The fuel prices for this month will slightly increase for all three petroleum products across the country starting today, Thursday 8th August. The Independent Consumer and Competitions Commission (ICCC) announced that the Indicative Retail Prices (IRP) for petrol, diesel and kerosene will increase on average throughout Papua New Guinea (PNG). These retail price increases were mainly attributed to higher oil demand in the United States (US) and the ongoing 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 product, domestic sea and road freight rates for the third quarter of 2024, the annual wholesale and retail margins for 2024, and Goods and Services Tax (GST), including the applicable exercise duties, among other parameters. After adding all the various cost components, the maximum retail price movement for fuel in Port Moresby city will see petrol increase by 10 toea from K4.51 per liter in July to k4.61 per liter in August, diesel increase by 2 toea from K4.35 per liter in July to K4.37 per liter in August, while kerosene increase by 1 toea from K4.05 per liter in July to K4.06 per liter in August. The fuel retail prices in all other designated centers will change according to their quarterly approved domestic freight rates for the third quarter of 2024, and their respective annual retail margins for this year. The ICCC also states that as part of its enforcement and compliance of fuel prices, its Investigative Officers will conduct inspections to all service stations to ensure prices of declared petroleum products comply with the allowable maximum prices in the country. The ICCC officers will conduct compliance inspections in Lae, Mt. Hagen, Kokopo and Port Moresby cities. Inspection Administrators in other provinces will be supported by ICCC Agents and respective Provincial Administration in those provinces.

The 3- day 2nd Geoscience, Exploration and Extraction (GEE) Conference 2024 commences today in Port Moresby city with much to discuss on finding that fine balance between extractive resource projects and the maintaining of the environment. The GEE Conference is aimed at bringing into one room, geoscientists, engineers, NGOs, academics from Papua New Guinea (PNG) and overseas to share ideas, experiences and research findings. The general idea is to share information and utilise these data to PNG’s advantage in terms of the nation’s development, not just in the mining sector, but other sectors of the economy as well. This was further stressed by the Managing Director, Mr. Jerry Gerry when delivering the opening remarks on behalf of Prime Minister James Marape, who couldn't make it this morning due to other engagements. Mr. Gerry said geoscience intertwines with all other sectors, including environment protection. Having said that, Mr. Gerry explained that countries like Papua New Guinea (PNG) depends on the resource sector; mining and also petroleum. PNG's export revenue on resource projects makes 80% of revenue and it's something that makes a large part of the country's economy; however, he said working together to find that balance between extraction and preservation is important. He said the main concern is how a country can extract minerals at a sustainable manner, and this can be achieved through proper research by institutions and stakeholders in sustainable extraction. "Our involvement in geoscience is a calling to understanding all resources across planet earth," said Mr. Gerry. "How can we innovate; how can we extract responsibility?" He said new techniques are required, and the focus is now more on greener methods to extracting responsibility, and minimizing harm in the environment calls for the need to discuss further on this matter. As such, he encouraged all participants in the conference to have dialogue, share ideas, research findings so to put out there the suggestions and recommendations going forward. The Conference's theme is "Research & Innovation in Geoscience, Extraction & Extraction for Sustainability", and will run from the 7th to the 9th of August.

The issuance of banking licenses by the Bank of Papua New Guinea (BPNG) to two new commercial banks in the country on Monday 05th August, marks a significant step forward in efforts to improving the banking sector. BPNG’s Governor, Ms. Elizabeth Genia when making PNG banking history in approving and granting two commercial banking licenses to TISA Bank Limited and Credit Bank PNG, made it clear that this was indented to give more choice in banking services to the people. “The granting of the licenses confirmed that each applicant had satisfied the rigorous assessment process conducted by BPNG over a two-year period to ensure they met the high standards required to operate a commercial bank in PNG,” said Ms. Genia. “In meeting these standards, both TISA Bank Ltd and Credit Bank PNG demonstrated robust business plans, strong financial standing, and clear commitments to providing high standards of customer service.” “The addition of two new participants to the commercial banking sector is positive news for PNG and supports BPNG’s aim of developing a strong and vigorous financial system,” she said. She added that BPNG will continue to provide its support and guidance to both TIS Bank Limited and Credit Bank PNG through its supervisory and regulatory oversight, as it does with all commercial banks. She then went on to explain that for banks to retain their banking licenses, all commercial banks in PNG are required to comply on an ongoing basis with the Banks and Financial Institutions Act 2000, regulations, directives and prudential standards issued by BPNG from time to time. “As licensed commercial banks, TISA Bank Limited and Credit Bank PNG will also have the opportunity to contribute to banking industry development discussions, such as conducted through the National Payments Council.” Meanwhile, one of these two financial institutions that was granted its new banking license- Credit Corporation (PNG) Limited, has already come under fire after prematurely announcing its new commercial bank license issued by BPNG. This has resulted in the PNGX Markets Limited or the country’s stock exchange and trade, putting a temporary trading halt on its securities as of Friday 2nd August in accordance with PNGX Listing Rule 26.6.2, so to prevent disorderly market conditions and ensure that all market participants have access to complete and accurate information. The other financial institution recipient of this new commercial banking license, TISA, also pitched in calling for the immediate termination of the Chief Executive Officer of Credit Corporation following his premature announcement of the granting of a banking license, which TISA said constitutes a serious violation of Port Moresby Stock Exchange (POMSoX) rules.

