Finance Minister Lauded for Receiving Gleaner Honour Award

The business community and the trade union movement have lauded Minister of Finance and Planning, Dr. the Hon. Peter Phillips, for receiving the Gleaner Honour Award for 2015 for public service, describing it as a reward of his prudent management of the economy.

President of the Private Sector Organization of Jamaica (PSOJ), William Mahfood, says Dr. Phillips’ role in the implementation of the Economic Reform Programme (ERP) was very “instrumental,” and with signs of economic success taking place, “it is a timely award for the Minister.”

“Looking at where we are as a country, we have been very fortunate with the price of oil to be as low as it is; however, looking at the other indices, inflation is at a low that we have never seen before in our history,” Mr. Mahfood said, while speaking with JIS News.

On January 19, Co-Chairman of the Economic Programme Oversight Committee (EPOC), Richard Byles, revealed from reports compiled by the Statistical Institute of Jamaica (STATIN), that Jamaica ended calendar year 2015 with inflation at 3.7 per cent, a 50-year low.

Mr. Mahfood said interest rates are at levels, which “we have not seen in commercial borrowings for many years, there is a fairly stable exchange rate, and we have started to see some economic growth.”

“If we continue on this programme, and the Minister has indicated that he has every intention to; Jamaica will see tremendous growth over the next year to two. For all of these reasons, and others, the Minister is well deserving of the award,” he added.

President of the Jamaica Employers’ Federation (JEF), David Wan, said under the management of Dr. Phillips, “we have observed a discipline that we have not seen there before, and it is bearing fruit.”

“If we keep this up, in the medium term, it will bear more fruits in attracting investments. So, we are quite happy with the fiscal discipline we have seen, and the tribute is well deserved,” he said.

For her part, President of the Jamaica Association of Local Government Officers (JALGO), Helene Davis Whyte, said as a member of EPOC, she is convinced that the Finance Minister is firmly committed to “return Jamaica to a situation where we get economic growth.”

“We are able to honour our obligations, and to that extent, the award is deserved, because he is doing what I think is necessary, and what should be done, to enable Jamaica to move into a period of economic growth,” she said.