PM: Uncertainty as economy reopens

THE Prime Minister said uncertainty prevails as the economy reopens while the covid19 pandemic continues to wreak havoc across the world. Stressing that caution is imperative in uncertain times, Dr Rowley declared, "It is even more important now to be financially prudent – to invest and save rather than consume and waste."

Addressing the opening of the new Unit Trust Corporation (UTC) investment centre in Carlton Centre, San Fernando on Wednesday, Rowley said while no one knows how much longer covid19 "will continue to rule our lives," TT has done well to manage the crisis so far.

Rowley said this success is attributed "in no small measure to the health of our national savings – the Heritage and Stabillisation Fund."

Even as businesses have closed down or scaled back "hopefully only temporarily, as we face job and/or income loss," he said people who lived by their parents' and grandparents' advice to put something, "however small, aside for a rainy day" were able to rest a bit more comfortably than others."

Rowley said the pandemic should have taught citizens that TT must "get to a place where the national savings rate in TT is once again a priority."

Reiterating Government's commitment to ensure that economic support is provided for the most vulnerable during the pandemic, Rowley identified the salary review grant, upgrading public assistance and disability grants amongst the measures taken to provide that support.

"As we use these measures to keep the country afloat and support the most vulnerable," the Roadmap to Recovery team is working on phase two of its mandate. He said this phase is focused on "rebuilding a more robust, diverse and all-ecompassing economy based on food import substitution and export expansion while fostering greater entrepreneurship and individual self-sufficiency."

Declaring this must be a collective effort involving the entire population, Rowley said the contribution employers must make is reasonableness as they assess the issue of job preservation as against profit maximisation.

He also said there must be honesty and self-sacrifice in determining the extent to which the State's scarce resources are drawn down under its various relief programmes; being committed and productive under restrictive conditions and even past that time, put the needs of the many before individual wants and "above all a commitment to country before self."

Rowley said today's reality also requires people to temper their "living for the moment" approach in favour of being committed to saving for a brighter future. The ability of the UTC to navigate through the pandemic is testament to the resilience of TT's financial sector. Rowley said the UTC has "weathered all storms" since its inception in 1982.

Noting the UTC's role in igniting a culture of saving and investing in the population, he said it now has over 617,000 unitholders and $22.6 billion in funds under management.

Before starting his speech, Rowley sang a few verses of Calypso Rose's Tempo, which includes the catchphrase, "Going down San Fernando."