The National Youth Development Authority (NYDA) and The Voice Inc. (TVI) have officially joined forces to enhance youth development initiatives across Papua New Guinea (PNG). This was made possible on Friday 2nd August when TVI and the NYDA signed a Memorandum of Understanding (MOU) at the NYDA office in Port Moresby, marking a major step forward in fostering collaboration and achieving impactful results for all youths in the country. This partnership using with NYDA’s extensive network of partner organizations, aims to bridge the gap between the government and various implementers, embodying the principle of "going far together, not fast alone”. During the ceremony, the Director General of NYDA and representatives from The Voice Inc. formally signed the MOU, recognizing TVI’s 17 years of dedication to youth development. TVI was also welcomed to participate in Local Level Government (LLG), district, and provincial youth development councils. This collaboration is aimed at also supporting NYDA in achieving national youth policy goals. Speaking on behalf of NYDA, the Director General Mr. Joe Itaki, applauded the step taken by both organizations to sign an MOU, stating that the partnership is a testament to a shared commitment to youth development. Also present at the signing was TVI Executive Director, Maliwai Sasingian who thanked NYDA for the opportunity to further collaborate through the MOU. "We are honoured to formalize our collaboration with NYDA. This MOU signifies our dedication to supporting and leading youth-led initiatives across the country”, Sasingian said.

The PNGX Markets Limited or the country’s stock exchange and trade, has put a temporary trading halt on the securities of Credit Corporation (PNG) Limited (PNG X Code: CCP) following the granting of a banking license to its subsidiary, Credit Corporation Finance Limited by the Bank of Papua New Guinea (BPNG). In response to this, the Securities Commission of Papua New Guinea (SCPNG) issued a statement acknowledging this temporary halt that was put in place on Friday 2nd August. The SCPNG stated that this was done in accordance with PNGX Listing Rule 26.6.2 so to prevent disorderly market conditions and ensure that all market participants have access to complete and accurate information. SCPNG’s Acting Executive Chairman, Mr. James Joshua said SCPNG supports PNGX’s decision to maintain the halt until CCP makes an official market announcement concerning the banking license. “Pursuant to section 13(6) of the Capital Markets Act 2015, the Commission is hereby reviewing the documents and law leading to the decision of PNGX to place a temporary trading halt on the securities of Credit Corporation (PNG) Limited, but the Commission is of the tentative view that PNGX’s decision is necessary,” he stated. He added that SCPNG is committed to upholding the integrity of PNG’s Capital Markets. “We remind all listed entities of their obligations under continuous disclosure rules, and any breach of these obligations may result in penalties under Section 443 of the Capital Market Act 2025.” The SCPNG will continue to monitor the situation and will take appropriate action if necessary to ensure transparency and fairness in the market. Meantime, the Teachers Savings & Loans Society Limited or TISA is calling for the immediate termination of Mr. Danny Robinson, the Chief Executive Officer (CEO) of Credit Corporation following his premature announcement of the granting of a banking license. This is because this very action constitutes a serious violation of Port Moresby Stock Exchange (POMSoX) rules, resulting in the indefinite suspension of trading of Credit Corporation shares. TISA stated that the Board of Directors of Credit Corporation must also be held accountable for the actions of their CEO, stating that it is imperative that the Board demonstrates full accountability and take necessary steps to restore the trust and confidence of shareholders and stakeholders.

