What Continent is Papua New Guinea in?

Papua New Guinea (PNG_, officially the Independent State of Papua New Guinea, is a country located in the southwestern Pacific Ocean. It shares the eastern half of the island of New Guinea with Indonesia, and is often referred to as the eastern half of New Guinea. While New Guinea is the world's second-largest island, Papua New Guinea is considered part of the continent of Oceania.


What Continent is Papua New Guinea in?

Oceania is a geographic region that includes 

  • Australia, 
  • New Zealand, and 
  • the Pacific Islands. 
It is often divided into four regions: Micronesia, Melanesia, Polynesia, and Australasia. 

Papua New Guinea is located in Melanesia, along with other countries such as Fiji, Solomon Islands, and Vanuatu.

What continent is Papua New Guinea in?



Geography of Papua New Guinea

The geography of Papua New Guinea is diverse and includes rugged mountain ranges, dense rainforests, and coastal plains. 

The country is known for its rich biodiversity, with numerous unique species of plants and animals found nowhere else on Earth. 

Mount Wilhelm, located in Papua New Guinea, is the highest peak in Oceania, reaching an elevation of 4,509 meters (14,793 feet).


Diversity & Economy

Papua New Guinea has a diverse population with over 800 languages spoken, making it one of the most linguistically diverse countries in the world. 

The country has a rich cultural heritage, with traditional customs and practices still being preserved and celebrated by many indigenous groups.

The economy of Papua New Guinea is based primarily on agriculture, mining, and forestry. 

It is a resource-rich country with significant reserves of gold, copper, and natural gas. However, it also faces challenges such as poverty, limited infrastructure, and environmental issues related to logging and mining.

WHere is Papua New Guinea, what continent is PNG in?
Kokoda Trail/PNG Insight Image

Governance

In terms of governance, Papua New Guinea is a constitutional monarchy with a parliamentary democracy. 

It gained independence from Australia in 1975 and is a member of the Commonwealth of Nations.


Conclusion

Papua New Guinea is located on the continent of Oceania. It shares the island of New Guinea with Indonesia and is known for its diverse geography, rich cultural heritage, and unique biodiversity.

BSP SME Loan Requirement and Eligibility You Should Know

Small and Medium Enterprises (SMEs) play a significant role in the economic development of Papua New Guinea. As such, the Bank of South Pacific (BSP) offers a range of financial products and services specifically designed for SMEs. 

One such product is the BSP SME Loan, which provides financing for business activities such as working capital, expansion, and asset purchases. 

In this article, we will explore the requirements and eligibility criteria for obtaining a BSP SME Loan.

BSP SME Loan Requirement

Check out the information on BSP PaySecure App, click here.

BSP SME Loan Eligibility Criteria

To be eligible for a BSP SME Loan, applicants must meet the following criteria:

  • Business Registration: The business must be registered with the Investment Promotion Authority (IPA) or the relevant government agency.

  • Business Experience: The applicant must have at least two years of business experience in the same industry.

  • Credit History: The applicant must have a good credit history with no defaults or outstanding debts.

  • Collateral: The applicant must have collateral to secure the loan.

  • Business Plan: The applicant must provide a comprehensive business plan that outlines the purpose of the loan, the projected cash flow, and the repayment plan.


BSP SME Loan Requirements

To apply for a BSP SME Loan, applicants must provide the following documents:

  • Business Registration Certificate: This is a legal document that proves that the business is registered with the relevant government agency.

  • Bank Statements: The applicant must provide at least six months of bank statements that show the business's financial history.

  • Financial Statements: The applicant must provide a profit and loss statement and balance sheet for the last two years.

  • Tax Returns: The applicant must provide the latest tax returns for the business.

  • Collateral Documents: The applicant must provide documents that prove ownership of the collateral being offered to secure the loan.

  • Business Plan: The applicant must provide a comprehensive business plan that outlines the purpose of the loan, the projected cash flow, and the repayment plan.


Loan Amount and Repayment Terms

The BSP SME Loan provides financing of up to PGK 1,000,000 with a repayment period of up to five years. The interest rate is fixed for the entire loan period, and the loan can be secured or unsecured, depending on the collateral provided.

The repayment terms for a BSP SME Loan are flexible, with repayment options including weekly, fortnightly, or monthly payments. 

The loan can also be repaid in full at any time without penalty.


BSP SME Loan is an excellent financing option

The BSP SME Loan is an excellent financing option for small and medium enterprises in Papua New Guinea. 

To be eligible for the loan, applicants must meet the eligibility criteria and provide the required documents. 

The loan provides flexible repayment terms, and the loan amount can be used for various business activities. 

