Yap Market Square/O’Keefe

September 2012

PIDB President & CEO, Aren Palik, PIDB Loan Manager, Antonio John, and Board member Diego Benavente paid a visit to the neighboring islands of Yap and Palau to meet with both current and potential clients, perform loan collection and project site visits, and to seek feedback from Yap and Palau leadership on the bank’s programs and activities. Not too long ago the Bank did not have any loan in Yap. At the time of this visit the Bank has assisted in the establishment of the Yap Market Square and Okeefe Bar and Grill, expansion of Manta Ray Bay Hotel, Hilltop Apartel, establishment of Budget Car Rental in Yap and expansion of ESA Hotel car fleet to meet and increasing demand. PIDB also financed the successful privatization of Yap State Government mortuary services in addition to several housing loans. With recent expansion of the bank into consumer loans, people of Yap have also been able to finance personal/family needs. The delegation, along with Yap’s member to PIDB Board of Directors, John Masiwemai, met with Governor Sebastian Anefal and Speaker Henry Falan and members of the Yap State Legislature. They also met with Finance Committee Chairman Clement Mulalap and other Committee members over the bill that would appropriate additional funds for PIDB to loan out to Yap businesses and individuals.

In Palau, the delegation met with the Chairman of the Board of Governors, Vice President Kerai Mariur, and Board member Delegate Secilil Eldebechel who is also Chairman of HOD Committee on Ways and Means. Palik and John visited a number of clients and met with a number of people who are interested in PIDB loans. The staff also did project visits and collection follow ups. Some of the projects PIDB has financed in Palau include the Phillip Rekai Associates, the Full Moon Café now converted to a Japanese restaurant, Lehns Motel and the Uludong Commercial Building, Sugiyama Boat and Tour Ventures, and a number of small/medium size businesses. PIDB has also financed a number housing loans and consumer loans in Palau. Board member Diego Benavente, who sits on both the Board of Directors and Board of Governors, met separately with Chairman Mariur on a number of outstanding board related matters.