Wednesday, February 10, 2010

Pangelinan says DEIS math is faulty

Pangelinan says DEIS math is faulty

Wednesday, 03 February 2010 01:38
by Zita Y. Taitano | Variety News Staff

SENATOR Ben Pangelinan claimed yesterday a section of the draft environmental impact statement on local government revenues is flawed.

The chairman of the Committee on Appropriations, Taxation, Banking, Insurance, Retirement and Land and the Office of Finance and Budget said the government of Guam collects 10 percent of every dollar that is pumped into the coffers.

In his findings, Pangelinan noted that the DEIS analysis used calculations based on collections between 42 and 49 percent of the estimated gross island product.

“There is something in their financial model that is causing a wide variance in the ratio, but because the methodology and actual model were not disclosed in the DEIS, there is no way for us to even scrutinize the estimates,” Pangelinan said.

And while he agrees that increasing the island’s economy is an important asset, however, he believes that GovGuam should balance that growth with “the protection of the environment, culture, and quality of life of island residents.”

He has already sent out letters to various organizations in the private sector on the matter as well as the University of Guam, all govGuam agencies, the Government Accountability Office and the Department of Defense requesting for a review of the estimates to confirm his committee’s findings.

“The core questions that must be answered with some degree of comfort before we get to the table are the cost and future revenue collections that will result from this buildup,” he concluded.

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