If you are a small or medium business owner looking for financing options, the BSP SME Loan might be the right fit for you.


5 Things about BSP SME Loans that not many people know

  1. BSP SME Loan offers a grace period: One of the unique features of the BSP SME Loan is that it offers a grace period of up to six months. This means that the borrower can defer the principal repayment for up to six months, which can help ease the initial burden on the business's cash flow.
  2. The loan can be used for refinancing: Many people are unaware that the BSP SME Loan can also be used for refinancing existing loans from other financial institutions. This can be an excellent option for businesses looking to consolidate their debts and simplify their loan repayment process.
  3. BSP SME Loan provides access to business advisory services: BSP offers business advisory services to its SME loan customers, which can help them improve their financial management and business performance. These services include financial planning, cash flow management, and business strategy development.
  4. The loan amount can be used for various purposes: While the BSP SME Loan is primarily designed for working capital, expansion, and asset purchases, many people are not aware that it can also be used for other business purposes, such as marketing and promotional activities.
  5. BSP SME Loan offers a range of repayment options: In addition to the flexible repayment terms, BSP SME Loan also offers a range of repayment options, including direct debit, BSP online banking, and BSP mobile banking. This provides convenience and flexibility to borrowers, allowing them to choose the repayment method that best suits their needs.


Conclusion

The BSP SME Loan is a financial product offered by Bank of South Pacific specifically designed for small and medium enterprises. 

The eligibility criteria for the loan include business registration, credit history, collateral, business experience, and a comprehensive business plan. 

Required documents include bank statements, financial statements, tax returns, and collateral documents. 

The loan amount is up to PGK 1,000,000 with flexible repayment terms and a fixed interest rate for the entire loan period. A

BSP SME Loan offers a grace period, access to business advisory services, and a range of repayment options. It can also be used for various business purposes, including refinancing existing loans.

PNG Teachers' Pay Compared to Pacific Island Countries

 Teachers play a vital role in shaping the future of any country. They are responsible for imparting knowledge and skills to students, which will help them become successful in their chosen careers. However, despite the importance of their role, many teachers in Papua New Guinea (PNG) are paid a low salary compared to their counterparts in other countries. 

In this article, we will examine the salaries of PNG teachers and compare them with those of teachers in other countries. We will also explore what the PNG government can do to reward teachers properly.


How much an average high school teacher in PNG earns

According to the website payscale.com, the average high school teacher in PNG earns between K21,955 and K33,639 per year, depending on their experience and position. 

This is a significantly lower salary compared to teachers in other countries. For instance, in New Zealand, the average salary for a high school teacher is $52,000 (K113,570), while in the United Kingdom, it is £28,000 (K120,900). In Canada, high school teachers earn an average salary of $61,700 (K158,421) per year.

  • See the last pay increments for teachers here. 

 Factors impacting salaries of teachers in PNG

The low salaries of teachers in PNG can be attributed to various factors, including the country's economic situation and the government's budget allocation for education. 

According to the World Bank, PNG has a Gross Domestic Product (GDP) per capita of $2,590 (K5,623) as of 2020. This is lower than the GDP per capita of other countries in the Pacific region, such as:

  • Fiji ($5,791), 
  • Vanuatu ($3,478), 
  • New Caledonia ($43,129), and 
  • New Zealand ($43,547). 
As a result, the government have limited resources to allocate to education, especially teachers' salaries, leading to low salaries for teachers.


PNG government's budget allocation for education

Furthermore, the PNG government's budget allocation for education is relatively low compared to other countries in the region. (Note that this looks at the main education budget, excluding the Tuition Fee Free Education Funds)

According to the United Nations Educational, Scientific and Cultural Organization (UNESCO), in 2019, the government allocated 3.1% of its GDP to education. This is lower than the allocation of other Pacific Island countries, such as 

  • Solomon Islands (6.7%), 
  • Fiji (5.2%), Vanuatu (4.9%), and 
  • New Zealand (6.0%). 
A higher allocation of the budget to education could result in better salaries for teachers, among other improvements.


What can the PNG government do?

To reward teachers properly, the PNG government can take various steps, including:

  • increasing the budget allocation for education, 
  • providing incentives for teachers, and 
  • improving the quality of education. 

A higher budget allocation for education could result in increased salaries for teachers, which can attract and retain qualified teachers in the profession. 

Providing incentives, such as performance-based pay, can motivate teachers to perform better, resulting in better learning outcomes for students.

Improving the quality of education can also lead to better salaries for teachers. When students perform better in national and international assessments, it reflects positively on the quality of education provided by the country. 

The government can improve the quality of education by investing in teacher training, providing resources for schools, and improving the curriculum.


