You mentioned that Cornerstone Valuation is currently undertaking a major island-wide project. Can you tell us about the company’s recent milestones and what you are working on this year?

Cornerstone Valuation was established in Guam in 2012, and one of our most significant milestones came in 2014, when we completed Guam’s first island-wide property tax revaluation in more than 20 years for the Department of Revenue and Taxation. This year, we are carrying out that revaluation for the second time, which is by far the largest assignment we are currently handling. It is a complex and demanding process, but it is essential for the island’s fiscal transparency and long-term planning.

Beyond that, 2025 has also been meaningful on a personal level. I was honored to be recognized as one of Guam’s Top 25 Female Executives, which I see not just as an individual achievement, but as recognition of the work our team does to support informed decision-making on the island. At our core, we provide real estate data and valuation intelligence that policymakers, investors, and institutions rely on to address structural issues—particularly housing affordability, land use, and sustainable development. Our role is not only technical; it is deeply tied to Guam’s future.

Guam’s economy is often described as resting on three pillars: tourism, military spending, and federal expenditure. How do you assess the current balance between these forces?

Guam’s economy truly does rest on those three pillars, but at the moment, they are not contributing evenly or sustainably. Tourism is the most important driver for local economic circulation, yet we are still operating at only about 40–44% of pre-pandemic visitor levels compared to 2019. That is a serious concern, because tourism-related spending is what truly stays on island and supports small businesses and local employment.

Military and defense-related spending, while substantial, has more limited local impact than many assume. Much of the construction work is carried out by off-island companies, materials are imported, and a large portion of the workforce consists of H-2 workers whose wages are largely remitted abroad. As a result, a significant share of that billion-dollar annual spending does not remain in Guam’s economy. Federal expenditure, meanwhile, primarily supports salaries and basic operations.

The challenge is that without a strong tourism sector, the overall system becomes unbalanced. Military spending alone cannot substitute for a healthy visitor economy. For Guam to thrive sustainably, tourism must recover and diversify, while other sectors are developed in parallel.

Housing affordability has become a major concern on the island. What are the main drivers behind this crisis?

Housing affordability in Guam is the result of several converging pressures. Over the past seven years, median home prices have more than doubled—from around $213,000 to approximately $435,000 as of September 2025. We have seen double-digit price growth in multiple years, which is simply not sustainable for local families.

One major factor is that construction capacity has been largely absorbed by military projects inside the base. These projects pay more and move faster, leaving little capacity for private or civilian housing development outside the base. This has driven construction costs sharply upward and limited new housing supply. At the same time, demand has increased due to thousands of construction workers needing accommodation.

Low interest rates in 2022 and 2023 temporarily masked the problem by allowing buyers to stretch further, but as rates rose to 6–7%, affordability deteriorated rapidly. The result is what I often describe as a “triple whammy”: rising demand, constrained supply, and soaring construction costs. Addressing this will require coordinated solutions, including public–private partnerships and better infrastructure support that enables local housing development.

Tourism infrastructure in Guam has visibly deteriorated in recent years. What do you see as the main obstacles to revitalizing the sector?

The deterioration of tourism infrastructure is the result of a difficult sequence of events rather than neglect alone. Guam emerged from prolonged COVID-related closures just as it was preparing to recover, only to be hit by Typhoon Mawar in May 2023. That combination was devastating. At the same time, construction costs have surged dramatically, largely because available capacity is tied up with military projects.

For hotel owners and tourism operators, this creates a vicious cycle. Occupancy remains relatively low—often around 50%—yet renovation costs have doubled, tripled, or even quadrupled compared to pre-pandemic levels. In many cases, refurbishing properties simply does not make economic sense, even when everyone agrees upgrades are urgently needed.

Guam also faces stronger competition than ever. We are no longer just competing with Hawaii, but with destinations across Southeast Asia that offer newer infrastructure and lower prices. While some challenges, such as currency fluctuations and visa restrictions, are outside local control, others are not. Product quality, urban planning, entertainment offerings, and infrastructure upgrades are areas where both the public and private sectors must act decisively before decline becomes irreversible.

Despite these challenges, you remain optimistic about Guam’s future. What underpins your confidence, and what message would you send to investors?

Guam has always been resilient. We have faced downturns, typhoons, and economic shocks before, and we have consistently recovered. What gives me confidence is that Guam’s fundamentals remain exceptionally strong. Strategically, our location is unique: we are U.S. soil in Asian waters, closer to major Asian markets than Hawaii, operating under U.S. law, jurisdiction, and security.

From an investment perspective, legal certainty is a major advantage. Property titles are secure, contracts are enforceable, and the recording system is reliable. Guam is also one of the most connected islands in the world in terms of submarine fiber-optic cables, creating real opportunities in data, logistics, and digital infrastructure. Diversification efforts—such as additive manufacturing, logistics hubs, and technology-enabled services—are already being explored.

Equally important are the people. Guam offers a strong sense of community, deep family values, good schools, and an exceptional quality of life. You can live ten minutes from work, the beach, and your children’s school. That combination of stability, location, and livability is rare—and it is why I believe Guam remains a compelling place to invest and to build a future.