President , Guam Chamber of Commerce
Brief Chat
Catherine Castro
As Guam gears up for the general elections on Nov . 5 , the business community is watching closely to see what candidates have to offer . As the island faces challenges such as economic recovery , infrastructure development and workforce shortages , the private sector is eager to see policies that will foster growth and stability .
Catherine Castro , president of the Guam Chamber of Commerce , shared insights on what qualities the business sector seeks in congressional and senatorial candidates , identifying the factors that will influence their voting decisions .
Elective offices are public jobs paid for by the taxpayers . The business sector , considered an influential voting bloc , sets their criteria the same way they do for private sector jobs , seeing to it that the most qualified candidates get hired .
“ There are several key qualities and qualifications that many in the private sector look for in a candidate ,” Castro said .
The candidates ’ economic achievements and policies , for example , are critical factors in swaying the business sector . “ Relevant experience in professional fields and even prior experience in public office are important ,” Castro said . “ Candidates need to have a track record of trustworthiness and integrity , along with strong communication skills to articulate policy positions clearly .”
Since elected officials are trusted with public funds , the candidate ’ s financial acumen matters . “ Being able to grasp complex economic and financial issues is very important ,” Castro said . “ Candidates should understand their role in the sustainability of the local private sector so as to keep residents employed in good-paying jobs , improving the quality of life for all local residents .”
Castro expressed disappointment with the incumbent leaders ’ budget performance , particularly the enactment of the 2025 appropriations act that pegs the spending level at $ 1.3 billion — the highest in Guam ’ s history — but shortchanges health care and education . “ This law may have unintended consequences on the business environment , and we are closely monitoring its effects ,” she warned .
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President , Guam Chamber of Commerce
By Ron Rocky Coloma
Businesses are particularly focused on the island ’ s top economic concerns , including tourism , human resource availability and public services .
“ The availability of human resources to serve all industries , as well as the state of our public services — including public safety , education , health and transportation — are also priorities ,” Castro said .
Tourism is a cornerstone of Guam ’ s economy , but the sector is still struggling in the aftermath of the 2020 global pandemic and Typhoon Mawar , which pummeled the island in May 2023 .
“ The crippling impact of the global pandemic and Typhoon Mawar on our island ’ s tourism industry has made recovery difficult ,” Castro said . “ Initiatives to improve the Guam brand and boost visitor arrivals are crucial , and this includes enhancing cruise ship activities through infrastructure projects like the Hotel Wharf rehabilitation .”
Infrastructure development , particularly in transportation , energy and water , is another key area that the business community would like to see addressed by incoming leaders . “ Investments in these areas are imperative to reducing the associated costs of doing business and living in Guam ,” Castro said .
Policywise , the business sector is seeking reforms that will create a friendly investment market and stable business climate . Castro said Guam needs a more favorable regulatory environment with reduced bureaucratic hurdles . “ This includes streamlining processes for obtaining permits and licenses necessary for
Election 2024 : What ’ s at stake in Guam ’ s economy
business operations ,” she added .
On the tax front , the Guam Chamber of Commerce hasn ’ t given up on its push for the business privilege tax rollback . BPT was raised from 4 percent to 5 percent in 2018 as part of the government of Guam ’ s strategy to make up for the revenue loss resulting from President Trump ’ s Tax Cuts and Jobs Act that dramatically cut taxes and eliminated certain tax breaks . Persistent proposals in the legislature to roll back the BPT rate to the 2018 level have repeatedly fallen through .
“ We would like to see the BPT reduced back to 4 percent to provide immediate relief to all businesses , and eventually , a transition to a sales tax system ,” Castro said .
Workforce development also remains a priority for businesses as labor shortages continue to strain various industries . Castro highlighted the need for public and private sector collaboration to address this issue through workforce training programs and skill development initiatives at school levels .
“ Collaborative efforts to support workforce training programs , as well as coaching and developing interest and skills at various school age levels , are key to addressing future workforce needs ,” Castro said .
The business community is also advocating for affordable housing solutions to accommodate the island ’ s growing population , particularly as Guam braces for an expected influx of residents to support national defense initiatives .
“ Initiatives to develop affordable housing options will stabilize the real estate market and help meet the needs of our growing population ,” Castro said .
While the chamber does not endorse specific candidates , the business sector sets high expectations for the island ’ s future leaders .
“ There are challenges ahead ,” Castro said . “ Elected officials will need to address a number of issues that plague our island . They will need to make tough choices , such as making tax reforms , supporting infrastructure development and cutting non-essential government jobs .”
The upcoming election will shape the future of Guam ’ s economy for years to come . With the business community voicing its concerns and priorities , it remains to be seen how candidates will respond and what the island ’ s next leaders will bring to the table .