More companies recovered from the pandemic, but weak tourism numbers a concern 

By Oyaol Ngirairikl

While the majority of companies — more than 60% of those that participated in the 2025 Bank of Guam ASC Trust Top Companies of Micronesia 2025 Confidence Survey said they have either reached or exceeded their pre-pandemic positions, the weak tourism economy and inflation continue to raise concerns. And a new issue on the horizon is the impact of President Donald J. Trump’s tariffs.

The Top Companies of Micronesia is an annual feature of Guam Business Magazine that highlights businesses with annual revenue exceeding $1 million. The list provides the financial standing of these companies and offers insights into the regional economic landscape in which they operate. Anonymous responses varied, likely depending on the industry. Companies were also asked to participate in a seven-question survey.

The question “How close are you to your pre-pandemic position, with all factors considered?” was introduced in the 2023 survey, taking into account that Typhoon Mawar created an additional challenge for companies already struggling to recover from the COVID-19 pandemic. In 2023, 21% of respondents said they had reached their pre-pandemic positions, and 7% had exceeded them.

In 2025, more than 20% reported reaching their pre-pandemic positions, and about 43% said they had exceeded them. More than 35% of businesses, however, reported they are still at least a year away from recovery, noting that economic expectations for 2024 were not met due to the “continued tourism downturn.”

Other survey questions aimed to gauge performance and expectations for the year ahead. Responses were mixed, likely depending on industry.

In a notable finding, only 14% of companies reported improved bottom lines — down from what appeared to be the start of an upward trend. Additionally, 29% of companies reported their bottom line was “somewhat worse” this year compared to the previous year — an increase from 7% in 2024 and 21% in 2023.

Compared to one year ago, my company’s bottom line is:

On a more optimistic note, the number of companies that said they met their economic expectations doubled from 33% in 2024 to 64% in 2025. Additionally, 64% of respondents in 2025 believe the economy will provide more opportunities in the coming year. One company reports that even as the team met the expectations for 2024, there was room to grow. 

“Despite GVB reporting a 12.7% increase in visitor arrivals between 2023 and 2024, overall visitor levels remain over 50% below pre-pandemic figures from 2019. The average daily rate for accommodations continues to be under pressure due to weak tourism demand and a U.S. military per diem that has remained unchanged for over 15 years — though a necessary adjustment was made in 2025. Furthermore, the sector is grappling with significant labor shortages, which are creating operational challenges and adversely impacting profitability for approximately 65% of businesses,” the company’s representative commented. 

“On a positive note, the U.S. military accommodation per diem was finally increased by $20, helping to offset some losses. However, the Korean market continues to decline — down 30% from 2024 and 50% from 2019. The Japan market has seen a slight recovery, up 10% from 2024, but still 65% below 2019 levels. Ongoing labor shortages and external pressures such as Trump-era tariffs continue to weigh on the industry. Despite these challenges, there is cautious optimism that profitability will improve in 2025.” 

In anticipation of future growth, another business representative says that Department of Defense is expected to expand military construction opportunities “that we hope to be a vital participant.”

What have you and your company learned by doing business during the past year?

Editor’s note: Companies participating in this year’s Top Companies Survey were asked the question above. The following are responses from leading executives.  

“Organizational strength and innovation are critical for successful growth.”

Ho S. Eun

Chairman

Core Tech International Corp.

“The Black Group of Companies continues its success as an industry leader in 2025 due to the dedicated and hard-working personnel that make up the Black Family.”

Leonard K. Kaae 

Senior vice president and general manager

Black Construction Corp.    

“Mobil has thrived for 75 years in Guam by remaining agile and adaptable in the face of constant change. By staying closely aligned with our customers’ evolving needs and empowering our teams to act decisively, our robust organization thrives and grows through changes.”

Pongsathorn Visutseth 

President 

Mobil Oil Guam Inc.

“DZSP 21, an Amentum company, is uniquely positioned to collaborate, innovate, and commit to ‘Solving what's next’ by earning customer trust through effective base operations support and services.”

Charles B. Hazzard III 

President and CEO 

DZSP 21

“While celebrating 110 years of service to Guam and Saipan, we also embraced change — launching new digital platforms, expanding into a new facility in Saipan, and becoming the first organization in our region to achieve [Inchcape] Great Place to Work Certification.”

Clark Boswell 

Vice president and general manager 

Atkins Kroll Inc.

“Pay-Less Markets successfully navigated through the aftermath of typhoon Mawar in spite of significant increases in cost of goods, freight, and related operational expenses. With the passing of its founder Governor Paul M. Calvo, the company honors his legacy — a family-owned business with a deep commitment to investing back into the local community.”

Edward J. B. Calvo 

President 

PMC Investments Inc.

“It's more important than ever to diversify our economy. Our current economy is like a two-legged stool (defense Spending and tourism) and one of the legs is a bit short and rickety. We really need a strong third leg to give us more balance long term.”

Jeffrey B. Jones  

President and CEO 

Triple J Enterprises Inc.   

“In a challenging economic environment, we learned that grit and a One Team mindset are essential. By staying customer-focused, open to digital transformation, and united as a team, we not only navigated change — we grew stronger because of it.”  

Joaquin P.L.G. Cook  

Bank of Guam 

President/CEO

“This year reinforced that innovation, resilience, and a deep commitment to our people and our communities are what will continue to drive us forward.”   