Wednesday 10th of January or ‘Black Wednesday’ was perhaps one of the darkest times in the country’s history when police protested over pay- cuts by standing down from performing their constitutional duties, which then led to riots and lootings of shops in Port Moresby city and parts of the country. On that unfortunate day, a lot of business houses ranging from small shops to major supermarkets and warehouses were damaged, some of them even burnt down to the ground by the looters. On that day, one local entrepreneur was also hit when looters ransacked and destroyed shops. Mr. Jive Smaré, who owns the Jive Market online platform was hit and lost a considerable amount of money on Black Wednesday, but all that could change for him and his company JYVX Limited, with the recent support from the National Government in the form of over K98, 000 from the business relief package meant for supporting business houses affected by riots and looting. Speaking to PNG HAUSBUNG, Mr. Smaré shared his story with us on what had happened and where he is now. “I am a software developer and one of the software we developed was Jive Market and we put into a lot of stores and people sell easipay and credits through this system,” said Mr. Smaré. However, on the days leading to Wednesday 10th January, most of the shops were yet to pay them for the use of their system and when the lootings started, they lost all the payments as well during that time. “So, we got wiped out, not just here (Pot Moresby) but other places at the same time, and then it spiralled as well. Everyday we try to keep it going, it was suddenly falling behind and then it just went out.” He said the funding assistance will specifically go towards wage and salaries support for his staff members which he said start off at fifteen to sixteen members, but now down to just six staff members. “So, we basically closed our operations temporarily while we try to figure out how to get back on our feet, but this will really help,” Mr. Smaré said when appreciating the funding support from the National Government. Mr. Smaré was on hand to receive the government cheque along with the CPL Group yesterday, Sunday 04th August at the newly opened Stop & Shop retail outlet at Rainbow, Port Moresby. The cheque was presented by the Chief Secretary to the Government, Mr. Ivan Pomaleu. One cheque of funding support was presented to the CPL Group and the other to Mr. Smaré.

The Teachers Savings & Loans Society Limited or TISA is urgently calling for the immediate termination of Danny Robinson, the Chief Executive Officer (CEO) of Credit Corporation. According to statement released by TISA this afternoon, the call was made following his premature announcement of the granting of a banking license, because this very action constitutes a serious violation of Port Moresby Stock Exchange (POMSoX) rules, resulting in the indefinite suspension of trading of Credit Corporation shares. “Danny Robinson's actions were premature, immature, and reflect a level of desperation and incompetence that is unacceptable for the leader of a publicly traded company,” TISA management said in the statement. “His unauthorized announcement has severely impacted shareholder value and disrupted capital markets trade.” TISA asserts that the Board of Directors of Credit Corporation must also be held accountable for the actions of their CEO. It is imperative that the Board demonstrates full accountability and takes necessary steps to restore the trust and confidence of shareholders and stakeholders. TISA is committed to ensuring the integrity and stability of the financial markets. “We emphasize the importance of adhering to regulatory frameworks and maintaining transparent governance practices to safeguard shareholder interests and uphold market integrity.”

The Chief Secretary to Government today presented a cheque to the CPL Group as part of the National Government’s second relief assistance package for Stop & Shop outlets and facilities destroyed during the Black Wednesday riots and lootings that took place in Port Moresby and parts of the country. The presentation took place this morning in front of the newest Stop & Shop retail outlet, which was opened for business just yesterday, at the Rainbow Estate in the city of Port Moresby. The Chief Secretary, Mr. Ivan Pomaleu, when presenting the cheque of K16.1 million support to the CPL Group, said that the opening of the second Stop & Shop outlet, following the first new one opened recently at 8 Mile, signifies resilience and the ability of the company to pick up the pieces and continue to trade, providing service to the community. “On this occasion, it is quite fitting that my small team and I are here just to present government support to CPL Group of companies,” said the Chief Secretary. “This is by no means the first, we supported with wage support quite early in the year immediately after the events of 10th of January (Black Wednesday), and this is now support for restocking and where necessary, clearing up and rebuilding premises.” Mr. Pomaleu, who is also a long-time resident of Ranbow Estate, urged the community to support the business as it opens to serve them. “Without the support of the communities, we will not have business operating in a safe and secure environment,” he said. “As we saw on the 10th of January, when communities are compelled to be part of evil acts of destruction and looting, we lose the convenience of walking into a place where we can get our support for our homes.” There to receive the government cheque was CPL Group Board Director, Ms. Mary Handen who on behalf of her CPL Board Chairman and Executives and members, thanked the National Government for the continued support. “We are so, so grateful and I can say that it is a show of the commitment that you are helping us here,” said Ms. Handen. Reflecting back, she said the 10th of January event was unfortunate but with the support of the government, the CPL Group will progress to eventually getting back to full operations. “CPL is not going to go down in anyway, we are here, we are a household name, we serve many communities here, we serve our customers, we serve the farmers. We are here to stay and no matter what we will still be resilient, and we will still grow.” “From day one, the board took a firm stand that we will continue to build whatever we have lost, and 8 Mile was the first shop that we opened after the 10th of January incident, this is the second shop,” said the Board Director when stressing on the significance of the cheque presentation at Stop & Shop Rainbow.

