By Pacific Island Times News Staff
While Guam is assured of a sufficient supply of fuel on the island and cargo vessels are arriving to replenish empty store shelves, island residents have been unable to access their cash.
Due to technological disruptions caused by Typhoon Mawar, automated teller machines are not functioning while banks remain closed. Without power and internet, Guam merchants have been unable to process debit and credit cards, prompting them to resort to cash-only transactions.
“The mix of issues have created the perfect storm of chaos, any update that you can provide for immediate restoration would be appreciated,” Vice Speaker Tina Muna Barnes and Sen. Joe San Austin stated in aa letter to Ed Untalan, president of Guam Bankers Association.
The senators sought updates on the current state of Guam’s financial infrastructure, expressing hope that the banking system is restored in the coming weeks.
The senators also sought consideration from the Guam Bankers Association to offer deferments on existing personal and commercial loans so that residents and businesses of Guam can focus on recovery and rebuilding.
“Every little bit helps – as a community we have proven that we are stronger together; while the hardworking members of our Government of Guam, and the overall Team Guam is working to clean up from the aftermath, we must all come together and work towards returning to normalcy and prevent these shortcomings from happening again,” Muña Barnes said.
Meanwhile, the Bank of Guam announced that it will defer payments for all consumer loans and personal credits for Guam and Rota.
“Once we return to normalcy, as the chairwoman for the Committee on Technology I will be to holding committee hearings to better understand the challenges we faced, and how we can work together to build a more resilient network infrastructure,” Muna Barnes said.
“There’s a lot of frustration, anger, and agony in our community. I hope that the Guam Bankers Association can consider alleviating some of this frustration by deferring loan payments for 3-6 months as we did in previous typhoons,” the senators said. “This would free up funds in our residents’ pocketbooks and speed up recovery as we build back a stronger Guam.”
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