Papua New Guinea Forest Authority (PNGFA) recorded a milestone achievement on 10th September 2025 when the Department of Finance (DoF) presented the original trust instrument and the gazettal notice for the establishment of the Forestry Future Investment Trust Account, to PNGFA Managing Director John Mosoro.
Nelson Hwekwahin, who is the Assistant Secretary, Trust Accounts Branch of DoF, advised of the signing of the instrument and the quick attainment of the gazettal notice.
“Our Minister (for Finance Hon. Thomas Opa) signed the instrument yesterday (9th September), and at the same lightning speed, we got the gazettal notice a few hours ago for the establishment of the Forestry Future Investment Trust Account.
“On behalf of Finance Secretary Mr. Samuel Penias, who is also a signatory to the account, as well as yourself as MD, I now present to you the original trust instrument plus the gazettal notice,” Mr Nelson said.
In response, an overjoyed and relieved Mr Mosoro, when receiving the two documents, said: “I can now breathe a sigh of relief. “This trust account is the vehicle to park money for future investment. This is the first time for such a trust account to be established. I am really happy and proud to say that during my time as the PNGFA Managing Director, we created the PNGFA business arm, the PNG Diwai Holdings Ltd (PNGDHL) and now achieved this key milestone.
“This trust account will be used to obtain SPO (State Purchase Option) cargo and for future generations funds to be kept, as well as for the profit to be used to pay our dividend or share to the government.
“The establishment of this trust account is very important and I thank Finance Secretary Mr Penias, who in his wisdom supported this proposal. I also thank his hardworking staff Nelson and Augustine Kambe (Senior Accountant – Trust Accounts Branch, DoF), for assisting PNGFA to make this a reality.
“On behalf of my Minister for Forests Hon. Salio Waipo, and the Chairperson of the National Forest Board Ms. Faith Barton, I now receive the formal instrument for the establishment of the Forestry Future Investment Trust Account which has been signed by the Finance Minister Hon. Opa, and I acknowledge the lightning speed at which the instrument was gazetted. Thank you, Department of Finance and Minister Opa.
“I don’t know how others feel about opening this trust account, but as the MD, its establishment is the first of its kind. This thought has been somersaulting in my mind for a long time. When we established PNGDHL, I was thinking very hard as to where to park the money, and how to pay dividend back to the state. It cannot come from the PNGFA account as the regulator of the forestry sector, nor can it come from the PNGDHL account because it’s high risk. It must come from a trust account hence I commend my Director for Economic Investment Verolyn Daugil and Director for Finance David Loyam for this becoming a reality as we have discussed this countless times.
“This is an achievement I want to celebrate and tell people about, that we have now set up a trust account. This will continue even after my term is over where revenue will be generated for the future of this country, especially the forestry sector. For foresters that are currently working, if something happens to them or their children, this trust account will support them for future generations to come.
“I am really honored that during my term, as I go towards the end of my first contract, I have achieved something through the hard work of my Directors Ms. Daugil and Mr. Loyam and officers from Department of Finance who supported me throughout to establish this. I will take this to the next meeting of the National Forest Board for them to officially recognize the Forestry Future Investment Trust Account.
“With the existence of this trust account, PNGDHL can now generate revenue and park the money in it, and when I am questioned under the Public Finance Management Act as to whether I am managing it properly, I will confidently respond that I am, because the trust account has trustees overseeing it. These include the Secretary for the Department of Finance, Secretary for the Department of Treasury, and myself.
“My mind is now at ease that funds will be put to good use, because trustees are overseeing the operations of the trust account. This is an honest and transparent way of doing things. Thank you, Finance Secretary and Finance Minister for these two powerful instruments,” MD Mosoro said.
Assistant Secretary Trust Accounts Branch of Finance Department Hwekwahin presenting the two documents for the establishment of the Forestry Future Investment Trust Account to PNGFA Managing Director Mr Mosoro.