The National Housing Corporation (NHC), perhaps one of the most important state entities, is currently going through an overhaul to improve on its services to the people of Papua New Guinea, especially those wanting affordable housing. Under the new Managing Director, Mr. Abel Tol the NHC is upskilling its workforce, and in the process of having its own digital platform, Corporate Plan and a new policy to go by. Mr. Tol at the two-day 2nd Business Regulators Summit in Port Moresby this week said since taking up office in July 2023, he has sent NHC technical officers to get further training, even having some taking up courses at the Somare Institute of Leadership and Governance (SILAG). In addition to that the NHC Board which sat today Friday 2nd August, is expected to soon endorse the NHC Policy to replace the 1994 one, and a review of the outdated NHC Act of 1990 to make more relevant to the address the various issues faced by the NHC over the years. Mr. Tol said the creation of the NHC digital platform, putting it online, is one of the key pilar the NHC focusses on achieving going forward to make it a more modern, one stop shop for housing information and all necessary housing matters. ‘We are looking into digitalizing our processes and procedures,” said Mr. Tol. “NHC has been operating manually since pre- independence, this goal to digitalize our process is one of our key pillars in the corporate plan that we are working on.” To fully achieve this, Mr. Tol also stated that NHC will need to update its inventory of its properties nationwide. ‘We are working on our triple- V process; that is, Verification, Validate and Valuation.” “We have almost more than 5, 000 properties throughout the country, but we don’t have a clear picture of what we actually know.” That is why the NHC currently has teams out collecting data of its properties so to update its information on its own properties so to better make decisions going forward. Mr. Tol said the NHC’s history has not be that good with a lot of incomplete projects, but he is adamant and focussed on improving the NHC.

The government’s regulating agencies were put in the spotlight today at the 2nd Business Regulators Summit in Port Moresby city, with calls from business houses and stakeholder partners, urging them to shape up in enabling a conducive business environment for Papua New Guinea (PNG). The first critique came from the PNG Chamber of Resources and Energy (PNG CORE) when the Ms. Gretel Orake, who is the Managing Poly & Analysis, plainly stating that the regulators in the mining and petroleum sectors need to pull up their socks when it comes to going through the process of approving and issuing of tenements (licenses) for both mining and petroleum explorations. She said that there have been many instances of potential developers coming into the country with resource projects proposals, but when it comes to assessments and the process of issuing licenses for explorations or the issuing of environmental permits, it takes forever, leaving many of these resource companies having to wait for long time, or eventually abandoning the prospects of exploration, which then results in revenue opportunities lost for PNG affecting the economy in the long run. Ms. Orake added that due to the slow turnaround time from these regulators, the number of resource explorations have dropped significantly over the years. The building and construction sector is another vital area where businesses face such dilemma with Lamana Development Limited airing its frustrations in getting building approvals from regulators responsible for physical planning, building and even land, water and electricity. Laman Development Limited General Manager, Mr. Leon Schulze said this issue is quite costly and does result in unemployed in some cases. When giving his experience dealing with the National Capital District Commission (NCDC) physical planning and building board in Port Moresby city on some building projects, he said the delays by the regulators usually result in him having to lay off people from work because all the necessary requirements, assessments and documents have not been processed in a timely manner, delaying the projects for even years before anything is guaranteed. “I have argued with NCDC. There is no communication, we follow up and then nothing. You need to make sure that you do the work,” said Mr. Schulze when reflecting on the tedious performance of the regulators that he experienced. The sad thing is that PNG CORE and Lamana Development Limited are just two of a vast array of businesses, companies and stakeholders in the various sectors in the country that face these challenges when dealing with state regulators to initiate projects or make investments. The consensus was that big improvements must be made to the way the state regulator agencies operate. Some suggestions brought forward in today’s Summit from the business community include upgrading the skills of the employees working in these regulatory agencies, more funding support for the regulators, reducing the duplication of roles performed by these regulators, and the implementation of digital platforms to enable ease for registrations, lodging applications and communication between regulatory agencies, so to create a one stop shop for businesses or individuals to access the services they wish to engage. The 2nd Business Regulators Summit will end this afternoon with the recap and validation of the topics and discussions against the Summit objectives, and regulatory gaps and issues identified by stakeholders with key recommendations.

