mining Limited (OTML), the people can continue to progress towards getting back on their feet. Just recently, OTML donated K1 million to two provinces heavily affected by last month’s natural disasters, namely East Sepik and Chimbu Provinces with K500, 000 each to assist with relief and recovery efforts which are currently ongoing. In East Sepik, persistent heavy rainfall led to flooding and widespread destruction in communities along the Sepik River, and was compounded by a 6.9 magnitude earthquake that struck the province. In Chimbu, heavy rains and the earthquake triggered floods and landslides, destroyed communities’ food and cash crops and homes. These disasters in both provinces have resulted in deaths, with many others unaccounted for, rendered thousands homeless, deprived them of food sources, safe drinking water, shelter, and severed access routes, making it challenging to reach affected communities. On Thursday 24th April OTML Managing Director and Chief Executive Officer (CEO), Kedi Ilimbit, travelled to Wewak to present the funding to Acting Provincial Administrator, Alphonse Kami, in the presence of the Provincial Disaster Manager Mr. Derek Warakai and others. On Friday 25th April, OTML General Manager Social Performance and Sustainability, Jesse Pile, presented to the Chimbu Provincial Government the Company’s assistance to the provinces relief and recovery efforts. Present to receive the funding were Governor, Noah Kool, Deputy Governor, Anton Kua, Provincial Administrator, John Punde, District Administrators, and impacted communities’ representatives from the six districts of the province. “As a 100% PNG owned mine, we believe we have a corporate social responsibility to provide support towards relief and recovery of our people and communities from East Sepik and Chimbu provinces,” Mr Ilimbit said. “When disaster strikes, be it natural or manmade, lives are shattered, homes destroyed, and communities left reeling in the wake of devastation.” The need for immediate aid is paramount and it is during these critical moments that our compassion and generosity provide hope to those in despair. “Through this gesture we would like to see relief and aid delivered swiftly and effectively to those in need and for communities severely affected to be rebuilt,” he added.

The first phase of the State assistance for business houses affected by the Black Wednesday riots in Port Moresby city is underway with the relief package comprising of cash assistance, concessional loans, and administrative and policy support. The Chief Secretary to the Government, Mr. Ivan Pomaleu said the focus is on expediting relief efforts and facilitating the recovery process with three (3) companies already receiving their employee retention packages, marking the onset of the first phase, with additional claims being processed by the Inter-agency Task Force. The Government’s support initiatives are structured into immediate-to-medium-long-term assistance, categorized as Cash Assistance and Soft Loan Assistance. The phased program is outlined as follows: 1. Immediate Support (3 April – 3 May, 2024): Employee Wages Support. 2. Medium-term Support (6 – 7 May, 2024): Removal of Debris/Cleaning. 3. Long-term Support (May – December, 2024): Restoration, Restocking & Reconstruction. To facilitate seamless support flow and speed up business restoration, the government has agreed to write-off procedural costs associated with relief arrangements. Key Relief Measures: · Red-Tape Reduction: A dedicated Inter-Agency Task Force has been established to streamline regulatory processes. · Cash Support: Affected companies are receiving six (6) months of salary support, including superannuation, with additional assistance for debris removal and reconstruction. · Concessional Loan Support: Funding allocated to the National Development Bank, with government guarantees, will facilitate concessional loans for rebuilding efforts. · Administrative Support: NCDC and municipal authorities are implementing the Express Lane process to expedite building approvals. · IRC Support: Various forms of assistance, including tax re-estimations and expedited GST refunds, are being offered by the Internal Revenue Commission. · Customs and Insurance Support: Waivers on customs duties and efforts to enhance insurance industry regulation aim to alleviate financial burdens on businesses. Emphasizing accountability, the government has mandated rigorous monitoring, evaluation and auditing mechanisms to ensure transparent resource utilization under the Relief Package. Mr. Pomaleu, who is also Chairman of the Task Force, expressed confidence about the transformative impact of the Relief Package, reaffirming the government’s commitment to supporting the business community during the challenging times. As the first phase nears its conclusion, affected businesses are encouraged to promptly avail themselves of the support provided under the Relief Package. Through collaboration efforts, the government and the business community aim to overcome adversity and pave the way for sustainable development.