First Hawaiian Bank will enter new territory with the launch of its own economic report.
According to Laura-Lynn V. Dacanay vice president and region manager for Guam and The Northern Mariana Islands Region for First Hawaiian Bank the report will feature Guam’s past economy where it is today and where it will be in the future. The report will be approximately 15 to 20 pages in length.
"This will give us a better handle on what’s going on in Guam and it can be circulated " Dacanay told the Journal. "Things are changing significantly in our economic outlook. Our president [Donald G. Horner] came out here for John Lee’s retirement and in seeing what’s happening out here with all the changes he decided to commission this report " she said. Dacanay succeeded John K. Lee after his retirement on July 13. Lee served First Hawaiian for 48 years.
Leroy O. Laney economic advisor to First Hawaiian Bank and an economics and finance professor at Hawaii Pacific University has not been to Guam in 10 years but has returned as a result of First Hawaiian Bank’s interest in Guam’s military escalation. "The bank asked me to come down here based on the military [build up]. However I am here to put together a report on Guam’s overall economy. While the military is basically the big news I would like to quantify that over a period of time."
Laney was on an intense fact-finding tour of Guam and met with public and private sector experts to include L. Carl Peterson owner and president of Money Resources Inc. and chairman of the Guam Chamber of Commerce Armed Forces Committee; and Andreas "Andy" Jordanou director of the Guam Economic Development and Commerce Authority. According to Laney he is looking for statistics and data that would assist in his efforts to compile the report. The Journal and Guam Business have provided data for the report.
The report would provide a much-needed service and would allow people living outside of Guam to understand the island’s economic climate Dacanay said. "There are people in Honolulu that would study the information and it would help determine whether they would want to invest in Guam " she said. The report will be broad.
"I am also interested in looking at other areas of Guam’s economy to include tourism. I want to find out how other sectors of the economy are doing " Laney said.
Dacanay said the report could be ready by the end of August. She said people are looking for information that would affirm the belief that the economy will continue to improve.
Laney said as a result of the military build up Guam’s economy will differ in the coming years from the overall national economy. He said the U.S. economy will not hit a recession but there would be some slowdown. Laney said there are three reasons for the national slow down: Energy "" the rising cost of fuel and China’s fuel consumption climbing; higher interest rates; and a drop in the U.S. real estate market. "The expansion in California and Las Vegas "¦ that’s gone away." MBJ
