BY NED GAGAHE

The Solomon Islands National Provident Fund (SINPF) remains cautiously optimistic about the year ahead, says CEO and General Manager Mike Wate.

He expressed this during the recent announcement of the Fund’s 8 percent crediting rate recently.

Wate said the Solomon Islands economy has recovered and continues to grow, with strong government commitment to further build and expand economic activity.

He highlighted that improvements in the Sovereign Credit Risk Rating since the first half of the 2023/2024 financial year have positively impacted the fair value of unlisted domestic equities and other financial reporting benchmarks tied to the government rating.

Despite positive developments, Wate warned that downside risks in both the global and domestic economy remain volatile.

He reassured members that the Board’s strategic actions, guided by the 10-year Strategic and Business Plan (2024–2034), aim to mitigate these risks and ensure the Fund continues to deliver crediting rates above inflation.

Wate also acknowledges the support and cooperation of key partners who have contributed to the Fund’s continued success, including:

-The Minister, Permanent Secretary, and senior officials of the Ministry of Finance and Treasury

-The Governor and senior officials of the Central Bank of Solomon Islands

-Boards and senior management of SINPF investee companies such as SPOL, STCL, Heritage Park Hotel, Soltuna, Solomon Homes, BSP Financial Group, Loloata Island Resort, Solomon Submarine Cable Company, and Solomon Finance

-The Auditor General and senior members of the OAG

-Contracted auditors PwC Fiji and Ernst & Young Fiji

-Employers, employee unions, and associations

-International partners including the IFC of the World Bank Group and UNDCF of the United Nations

Wate concluded by reaffirming the Fund’s commitment to protect and grow members’ savings while supporting the broader national economy.

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BY NED GAGAHE

The Solomon Islands National Provident Fund (SINPF) has recorded solid financial and operational performance for the 12 months ending 30 June 2025, with CEO, Mike Wate, officially announcing an 8 percent crediting rate for members.

Speaking during the recent official announcement, Wate highlighted the Fund’s continued resilience despite global market uncertainties and domestic economic challenges.

He said total contributions from members reached $431.7 million, while withdrawals totalled $391.5 million, resulting in a net contribution of $40.3 million.

However, this was a decline from last year’s net contribution of $67.5 million.

“All member benefits for both formal and informal sectors are financed directly from contributions, while our investment returns support new investments and operational costs,” Wate explained.

The Fund’s free cash position closed at $284 million at year-end, up from $213.7 million in 2024.

According to Wate, these funds are earmarked for potential new investments under consideration and to meet any surge in member withdrawals.

On new investments, Wate revealed several significant commitments:

-A $10 million equity capital injection to wholly owned Solomon Finance Limited to expand lending to members.

-$70 million invested in two new government development bonds, earning 5 percent returns.

-$33.66 million financing package for Soltuna Ltd to expand its cold storage capacity, with $16.88 million already disbursed.

-$50 million for a 55 percent stake in Kings Hotel and Resort Limited, in partnership with PNG’s O’Neill Group, to acquire King Solomon Hotel properties and business.

The Fund’s gross investment portfolio grew to $4.60 billion as of June 30, 2025 — a 9 percent increase from the $4.20 billion recorded in 2024.

Wate assures members that the Fund remains financially strong, with robust liquidity and diversified investments that continue to deliver value.

“The 8 percent crediting rate reflects our commitment to grow and safeguard members’ savings,” Wate said, adding that the Fund is well-positioned to support both members and the nation’s economic growth.

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BY NED GAGAHE

The Solomon Islands National Provident Fund (SINPF) has recorded strong growth in formal benefit payments, employer registrations, and informal sector savings under the youSave scheme for the financial year ending 30 June 2025.

Speaking on the overview of the Fund’s operation at the recent official announcement of crediting rate SINPF CEO Mike Wate said, a total of 7,789 benefits worth $376 million were paid out to formal members during the year — an increase from 7,554 benefits valued at $342.1 million in 2024.

The bulk of the payments went to retiring members aged 50 years and above.

On employers, registrations improved with 225 new employers joining the Fund in 2025, compared to 192 in 2024.

CEO Wate said this is consistent with the recovery and growth of the national economy over the past two years.

For the informal sector, 6,082 new youSave members were onboarded in 2025, slightly down from 6,132 in the previous year.

However, total membership grew strongly to 49,836 members, up from 43,768 in 2024.

Gross savings under youSave climbed to $107.1 million, while net savings reached $50.7 million, representing year-on-year growth of 22 percent and 18 percent respectively.

Incoming new contributions from the informal sector rose to $19.1 million, compared to $18.5 million last year.

At the same time, 11,262 youSave benefits worth $12.5 million were paid out to members; a notable increase from 9,508 benefits totalling $10.6 million in 2024.

Wate said the figures reflect the continuing confidence of both employers and members in the Fund, and also demonstrates the increasing importance of the youSave scheme in providing long-term financial security for workers in the informal sector.

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BY NED GAGAHE

The Solomon Islands National Provident Fund (SINPF) has recorded another year of strong growth with its unaudited net asset value climbing to $4.6 billion as at 30 June 2025.

Announcing the Fund’s 8 percent crediting rate recently, CEO and General Manager Mike Wate said the increase represents a 9 percent growth from $4.2 billion in 2024.

He attributed the growth to positive investment performance, new investments, annual revaluation surpluses from listed and unlisted equities, property portfolios, and increased holdings in government securities.

Meanwhile, the Fund also reported progress on its property development projects.