Roland Certeza 

President and CEO 

GTA TeleGuam

“Patience. While construction appears to be booming, patience is required to deal with inevitable delays that occur in any, and seemingly all, projects.”  

Alan Bell 

Vice President & General Manager 

Smithbridge Guam Inc.

"SPPC has focused on developing a strong internal team with expertise in our industry, and to be more flexible in a slow economic time.”

Robert E. Koeppen Jr.  

CEO

South Pacific Petroleum Corp.

“Our new regional headquarters in Tamuning, Guam — set to be completed this summer — will significantly enhance our ability to serve customers and businesses. This state-of-the-art facility will provide a modern and efficient environment, symbolizing our commitment to the region and our ongoing investment in Guam's future.”

Peter S. Ho 

Chairman and CEO 

Bank of Hawaii Corp. 

"Our successful repaving of the Majuro International Airport is a testament not only to our technical capabilities but also to our team’s ability to deliver excellence under pressure. This milestone reinforces our readiness to take on even greater challenges while continuing to pursue higher levels of excellence.”  

Joseph “Jerry” Kramer 

President and CEO 

Pacific International Inc.

“With the continuing economic challenges during the past year, we’ve taken various actions to control costs and adjust our capital and operational spending and thus improving liquidity. These actions helped reduce risks and ensure business continuity.”

Ramona Lea Jones 

CEO 

Jones & Guerrero Co. Inc.

“The year 2024 has been a blessed year for us for multiple reasons — we secured a total of $202 million in construction contracts (the most to date), and were awarded local and national awards such as the Guam Business Magazine’s Best Companies to Work For and the top national Pinnacle Award for excellence in health and safety from Associated Builders and Contractors.”  

Keith J. Stewart  

President & CEO 

Pacific Rim Constructors Inc. and Affiliates

“The state of Guam’s tourism industry remains fragile, and it will only be through a well-conceived and well-funded recovery plan will we be able to get back on track.”   

Benjamin H. Ferguson 

General Manager 

Pacific Islands Club Guam

“With our tourism and local economy so soft we need to ensure Guam based entities have the maximum ability and preference to work with the DOD  build-up  future — on Guam, and Micronesia.”  

David A. Alcorn  

President  

GFS Group

“This past year, we completed room upgrades to the Premier Tower and Tree Bar renovations to enhance our competitive edge. Looking ahead, we’re committed to working closely with the Guam Visitors Bureau to help bring back Japanese, Korean, and Taiwanese travelers to rediscover the unique charm of Guam.”

Hiroki Sugie 

General manager  

Hilton Guam Resort & Spa

“Remaining relevant to our internal and external members, the community and the environment has been and will continue to be the driving force of our strategies to strengthen our resilience during economic uncertainties while staying true to our mission of member helping member through exceptional service.”

Gener F. Deliquina 

CEO 

Coast360 Federal Credit Union

“We are proud to have contributed to government and society this past year. The U.S. military presence in Guam contributes to the development of Guam’s economy.”

Jong K. Kim 

President 

Reliable Builders

“2024 taught us a lesson on staying true to your core beliefs.”

Gerard A. Cruz 

President and CEO 

Community First Guam Federal Credit Union    

“Guam and the Western Pacific are experiencing an unprecedented expansion of data and information infrastructure, including submarine fiber optic cable systems, cable landing stations, data centers, and local fiber optic connectivity for island residents—particularly in Guam, the NMI, and Palau under federally funded programs to enable high speed internet connectivity. Additionally, the U.S. Department of Defense is investing billions of dollars in upgrades and new facilities across Guam and Micronesia. Pacific Data Systems is leveraging its unique expertise and resources to actively contribute to these transformative projects, shaping the future of the digital information age in the islands.”

John Day 

President and COO 

Pacific Data Systems

“This year made it clear that AI is here to stay, so it’s definitely something we need to keep an eye on. We’re learning how to use it in our day-to-day work to be more efficient and deliver better service.”   

Hernan Bonsembiante 

President 

Amorient Engineering   

“Our activities and achievements in 2024 are largely driven by mature business models supported by mission critical infrastructure, formalized processes, and trained people. Like most energy companies, we have a significant challenge to make our business models fit for the future. We need to invest in innovation, infrastructure, and training our teams to be ready to deliver alternate and renewable energy solutions.”    

Jared C. Morris 

CEO 

Vital Energy Group

“At First Hawaiian Bank, we have learned the importance of adaptability and innovation in meeting our customers’ evolving needs during challenging times.”  

Edward G. Untalan  

Executive vice president and Retail Banking regional manager 

First Hawaiian Bank  

“Plan for growth with flexibility in mind. Things happen that are beyond your control like the imposition of tariffs and pandemics, but solid long-term planning and a commitment to innovation will lead to success and longevity. Don't be afraid to venture outside your comfort zone.” 

Derrick Muna Quinata  

President and CEO 

Monster Auto Corp.

“This past year has taught us the power of adaptability, the value of strong partnerships, and the importance of staying grounded in our mission while embracing innovation.”  

Matthew S. Hunter 

Senior vice president, chief operating officer and chief financial officer  

Dylan Mechanical Construction Services Inc.

Bank of Guam ASC Trust Corp.
2025 Top Companies in Micronesia