PNG Teachers' Pay Compared to Pacific Island Countries

The salaries of teachers in PNG are lower compared to those in other countries, and this can be attributed to various factors, including the country's economic situation and the government's budget allocation for education. 

To reward teachers properly, the government can attract and retain qualified teachers in the profession, resulting in better learning outcomes for students and a brighter future for the country.

In summary, it is clear that the salaries of teachers in Papua New Guinea are comparatively low when compared to those in other Pacific Island countries, such as New Zealand, Australia, Fiji, Vanuatu, and Solomon Islands. 

However, the government can take steps to reward teachers properly, including increasing the budget allocation for education, providing incentives for teachers, and improving the quality of education. 

It is essential for the government to recognize the important role that teachers play in shaping the future of the country and to ensure that they are adequately compensated for their work. 


Sources:

https://www.payscale.com/research/PG/Job=High_School_Teacher/Salary

https://www.education.gov.pg/

https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=PG-FJ-NC-NZ-SB-VU

https://data.worldbank.org/indicator/SE.XPD.TOTL.GD.ZS?locations=PG-FJ-NC-NZ-SB-VU

https://www.unesco.org/education/indices/education-at-a-glance/report-2019/developing-regions/pacific

https://www.worldbank.org/en/country/papuanewguinea/publication/pacific-human-capital-development-a-study-of-skills-shortages-in-the-region

https://www.asiapacific.ca/statistics/data-brief/gdp-capita-current-usd-2018

https://www.teachnz.govt.nz/getting-started/before-you-apply/what-youll-earn/

https://www.payscale.com/research/CA/Job=High_School_Teacher/Salary

https://www.payscale.com/research/UK/Job=High_School_Teacher/Salary

What is IPA - A guide to Investment Promotion Authority Online Services

The Investment Promotion Authority (IPA) of Papua New Guinea (PNG) is the country's primary agency for promoting and facilitating domestic and foreign investment. Established under the Investment Promotion Act 1992, IPA is responsible for the registration of companies and the promotion of investment in PNG.

In this article, we will explore some of the key features of IPA and how it can help investors looking to do business in Papua New Guinea.


What is IPA?

IPA is a statutory body that operates under the Ministry of Commerce and Industry. Its primary function is to promote and facilitate investment in PNG by providing a range of services to investors, including 

  • registration of companies, 
  • provision of investment information, and
  • facilitation of investment approvals.

IPA also works closely with other government agencies, including the Department of Treasury, the Bank of Papua New Guinea, and the Internal Revenue Commission, to promote investment and improve the business environment in the country.


IPA Certificate Download

One of the most important services provided by IPA is the registration of companies. Companies that are registered with IPA are issued with a certificate of incorporation, which is an important legal document that is required for doing business in Papua New Guinea.

Investors can download a copy of their IPA certificate from the IPA website. 

This can be useful for investors who need to provide proof of their company's registration for various purposes, such as opening a bank account or applying for a visa.


PNG IPA Company Extract

In addition to the certificate of incorporation, investors can also obtain a company extract from IPA. 

A company extract provides detailed information about a company, including its 

  • registered office address, 
  • directors, 
  • shareholders, and
  • share capital.

This information can be useful for investors who are conducting due diligence on a potential business partner or supplier in Papua New Guinea. 

The company extract can be obtained online through the IPA website.


IPA Online Company Search

The IPA website also provides an online company search facility, which allows investors to search for information about registered companies in Papua New Guinea. 

This can be useful for investors who are looking for potential business partners or suppliers in the country.

The online company search provides basic information about registered companies, such as their name, registration number, and status. 

Investors can also obtain a company extract by clicking on the company name.


IPA Online Login

Investors who are registered with IPA can log in to the IPA website to access a range of services, including the ability to update company details, file annual returns, and apply for investment approvals.

To log in to the IPA website, investors need to have their registration number and password. If investors have forgotten their password, they can request a new one by clicking on the "Forgot Password" link on the login page.


How to Use the IPA Portal

The IPA portal provides a range of services for investors, including the ability to register a new company, update company details, file annual returns, and apply for investment approvals.

To use the IPA portal, investors need to first register with IPA and obtain a registration number and password. Once registered, investors can log in to the portal and access the various services.


What is IPA - A guide to Investment Promotion Authority Online Services

The Investment Promotion Authority of Papua New Guinea plays an important role in promoting and facilitating investment in the country.

 Its services, including the registration of companies, provision of investment information, and facilitation of investment approvals, make it an essential resource for investors looking to do business in Papua New Guinea.

The IPA website provides a range of online services that can be accessed by registered investors, including the ability to download IPA certificates, obtain company extracts, and search for registered companies in the country.

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