Implementation of the $116 million DFAT town houses and executive apartments expansion is underway, with completion of the town houses expected in December 2025.

Wate said that DFAT is scheduled to take possession of the new apartments at the end of this year.

However, Wate revealed that the Board has placed on hold its planned four-level commercial building at the former Home Finance property on Hibiscus Avenue.

Construction will only recommence once remedial actions are completed.

He said potential new property investments are being assessed and will be submitted for approval by the Minister of Finance and Treasury in due course.

Wate assured members that the Fund remains strong and committed to growing its portfolio while safeguarding members’ savings.

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BY SAMIE WAIKORI

The Makira Ulawa Provincial Government (MUPG) has proposed to host a traditional Chupu ceremony with Guadalcanal Provincial Government and traditional land owners of Okea land, at the end of this month.

The chupu ceremony aims to honour Okea traditional landowners for their recognition to allow their land for the province and to kick start development of the land. 

In an interview with Island Sun this week, Premier Stanley Siapu said, while they set to begin the implementation of a plan to develop this provincial owned land.

“First of all, I must thank Guadalcanal provincial government and traditional landowners of Okea land for understanding and recognition of MUPG as the sole rightful owner of the land.

“The province acquired the land about 27 years ago, which is approximately 5.87 hectors, and throughout the ethnic tension the land remains.

“In 2019, my previous government began to work on plans to develop the land.

“The current government reintroduced the plans and together with Ministry of Lands, Housing and Survey, had consulted traditional landowners and other responsible stakeholders.

“After all these works, the common understanding reached is that the Makira Ulawa province is still recognised as the sole owner of the land,” he said.

Following this, Siapu said the province proposes a chupu presentation to the traditional owners of Okea land, to allow the province to begin development of the land.

He said MUPG’s plan in place is to develop the land through farming of vegetables and cassava to supply Sape processing facility.

Siapu added that through the development of the land, it will provide avenue especially students from the province, who undertake agriculture to do their practical studies.

He said this is just the snippet of the plan MUPG has for Okea land, and as time goes on, more development is expected for the land, which will not only benefit the province but the country as a whole.

Siapu expressed that Okea will become a commercial land of the province due to its strategic location, and the province remains committed to work with stakeholders to develop it.

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BY SAMIE WAIKORI

Premier of Makira Ulawa Province, Stanley Siapu, reaffirms that Okea land at Foxwood in Guadalcanal Province is the legal property of Makira Ulawa Province and urges individuals claiming authority over it to respect the provincial government’s ownership.

In a statement this week, Premier Siapu said the registered title of Okea land rests with the Premier of Makira Ulawa Province and dismissed recent claims of ownership by individuals purporting to exercise authority through alleged Power of Attorney or past roles with the now-defunct Makira Belle Company.

In an interview with this paper, Premier Siapu reaffirmed that the title of Okea land is with the Premier of Makira Ulawa province.

“The title of Okea land is with the premier and I want to call on anyone who may claim attorney over the land they are not rightful owner of the land.

“These assertions are legally unfounded, misleading, and carry no force or effect against the current registered title,” he said.

Premier Siapu stressed that the Provincial Executive of Makira Ulawa Province is the sole and legitimate authority over the land, and that any competing claims are null and void.

“For the record, the Provincial Executive of Makira Ulawa Province, represented by the Premier, is the sole and legitimate authority vested with legal title and rights over Okea land. Any competing claims are null, void, and incapable of extinguishing the Provincial Government’s ownership or management rights.” he said.

He also clarified that the Guadalcanal Provincial Government has no claim or interest in the land and has formally acknowledged Makira Ulawa’s exclusive authority over Okea land.

“In fact, Guadalcanal Province has expressly acknowledged that the authority and development rights over Okea land rest exclusively with the Makira Ulawa Provincial Government,” he said.

The premier warns that false or misleading representations may amount to fraud and said the provincial government will not hesitate to take legal action if necessary.

He calls on individuals to raise genuine grievances through proper legal and administrative channels instead of spreading rumours or misinformation.

Siapu said Okea land is a strategic provincial asset which will be developed for the collective benefit of the people of Makira Ulawa Province.

He added that plans are in place to develop the land in the near future and urges those making false claims to work with the province as the rightful owner.

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BY SAMIE WAIKORI

The Premier of Central Islands Province, Kenneth Sagupari has received two new brand Toyota Hilux vehicles from the National government in Honiara on Tuesday last week.

The vehicles were handed over by the Permanent Secretary of the Ministry of Infrastructure Development (MID) to the province, with the aim to strengthen transport services and support local government operations in the province.

In a statement from Central Islands Forum the support comes in response to a joint letter submitted by all nine provincial premiers signed by Premier Sagupari on behalf of Central Province to the national government ahead of the Pacific Islands Forum (PIF) meeting.

In receiving the vehicle, Premier Sagupari acknowledged Prime Minister Jeremiah Manele and Minister MID, Hon Ricky Fu’oo for their leadership and commitment to provincial development.

“One of the Hilux vehicles has already arrived in Tulagi, while the other remains in Honiara for essential government use before being relocated.

“This assistance will improve our transport capacity and ensure proper arrangements for visitors to our provincial capital,” he said.

In the meantime, Sagupari confirmed that talks are underway for the Tulagi ring road project, with $1 million allocated under the SIG development budget for phase one of 2025 financial year, which is now awaiting tender.

The initiative is part of a broader government push to improve service delivery and logistical capacity across Solomon Islands’ provinces, as regional and international engagement continues to grow.

Photo: Supplied

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