Nambawan Super takes a stand on PNG LNG

 Below is what the Managing Director of Nambawan Super, Mr Leon Buskens has said in his column - From the MD's Desk - in the July newsletter Toktok Supa

High expectation’s surrounding the LNG Project are bringing PNG plenty of positive forecasts.  Money from the gas could double our economy and over the next four years we will see hundreds of construction jobs created.  All potentially good.  But we also need to think about the potential challenges and risks to our society and economy this influx of money may also bring.

Nambawan Super takes its responsibility of looking after your financial futures very seriously, so we are being proactive.  We want to make sure our people are not seduced by the temptations of instant cash or battered by high inflation, but have access to ways to preserve wealth for their for their long-term benefit and grow it for our future generations.  So we commissioned research to help us understand the impact of the LNG Project better and what it will mean to the investments your Fund makes.

Since most of the money will flow back through the Government, we’re working with them on ways to preserve the value for future generations.  For example, we’re currently discussing long-term savings with Bank of PNG with the aims of boosting the superannuation contribution rate and introducing more direct member benefits, such as medical and life insurance and education. 

Over the coming months I’ll update you on the progress we’re making on your behalf.