An agreement has been signed to promote superannuation retirement savings for participants in Papua New Guinea’s Fisheries Sector.

The National Fisheries Authority (NFA) and National Superannuation Fund Limited (Nasfund) signed a Memorandum of Understanding (MoU) today, Thursday 12th May 2022, signaling the start of the partnership.

Signed by NFA Acting Managing Director Justin Ilakini and Nasfund Chief Executive Officer, Ian Tarutia this MoU now enables the country’s fisheries regulator and leading superannuation provider to work together to allow more people in Fisheries to save for retirement.

The signing was described as a historic step in creating strategic partnerships for development in the Fisheries Sector by empowering fisherfolk through financial literacy to manage their finances well and to save for retirement through Nasfund.

Most fisherfolk along the coastal areas of PNG contribute a biomass of 130,000 metric tons with an economic value of K3 billion and Nasfund is offering an opportunity for the Fisheries Sector to save under its flagship programmes such as Eda Supa.

The NFA is looking at discussing these and other specific details of the areas of cooperation under the MoU.

Nasfund CEO, Ian Tarutia said this development is an extension of the Fund’s efforts in promoting superannuation across all industries for PNG citizens.

Nasfund has undertaken similar programmes within the agriculture sector through smallholder farmers and aquaculture operators, encouraging them to save for retirement.

In recent years, the Fund extended their services outside of the traditional formal sector to members and potential members in the informal sector.

This is evident with membership from the cocoa and oil palm industries and SME’s who save through Nasfund’s voluntary contribution product, Eda Supa. At present over 35,000 Nasfund members save through Eda Supa. Their savings total over K67.5 million.

This is in addition to the current membership from the Fisheries Sector which comprises of 27 organizations with a total combined workforce of over 27000 contributors all throughout the country and a total of K52 million in superannuation savings held with Nasfund.

Two major road projects in the Laiagam electorate in Enga were declared open on Monday (9th May) at Yokonda by Lagaip-Porgera MP, Tomait Kapili.

This is the Surinki Pili Kembi Commodity Road and Wanepop Yokonda road.

This two vital ring roads cover more than 30 kilometres.

Lagaip-Porgera MP, Tomait Kapili said the District Development Authority aims to connect all communities with better and improved road network.

Other roads under rehabilitation and maintenance by the Lagaip-Porgera DDA include Surinki to Mulitaka ringroad, Surinki to Pilikambi road, Surinki to Abum Valley, Wanapop to Yokonda, Kembis to Mameris, Liop to Yapei and Porias to Mamares.

All these roads are counter funded by the Lagaip-Porgera District Development Authority and the National Government at the cost of over K10million.

Local MP Tomait Kapili said these roads are critical for communities in this part of Enga Province. He thanked the Marape-Basil led Government for assisting with additional funding of K5million for all access roads.

“I believe these roads will ease transport difficulties and also push people to venture into agriculture activities and sustain their lives,” said MP Kapili.

MP Kapili said with the roads accessible, more people and vehicles are moving between communities and Wabag Town.

A local in Yokonda Village said before this road was built, people walked for hours to reach the main road. Paul Kori said it’s a new era for the locals to see improved road conditions.

“We are delighted the District has built this road for us the rural people. We will now be able to travel to town in less time,” said Kori.

According to Lagaip-Porgera MP, Tomait Kapili many of the roads currently being constructed, rehabilitated or maintained are missing links. He said the next big task for the DDA is to seal all these roads.

The local MP through a DDA decision has also purchased two tractors to assist the communities that actively involved in agriculture activities.

A new state of the art district hospital will soon open to serve people in the Laiagam area of Enga Province.

The level four hospital is near completion and expected to serve over fifty thousand people.

Lagaip-Porgera MP, Tomait Kapili says the hospital is a counter funded project by the District Authority and Asian Development Bank.

The District Development Authority allocated K4.5million under its District Service Improvement Program (DSIP) fund to build the hospital and improve existing facilities to serve the people with better health services.

According to MP Kapili, the District has engaged contractor Bulolo Forest from Morobe Province to furnish final construction works in the next month.

“Within the hospital we have a operating theatre, x-ray, scanning rooms, morgue, incinerator and other services that is expected of a Level 4 health facility in the country,” said MP Kapili.

“It’s built up to standard so people will easily access services provided by the hospital and Lagaip people are fortunate to have this health facility built at their doorstep” said MP Kapili.

Previously it was the Laiagap Health Centre and with more improvements done, the facility will see upgraded health services.

According to MP Kapili, two modern houses have been completed for residential doctors with positions yet to be advertised.

He added that the DDA will provide incentives for two full-time doctors to serve the people in the Laiagam electorate.

“Over the years nurses and doctors have been moving in and out of the facility but we want that to stop so there are full-time medical staff to serve the people,” said MP Kapili.

The West New Britain Provincial Government has released a funding of K200,000 to Motor Vehicle Insurance Limited to subsidize vehicle registration in the Province. The subsidy was presented to MVIL by West New Britain Governor, Sasindran Muthuvel.

The funding follows a Memorandum of Understanding signed last year between MVIL and WNBPG.

“This is a partnership working well and brings more opportunities”, said Governor Muthuvel.

Sasindran believes it will be a relief for PMV owners in spite of the bad road conditions and high cost of spare parts and thanked MVIL for this unique partnership.

According to MVIL, the MOU has benefited nearly two thousand PMVs’ since its inception in 2021 with owners directly enjoying no cost to their vehicle registration. A funding of K1000 will subsidize individual PMVs.

This is one sector under SME where the small people are involved.

The WNB Governor said PMV business is growing and has been doing great to serve people in terms of transport and also to move agriculture produce to market in towns and urban areas.

PMVs’ play a vital role in West New Britain’s economy and must be supported more. It’s a sector clear enough for the Provincial Government to assist under its Provincial Services Improvement Program (PSIP), said Governor Muthuvel.

The subsidy released is the second with a similar funding presented last year following the signing of the MOU. The WNB Governor says the funding is hoped to increase as the PMV sector in the province is growing.