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DBAS president reappointed for another term by governor

fili@samoanews.com

Gov. Lolo Matalasi Moliga has re-appointed Ruth S. Matagi-Fa’atili as president of the Development Bank of American Samoa for another term at the government owned entity. Samoa News notes that the DBAS president is the only head of an ASG semi autonomous entity subject to Fono confirmation.

According to local law, the governor, with approval of the bank’s board of directors,  appoints the DBAS president, who is then confirmed by the Senate only. The bank’s president is responsible for the operation of the bank with the assistance of such other officers and employees as the board may authorize. Additionally, the president is a nonvoting ex officio member of the board.

According to Lolo in his Jan. 23 nomination letter to the Fono, in the last four years, Matagi-Fa’atili in collaboration with the board, made great strides in improving the financial integrity of DBAS along with increasing the numbers of financial assistance provided to the business community as well as the general public.

Through the same collaboration, new funds were secured to expand the bank’s scope of services to businesses as well as local residents, according to the governor, who noted that the annual audited financial reports conducted on the bank’s operations bears testimony to the progress DBAS has achieved in the last four years.

Under her watch, arm’s length cooperation and a working relationship with the Commerce Department was “solidly fashioned forging the acceleration in the implementation of our economic development programs,” Lolo said.

Matagi-Fa’atili’s demonstrated leadership and exhibited competence, manifested in many documented positive outcomes, prompted the decision to reappoint her to continue the “excellent work she has been doing” since taking over the DBAS president post, the governor said.

Lolo also says that he has “full confidence” that Matagi-Fa’atili will maintain the same “standard of excellence” she has shown since assuming the DBAS leadership post. He asked the Senate to render approval of the reappointment.

In his official written State of the Territory Address to the Fono, the governor credited the increase of business start-ups in the last four years due to the various loan programs offered by DBAS. For example in the last three years, 294 loans from ten different loan programs were awarded for business start-ups and home loans.

This injected $9.34 million back into the local economy, according to the governor.

Matagi-Fa’atili’s reappointment as DBAS president will be officially introduced in the Senate soon, before a confirmation hearing is scheduled.