Enhancing interoperability between state agencies and regulators using technology, is something that must be further improved to enable the ease of doing business in Papua New Guinea (PNG). This was stressed by the Minister for Information and Communication Technology, Tomothy Masiu when highlighting its importance during the 2nd Business Regulators Forum in Port Moresby city. The minister made mention that it was for this reason to enhance this connectivity between regulators like NICTA or the National Energy Authority with the government agencies that the national government has invested in significant strides in adopting digital transformation in the last four years. “The government has put in place the necessary policy and legal frameworks including the Digital Transformation Policy 2020, and the Digital Government Plan 2023 t0 2027,” said Minister Masiu. He said interoperability will make conducting economic activities easier for business communities. “The easier the business processes are, it will encourage more citizens to engage and operate MSMEs and SMEs creating more income generation and employment opportunities. This will contribute towards growing PNG economy that will ultimately result in the improvement of the citizen’s livelihoods. Minister Masiu said in line with this target is one of his Ministry’s major initiatives, which is the Citizen’s e- Government Portal, stating that this portal represents the top layer of the PNG Government technology Stack and is designed to be a central platform for various government basic transactional services. “We plan to launch on 12th September this year,” Masiu said. “Furthermore, the Secure Data Exchange Platform project, which my department is actively pursuing, is anticipated to be launched as part of the fourth version of the e-Government Portal. This platform will facilitate secure and seamless data sharing between government entities and will be a cornerstone of our digital transformation strategy.” In addition to the e-Government Portal, Minister Masiu said the G2B (government to business) Single Window Project, driven by the Ministry for International Trade, represents the government’s dedicated efforts to create a Government to Business Portal. “This initiative is focused on streamlining and optimizing regulatory business processes, making it easier for businesses and foreign investors to interact with government agencies.” Meantime, Minister Masiu encouraged the participants at the Summit to identify synergies among government entities and regulatory agencies. “Together, we can provide policy recommendations that align with our national goals and drive meaningful change. Our collective insights will inform the government’s strategic decision, ensuring that our policies are responsive to emerging challenges and opportunities,” stated the minister.

The two- day PNG Regulators Summit commenced today with much to discuss and cover on improving digital connectivity and interoperability between government agencies and regulators, to improve the ease of doing business and overall service delivery in Papua New Guinea (PNG). The Investment Promotion Authority (IPA) in partnership with the Department of Information, Communication and Technology (DICT) is hosting this 2nd PNG Business Regulators Summit in Port Moresby city with the theme, “Interoperability; Connect and Co-Create.” The IPA Managing Director, Mr. Clarence Hoot, in his opening speech said the Summit aims to identify synergies amongst the government and the statutory regulatory agencies to take stock of reforms and progress being undertaken to achieve the National Government’s e-commerce agenda and digital transformation. The IPA hosted the inaugural Regulators Summit back in 2019 under the Theme: ‘Efficient Regulations; Productive Economy’. The Summit was planned and executed on the back of post-APEC PNG 2018 domestication process focusing on improving ease of doing business climate through digitization and regulatory automation. He said from that first Summit, an outcome report on the key discussions and recommendations was produced in house and an NEC Paper was submitted through the Minister for Commerce and Industry. "The key recommendations include stream- lining all regulatory agencies to adopt system automation (interoperability) to achieve government’s vision for digital transformation," said Mr. Hoot. As such, the IPA Board directed for the second Regulators’ Summit to take stock of how far they have come in terms of leveraging digital technology to streamline business regulations. The DICT will be the major stakeholder to partner with the IPA and co-host to drive government’s policy agenda. Mr. Hoot stressed that this 2nd Summit is important and requires the contributions of all participants from both regulators and state agencies. "We are hoping to gather to exchange views and thoughts. We encourage everyone to fully participate in this summit." Meantime, the Minister for ICT Timothy Masiu in officially opening the Summit, stressed the importance of technology and the role it plays in doing business and of course service delivery, stating that the idea of the Regulatory Summit is to discuss regulatory issues that impact doing business in the country. The two day event will feature discussion panels involving a vast array of speakers from the regulators, experts and government officials. The sponsors of the 2nd Business Regulators Summit are PNG Ports Corporation, ICSA PNG, PNGAus Partnership and IPA.