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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