Most people are cautious in times of uncertainty. In Papua New Guinea, while we remain cautious due to the global Covid-19 pandemic, it’s also important to remain optimistic and take opportunities as they arise.
Nambawan Super’s CEO Paul Sayer and Chief Investment Officer David Kitchnoge emphasized this during a recent interview.
Resilient Papua New Guinea
As Papua New Guineans, we often see the potential of where we can get to, even when things are not going well, and that makes us a very ‘resilient people’. As a major Fund for Papua New Guineans, we too are passionate about unlocking some of our ‘potential’ to achieve a better future for everyone.
We would like to see positive changes happening in the economy that will have spin-offs and lift the country’s total income and flow through to everyday people, to soften the impact we’ve seen in recent times with prices increasing faster than Members’ incomes.
The question is what we can do together, to deliver to our ‘potential’ so we can see positive change.
Strong bounce back through our resource sector
A significant portion of PNG’s economic strength is currently derived from its Resource Sector. Uncertainties in this sector have resulted in a slowing of foreign direct investments coming into the country, drastically impacting the economy.
Nambawan Super encourages all stakeholders in the resources sector to work together to resolve issues in order to reactivate the economy. We want to see the macroeconomy breathing again with the expected Gow-on impact to the micro economy, which can only be good for everyone.
National dialogue on affordable housing
There is a crucial need for low-cost housing for our Members. However, land supply is constrained, development cost and cost of materials to build a home are high.
Low pay scales, which haven’t risen to meet the rising costs of goods and services, limited access to home financing options make affordable housing very difficult to deliver.
As a major Fund, we want Papua New Guineans, to not just own a home but indeed to own durable and affordable homes.
A national dialogue on ‘affordable housing’ would hel us to explore varying concerns and identify ways to enable Papua New Guineans to own their own home. Helping individuals build their financial capacity to enable them to buy or build a home is important, and needs consideration beyond the superannuation provision for Housing Advance.
Multiple policy settings need to be tackled if Housing Affordability is to be addressed nationally.
In uncertain times, we tend to spend money on daily needs and build up our supplies in case of unexpected emergencies. Let’s not forget to save where we can.
In uncertain times, we tend to spend money on daily needs and build up our supplies in case of unexpected emergencies. Let’s not forget to save where we can.
While the Covid-19 storm is raging, what can you do now?
We encourage Members to consider Voluntary
Contributions, which allows you to invest or save for a home. It will boost your Super balance, generate interest and grow your savings.
Education to empower Members
Nambawan Super believes, when we increase Member s’ financial education, we are increasing our capacity to positively shift our national economy.
Our accredited Financial Literacy Training course for our Members, can help you understand and assess your current needs. It will empower you to make smart financial choices, to prepare you to buy a new home, get retirement ready, and more.
Looking ahead
While we saw businesses and investments in PNG and across the world, severely impacted by Covid-19, we are seeing a turnaround with positive results for the first 10 months of 2021. However, we still have two more month to go to close out the year. We remain cautious, yet optimistic.
Read more in our November edition of Nambawan SuperTok newsletter.
